The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.

Unveiled on Tuesday in Abuja, the digital platform allows Nigerians abroad to obtain their BVN remotely, eliminating the long-standing requirement of physical presence in Nigeria.

Speaking at the launch, Olayemi Cardoso, governor of CBN, described the NRBVN as a major leap in the apex bank’s financial inclusion agenda, particularly for Nigerians living outside the country.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said.

“The NRBVN changes that. Through secure digital verification and robust KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”

Cardoso said the platform would not only boost access but also drive innovation and deepen trust in Nigeria’s financial system.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he said.

“This platform is not just about financial access—it’s about national inclusion, innovation, and shared prosperity.”

Highlighting the importance of diaspora remittances, the CBN governor said inflows rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven in part by recent foreign exchange reforms.

He expressed optimism that the NRBVN, along with complementary policy measures, could help Nigeria reach its target of $1 billion in monthly remittances.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of \$1bn in monthly remittance flows,” Cardoso added.

NRBVN COMPLIES WITH GLOBAL AML, KYC STANDARDS

Premier Oiwoh, managing director and chief executive officer of NIBSS, gave a technical overview of the platform, noting that it aligns with global anti-money laundering (AML) and know your customer (KYC) standards.

Oiwoh said the platform is built to ensure security, transparency, and ease of use for Nigerians abroad.

Also speaking, Muhammad Abdullahi, deputy governor, economic policy at the CBN, described the NRBVN as a “transformational tool” that would strengthen economic ties with the diaspora.

“Together, we stand at the threshold of a new era, poised to deepen trust, enhance remittance growth, and forge a stronger connection between Nigeria and its global citizens,” he said.

The NRBVN is part of a broader framework that includes the non-resident ordinary account and the non-resident Nigerian investment account, which provide Nigerians abroad with access to savings, mortgages, pensions, insurance, and investment products in the Nigerian financial ecosystem.

Julius Abure, factional national chairman of the Labour Party (LP), has challenged Peter Obi and Alex Otti to name party members who received funds for the 2023 election.

Abure spoke on Monday, during a stakeholders’ meeting at the party’s national secretariat in Utako, Abuja. 

The meeting was convened by Joshua Chinedu Obika, member representing AMAC/Bwari federal constituency of Abuja. 

Abure said some elected LP officials are scheming to remove the national leadership from office despite sacrifices rendered.

He said the party’s leadership rejected monetary offers for elective positions.

Abure added that the leadership did not collect a dime from Otti for the party’s governorship ticket.

“We rejected billions of naira. We rejected offers because of their positions. Today, they are in the forefront of those who want to throw us out of office,” he said.

“I want to challenge all of them. I was watching television and I saw some of them talking about corruption. 

“Today, I want to challenge all of them, from Peter Obi downward, that contested the election. Let any of them come out and tell the world what they personally gave to me or to the party.

“It is not to go and hide and be saying there is corruption in the party. Who and who are those that brought the money? Who did they give it to?

“Where did they send it to? I challenge them today that any of them that has evidence, even if they don’t have evidence, let them be bold and come out and say when and how they gave the money and if they can’t do that, let them forever hold their peace.

“I’m going to call a world press conference and publicly challenge them. As a leader, we have been quiet to say probably they are making mistakes, one day, probably they will come back.

“When people were talking about agents, and money for agents, I kept quiet, I didn’t say anything because I believe that the bad, the good and the ugly are for me. And therefore, I should not throw away the bad child or the ugly child.

“When I saw that some people were going beyond their boundaries, I came out and released a periphery of what played out. And I am sure that by now, that house is no longer together as it is.

“I am waiting for them — from top to bottom — to make any other move and I will open my mouth. And when I open my mouth, wherever they go to, they will be like smelly eggs, rotten eggs that nobody will ever buy.”

BACKGROUND

The LP has been embroiled in a leadership crisis, with Abure and his allies on one hand, and the caretaker committee led by Nenadi Usman on the other.

The Usman committee is backed by Obi, Otti, and Ireti Kingibe, senator representing the federal capital territory (FCT).

In April, the supreme court ruled that the court of appeal lacked the jurisdiction to pronounce Abure chairman of the LP.

Since the verdict, there have been various interpretations of the apex court’s pronouncement, with all factions claiming victory.

On May 7, the Abure-led faction suspended Otti and Kingibe indefinitely over alleged anti-party activities.

