• Wednesday, February 28, 2024
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Five things to know to start your Thursday


BVN Issued in Nigeria can’t expire, says CBN

The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) issued in the country has no expiry date.

The clarification is against the backdrop of recent reports suggesting that the BVN issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.

“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date,” the CBN noted in a statement signed by Isa AbdulMumin, the bank’s acting director, corporate communications.

“Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

The BVN – a modern security measure is a biometric identification system implemented by the CBN to curb fraud in banking transactions in the country.

Read more: BVN Issued in Nigeria can;t expire, says CBN

NUPRC unveils digital platform for host community development

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveiled on Wednesday in Abuja an Industry Digital Automated Portal (IDAP) for monitoring and reporting of the Host Community Development Trust (HCDT).

NUPRC said the platform was developed for transparent administration of the host communities as provided by the Petroleum Industry Act (PIA) 2021.

The portal, which was unveiled at the NUPRC’s stakeholders’ engagement, is to enhance the operations of the HCDT pursuant to the PIA 2021.

Speaking at the event, the Commission Chief Executive, Gbenga Komolafe, said the IDAP, which was developed in partnership with an Original Equipment Manufacturer (OEM), would meet the specific requirements of the HCDT.

This, he said, would aid the operations of relevant stakeholders, including the settlors, board of trustees, and fund managers, among others.

FG to bring digital businesses into tax net

Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has said that the country is working on strengthening its tax reforms and that it is expected to bring digital businesses into the tax bracket.

Ahmed, a special guest at the 25th annual tax conference of the Chartered Institute of Taxation of Nigeria in Abuja on Tuesday with the theme, “Nigeria of the future: Achieving sustainable development through taxation,” said that the government is working on bringing in digital businesses into the tax bracket.

She said, “We are working on it. This is one of the challenges we’ve thrown at this conference: to have robust engagement on how Nigeria can harness the potential to benefit from the digital economy.

“We are using the Finance Act; we have tried to bring in some of the digital economies into the tax net.”

Battles shake Sudan’s capital, ceasefire talks reported to make progress

Fighting in Sudan’s capital escalated on Wednesday with fierce clashes and air strikes, but rival military factions were reported to be close to a ceasefire agreement in talks in Saudi Arabia.

Residents reported ground battles in several neighbourhoods of Khartoum between the army and the paramilitary Rapid Support Forces (RSF), as well as heavy gunfire in the north of Omdurman and the east of Bahri, two adjacent cities separated from Khartoum by the River Nile, this is according to Reuters.

The army has been pounding targets across the three cities since Tuesday as it tries to root out RSF forces that have taken control of large residential areas and strategic sites since early in the conflict that erupted on April 15.

“There’s been heavy air strikes and RPG fire since 6:30 a.m.”, said Ahmed, a resident of the Bahri neighbourhood of Shambat. “We’re lying on the ground and there are people living near us who ran to the Nile to protect themselves there under the embankment.”

Grupo Mexico nearing $7bn deal for Citi’s Banamex unit — source

Conglomerate Grupo Mexico is set to buy Citigroup Inc’s retail banking operations in Mexico for about $7 billion in a deal that could be announced as early as this week, according to a person familiar with the matter.

As part of the deal, Citi will retain a roughly 10 percent stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential.

Citi could choose to sell the stake to Grupo Mexico, which is controlled by billionaire German Larrea, or other potential buyers in the future, the source said. Another option could be to list the stake on public markets, the source added. (Reuters)