On the same day, the caretaker committee constituted a panel chaired by Kingibe to probe Abure over allegations of corruption, misappropriation of party funds and anti-party activities.

Days later, the caretaker committee suspended Abure as the national chairman of the party.

Otti had also asked Kayode Egbetokun, inspector-general of police, to arrest Abure for alleged impersonation.

Abdulaziz Yari, senator representing Zamfara west, says the recent defection of three senators from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) is a clear indication of the ruling party’s growing strength in northern Nigeria.

Yari, a former governor of Zamfara, spoke with journalists on Tuesday after plenary at the national assembly.

On Tuesday, Adamu Aliero, senator representing Kebbi central; Yahaya Abdullahi (Kebbi north); and Garba Maidoki (Kebbi south) formally announced their defection to the APC.

“These are key people who were already members of APC for the first five, six years,” Yari said.

“But unfortunately, as you know, politics is full of tussle, turbulence and so forth. They were not able to secure a ticket in our party in 2023, but deep in them, they believe in APC, which they are members of.

“So they contested on the platform of the PDP, and now they have decided to come back home.

“This is a great and tremendous kind of success for our party in Kebbi state, our party in the north-west and our party in northern Nigeria.”

Yari said the presence of the governor of Kebbi at the national assembly was a show of solidarity.

“And as well, to also appreciate the effort of the national chairman, and the effort of everyone who worked to ensure this outcome,” he said.

Asked whether the influx of opposition members into the APC signalled a drift towards a one-party state, Yari dismissed the concerns.

“Well, that’s what people are saying, but I don’t think so because Nigeria is a larger democracy and we have about 56 parties,” he said.

“So there’s no way you’ll say everybody will come to APC. There are 56 political parties registered, so definitely people have to contest. There’ll be a kind of competition.

“Maybe the other parties may be weaker, and APC will continue to be what it is. But at least we are not aiming to be that. We welcome everyone.

“What we are after is to ensure that there is good governance and success in our 2027 elections. We are praying and working harder to ensure we get the success.”

On May 9, Aliero, Abdullahi, Maidoki and all members of the house of representatives from Kebbi state met with President Bola Tinubu at the State House, where they informed him of their decision to join the ruling party.

A suspicious “capacity testing” conducted at power generation companies (GenCos) by the Nigeria Bulk Electricity Trading (NBET) Plc has come under the microscope of the Independent Corrupt and Other Related Offences Commission (ICPC), TheCable can report.

The test, initially estimated to cost N200 million in payments to consultants, was jacked up to N400 million when it was conducted in December 2024 — and was allegedly not in the approved budget for NBET for the year.

Curiously too, capacity testing is usually done by the GenCos themselves, as it is a condition in the power purchase agreements (PPAs) executed with the bulk trader. 

Following a tip-off by an NBET insider, the ICPC launched an investigation.

TheCable learnt that the commission has written to Johnson Akinnawo, the acting managing director and CEO of NBET, to request some sensitive documents that will throw more light on the transaction.

The ICPC demanded specific documents as follows:

• Contract files in respect of capacity testing conducted for GenCos in December 2024
• Schedule of all capacity testing carried out on GenCos and the list of companies/consultants that carried out the test from 2010 to date
• Detailed explanation on how NBET has been carrying out capacity testing from 2010 to date, as well as copies of the reports carried out
• Approved budgets of NBET, fund releases, and budget implementation reports from 2010 to date
• All procurement files, payment vouchers and accompanying documents in respect of all goods and services procured by NBET from November 2024 to date
• Payment schedules/mandates with respect to all payments made by the agency to respective companies and individuals from November 2024 to date.

‘IT WAS DIRECTED BY THE POWER MINISTER’

NBET, in its letter to the GenCos in December 2024, said Adebayo Adelabu, the minister of power, directed that NBET should conduct the controversial capacity testing.

The test determines the maximum generation capacity of every power plant.

“The Honourable Minister of Power instructed NBET to carry out the capacity test for all GenCos within its portfolio and to forward a report on the exercise to the ministry upon conclusion,” an insider told TheCable.

The test is usually conducted in the presence of the representatives of NBET and the system operators, while the National Control Centre (NCC) ensures the grid is available.

“NBET does not pay for capacity tests,” the insider further said. “The previous managements never paid. How the budget also suddenly went up from N200 million to N400 million is something that will be difficult to explain.”

NBET: WE FOLLOWED DUE PROCESS

Sambo Abdullahi, NBET’s chief financial officer, told TheCable that the organisation followed due process in conducting the capacity test.

He said the recent test was jacked up to N404,419,600 as a result to inflation.

“The test is an independent test to verify the dependable capacity of the GenCos and was carried out in conjunction with the system operators and market operators under the TCN annually. Both the seller and the buyer can go for the capacity test to protect their liabilities. Either party is responsible for their costs. Remember, energy sales are based on cost recovery. The report of the GenCos capacity test shared with HMP and NERC is available in NBET for sightings,” Abdullahi said.

“The expenditure is from the approved regulatory income, duly approved by the regulator, NERC. Remember, indices such as the floating of the naira and inflation affect the cost of goods and services. The last GenCos capacity test was in August 2022, when the dollar was N417/$1 and cost N213,008,950.00. Due to a paucity of funds, we couldn’t do it in 2023, and it’s required for the determination of their dependable capacity. Please note that the capacity test is done annually.

“Due process was followed in the engagement of the consultants, and processes are available for review. This is not the first time NBET has used independent consultants for this purpose. A routine check in line with their mandate was carried out by the ICPC, and the matter was closed out.”

However, Demola Bakare, ICPC spokesperson, told TheCable that the investigation into the matter is ongoing.

“Yes, the probe is still on. We will inform the public of the outcome once it is concluded,” he said.

Sule Lamido, former governor of Jigawa, has asked President Bola Tinubu to pay the N45 billion allegedly owed by the federal government to the family of the late MKO Abiola.

Lamido spoke in Abuja on Tuesday at the public presentation of his memoir titled ‘Being True To Myself’.

“Before concluding, I appeal to President Bola Tinubu to finally close the June 12 chapter. In his book, Ibrahim Babangida acknowledged Abiola’s victory in that election,” he said.

“When I visited him, he also confirmed Abiola is owed N45 billion. He was doubly punished, denied both the presidency and his due.”

The former governor asked Mohammed Idris, minister of information and national orientation, who represented Tinubu at the event, to convey his demand to the president.

“Please tell the president to pay Abiola’s family the N45 billion. That will finally close the June 12 chapter,” Lamido said.

In a 2018 interview, Lamido said Abiola made the debt demand after the death of Murtala Muhammed, former head of state, but the military turned his request down.

He said the debt was for contracts executed for the ministry of communication.

Abiola was the presumed winner of the June 12, 1993, presidential election that was annulled by Ibrahim Babangida, the then-military president.

Babangida led Nigeria as head of state from 1985 to 1993.

In his memoir released in February, Babangida admitted that Abiola won the presidential election.

Abiola died on July 7, 1998, while in detention after declaring himself the winner of the June 12 election.

In 2018, the federal government recognised the late Abiola as the winner of the June 12, 1993, election and also conferred a posthumous award of the Grand Commander of the Federal Republic (GCFR) on him.

The Immigration, Refugees and Citizenship Canada (IRCC) has sent out 500 invitations for the Permanent Residency (PR) application.

The invitation followed an Express Entry Draw for the Canadian Experience Class (CEC) programme conducted on Tuesday after over three months of waiting.

Recall that Canada paused all programme draws on February 5 to align with its reduced immigration targets and to prioritise candidates who meet specific workforce and integration goals.

The IRCC, however, resumed draws for the CEC programme on Tuesday, inviting 500 out of 250,082 candidates in the pool at a cut-off Comprehensive Ranking System (CRS) score of 547.

The cut-off score for the recent draw is the highest for 2025.

Also, in January, the IRCC held two Express Entry Draws for CEC.

One was on January 23, when a total of 4000 invitations were sent out, and the lowest CRS score was 527.

The other was on January 8, when a total of 1,350 invitations were issued, at a 542 cut-off score.

There are, however, hopes that the IRCC would consider conducting larger rounds of invitations under the administration of the new immigration minister, Lena Diab, sworn in on May 13, replacing Rachel Bendayan.

Firm counters govt with $110m claims

The federal government has reignited its legal battle against Pan Ocean Oil Corporation (Nigeria) Limited over the alleged non-payment of $49,936,088.31 in oil and gas royalties, concession rentals, and gas flaring penalties.

The plaintiffs in the suit are the Minister of Petroleum Resources, the Ministry of Petroleum Resources, and the Federal Government of Nigeria.

In an amended statement of claim filed before the Federal High Court in Lagos by Akin Akintoye, SAN, the government alleged that Pan Ocean, while operating Oil Mining Lease (OML) 98 under a joint venture with the Nigerian National Petroleum Corporation (NNPC), failed to meet its statutory obligations under the Petroleum Act.

These obligations include the payment of royalties, concession rentals, and gas flare penalties.

Despite several demands and Pan Ocean’s written acknowledgment of the debt in a letter dated January 24, 2019, the government claimed the company has refused to pay the outstanding amount.

In the suit before Justice Daniel Osiagor, the government further stated that Pan Ocean’s continued non-compliance prompted the Minister of Petroleum to revoke OML 98.

The plaintiffs argued that the unpaid royalties deprive the government of vital revenue needed for national development.

They emphasised that the case was not about asset ownership or crude oil sales, but about mandatory statutory payments required from all leaseholders.

The government is seeking a declaration confirming Pan Ocean’s liability and an order compelling the company to pay $49,936,088.31 as of March 24, 2019.

It is also requesting interest at the rate of 10 percent per annum from February 1, 2019, until the date of judgment, and post-judgment interest until the debt is fully paid.

In its defence and counter-claim, filed by George Babalola, SAN, Pan Ocean denied most of the government’s allegations.

The company attributed its inability to meet payment obligations in part to NNPC’s alleged seizure of its share of crude oil worth $24,091,674 between January 2018 and March 2019.

Pan Ocean also cited heavy capital investments, including a 3D/4D seismic survey, a 200 mmscfd gas processing plant, and the Amukpe-Escravos crude export pipeline as reasons for its financial strain.

It said it invested $20.87 million in the seismic survey alone, intended to boost the declining production capacity of OML 98.

After the revocation of OML 98, Pan Ocean said it continued to operate the lease as a default operator on behalf of the government until May 2021, when the Nigerian Petroleum Development Company (NPDC) took over operations.

During that period, the company claimed it incurred $65.35 million in operational costs, of which $36 million has been reconciled with the Department of Petroleum Resources (now the Nigerian Upstream Petroleum Regulatory Commission, NUPRC).

As a result, Pan Ocean is counter-claiming a total of approximately $110 million—specifically, $65,352,399 for post-revocation operations (including the reconciled $36 million and an unreconciled $29.34 million), $20,874,164.40 for its share of the seismic data project, and $24,091,674 as its 40 percent share of crude oil proceeds allegedly withheld.

The company is asserting its right to set off the reconciled costs against the government’s claim and is seeking full reimbursement for all expenses incurred during its stewardship of OML 98.

President Bola Tinubu has said he is open to criticism and would remain committed to addressing the nation’s challenges.

President Tinubu stated this on Tuesday while speaking at the launch of Sule Lamido’s autobiography, “Being True To Myself”.

Dignitaries such as former President Olusegun Obasanjo and former Vice Presidents Atiku Abubakar and Namadi Sambo, among others, graced the occasion. The event was chaired by former Head of State, Gen. Abdulsalami Abubakar.

Represented by the Minister for Information and National Orientation, Mohammed Idris, Tinubu said, though tough, his reforms are working.

“The President welcomes constructive criticism at all times in the spirit of freedom of speech and democratic engagement, but he will also never allow himself to be distracted from doing what is right for Nigeria.

“Are we saying that we are where we need to be and that there isn’t room for more work to be done? Certainly not.

“What we are saying is simple: that President Tinubu has demonstrated uncommon audacity and vision to set Nigeria on the path of true growth and development.

“After a somewhat rocky start, owing to the toughness of the inevitable reforms, we are now entering an era of intended beneficial outcomes, underlined by macroeconomic stability,” he said.

On national security, Idris assured that President Tinubu would leave no stone unturned in his efforts to protect Nigerians and the nation’s territorial integrity from terrorist elements.

He also applauded the military and other security agencies involved in the anti-terror war for not disappointing the country.

He said the book presented Lamido’s reputation as a principled and blunt politician and a statesman.

“This is not merely the unveiling of a book. It is the celebration of a life defined by courage, consistency, and commitment to democratic ideals.

“Sule Lamido, though a staunch member of the political opposition and often a critic of the government of President Bola Ahmed Tinubu (GCFR), remains one of the strong pillars of Nigeria’s political evolution,” he stated.

A former All Progressives Congress (APC) National Chairman and senator representing Edo North, Adams Oshiomhole, has stated that the recent defections of lawmakers to the ruling party is not a threat to democracy.

He stated this during an interview on Channels Television while responding to questions regarding the recent defection of three senators to the APC, bringing the party’s total strength in the Senate to 68, edging closer to a two-thirds majority.

He asserted that APC would not eliminate debates or dissent in the National Assembly, noting that lawmakers often vote based on issues, not party lines.

“Whether this is a danger to democracy? No, I don’t think so.

“If you’ve been following debates in the Senate, sometimes you can’t even distinguish who is PDP or APC in terms of the positions people take,” he said.

Oshiomhole added that having an aligned legislature is not unusual in democratic societies, citing the United States as an example.

“The US celebrates when a president has control of both the Congress and the Senate. Every government wants that because democracy, in a sense, is not only a means to an end — it is an end in itself.

“The right to contribute and the freedom to express yourself are part of what defines democracy, not just the number of parties represented,” he argued.

He maintained that his loyalty lies with the national interest over party allegiance.

“If you watch my contributions on the floor of the Senate, the first party is the Federal Republic of Nigeria. I’ve argued, and I make no apologies, that the total of all political parties in Nigeria, whether in or out of government, is not equivalent to Nigeria. If I see a conflict between party interest and national interest, I have no difficulty in resolving it in favour of Nigeria.

“I was particularly excited because those who joined us today include co-founders of the APC. When a founder of a house returns to the house, those of us who have been there and missed their absence, it’s a thing of joy,” he said.

Plateau State Governor, Caleb Mutfwang, has reiterated his administration’s commitment to prudent and transparent management of public resources as a strategy to stimulate sustainable development across the state.

Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria, which was held at the Abuja Chamber of Commerce and Industry, Federal Capital Territory on Tuesday, Mutfwang described taxation as a crucial component to funding government programmes and activities for the benefit of the people.

Mutfwang’s Director of Press and Public Affairs, Gyang Bere, in a statement on Wednesday said the governor while speaking on the conference theme, “Taxation for Development: Policies, Laws, and Implementation,” described the event as a timely and strategic platform to interrogate ongoing tax reforms and chart a realistic roadmap for accelerated national growth and development.

He noted that since assuming office, his administration has prioritised the judicious use of public funds to address critical needs, improve the living conditions of citizens, and create a conducive environment to attract investments and development incentives.

“I commend CITN for organising this important conference to reflect on how taxation policies and collection mechanisms can be more effective in fostering national development.

“This is crucial, as taxation remains a key driver for funding government programmes,” Mutfwang stated.

He emphasised the need for transparency, accountability and inclusivity in the implementation of tax reforms to ensure they yield the intended outcomes for all Nigerians.

“To test the validity and credibility of the current tax reforms, those charged with their implementation must embrace transparency and inclusiveness. This is the only way to achieve equitable dividends of development,” he said.

The governor also expressed his readiness to collaborate with the Federal Inland Revenue Service, the Presidential Fiscal Policy and Tax Reforms Committee, and the Federal Ministry of Finance to ensure efficient tax administration across all levels.

“At the sub-national level, we are committed to prudent resource management. On the Plateau, we believe that you cannot tax poverty; you can only tax wealth. That’s why we are focusing first on stimulating economic activity and wealth creation before expanding the tax base,” he emphasised.

Mutfwang revealed that Plateau State’s internally generated revenue has seen a remarkable increase from N800 million to N3 billion monthly since the inception of his administration, attributing this progress to strategic reforms and investment in the economy.

Reiterating Plateau’s hospitality, he extended an open invitation to the CITN leadership to consider hosting future editions of the conference in the state, known as the “Home of Peace and Tourism.”

In his remarks, the President and Chairman of the Council of the Chartered Institute of Taxation of Nigeria, Samuel Agbeluyi, welcomed delegates to the conference and urged members to contribute meaningfully to the robust discussions aimed at propelling Nigeria’s economic advancement.

The Plateau contingent was led to the conference by the Executive Chairman, Plateau State Internal Revenue Service, Jim Pam Wayas.