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Can NIBSS save BVN from bank scams and be a fair umpire?

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NIBSS wants to tighten security around Nigeria’s Bank Verification Number (BVN) system. But there are concerns about fair competition.

On the 29th of March this year, the Nigeria Interbank Settlement Scheme (NIBSS) published an important document.

The “Approved Standard Operating Guidelines for BVN Matching System Version 2.0” document is Nigeria’s BVN operations manual. It explains how banks should enrol and verify customers for BVNs, and how institutions can access the BVN system.

BVNs – unique identification numbers for bank customers – were launched in 2014 by the Central Bank of Nigeria (CBN) and the Bankers’ Committee as a “Know Your Customer” (KYC) infrastructure for the financial sector.

The ambition was noteworthy: to create a biometric-based standard for verifying client identity and enabling safe, seamless electronic payments. That standard was actually supposed to be the National Identification Number (NIN) but banks floated BVNs following several government delays on the NIN project.

Combating fraud in the system
BVN has become a core pillar of Nigeria’s anti-money laundering and combating of financial terrorism (AML/CFT) framework. It has driven the rise of Nigerian fintech; payments, savings, lending and even cryptocurrency startups have relied on it.

Among its other powers, NIBSS determines who can and cannot have access to BVNs. Some weeks ago, they showed this power by cutting some fintechs off the BVN system.

Reactions swirled that it was a move by deposit money banks (who co-own NIBSS) to protect themselves against competition from fintechs. But according to a highly placed source at a bank, the move was a necessary response to “alarming proportions” of fraud that have been traced to December 2020.

The short version of the fraud story is that when an individual at virtually any commercial bank in Nigeria opened an account, a fraudster who has got access to their BVN and account number would call them on the phone.

It is not clear how fraudsters get remote access to customer information but the problem only affected customers who opened or reactivated bank accounts from around the middle of December.

The fraudster would have downloaded the customer’s bank app. To take control of the account, they would ask the customer to hand over a one-time password sent by the bank.

The scam was being attempted on anyone including some bank staff, the source said. But banks were alarmed because a major target group was serving members of Nigeria’s National Youth Service Corps (NYSC).

NYSC mobilises about 250,000 Nigerian graduates each year and is a source of new accounts for banks.

In that framing, NIBSS’s new 49-page document clarifies and tightens the BVN system for the safety of Nigeria’s financial system.

Access to the BVN database
Banks and fintechs access the BVN database through Application Programming Interface (API) calls. The CBN approves groups who can access BVN information, while NIBSS manages the security of the APIs.

There are two tiers of access: tier 1 and tier 2. Both are differentiated by the need for CBN approval and the number of data fields they can access.

Esigie Aguele, CEO of VerifyME, explains that NIBSS gives different levels of access to cater to different use cases. Banks have access to more demographic data because their operating license imposes strict KYC and AML requirements.

Apart from banks, any organisation that wants to access customers’ information must first get customers’ consent.

This consent is split into two; one for demographic data and another for details like account number and names in different banks. When an organisation needs any of these details, NIBSS will notify customers, indicating what their consent is being asked for.

Fintechs cannot store BVN data on their database for later use. So if there is downtime at NIBSS, there will be no alternative way to do verifications with vendors until the service is back up.

Aguele says this is a reasonable requirement for data security in line with Nigeria’s Data Protection Regulation. But he thinks there should be more clarity from NIBSS on how fair the playing field will be under the guidelines.

“The fact of the matter is that NIBSS is a private institution and should not be regulating data access to companies that could potentially be their competitor.”

“Many of these fintechs are releasing products that will compete with what NIBSS offers to banks; CBN still needs to update the framework to cater to this reality.”

VerifyMe offers a facial recognition service that is in competition with NIBSS’s product. With NIBSS in control of some of the data useful for that purpose, Aguele believes an antitrust issue arises which should be clarified by the CBN.

“Ideally, NIBSS should not be treated as an agency. There needs to be an independent committee that handles these responsibilities.”

What are the alternatives?
On a phone call, a spokesperson for NIBSS said fintechs will find all answers they need for compliance to the BVN system within the new guidelines.

Fintech startups like Carbon, Fairmoney and Branch that have licenses that allow them to take user deposits continue to enjoy BVN matching access.

But the new guidelines might push some fintechs to begin using NIN as a substitute for BVN for their verification purposes. QuickCheck, a digital lending app, now requests NIN from users who want to sign up.

Aguele says VerifyMe can be a channel for fintechs without direct access, though the identity technology startup will first have to secure a license from the CBN to provide that service.

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Aliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors

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By Rtn. Victor Ojelabi

The much-anticipated movie series Seven Doors by Femi Adebayo has finally premiered, currently showing on Netflix, captivating audiences with its intricate storytelling and compelling characters.

The movie begins with a haunting scene of seven women under a mysterious spell leaping to their deaths from a waterfall, setting the tone for a gripping tale that unravels in Ilara Kingdom.

The series explores various societal issues, including corruption, greed, gluttony, family values, malicious conspiracies, and the delicate balance of law and order.

Central to its plot is the calamitous fate of Oba Adedunjoye, the Onilara of Ilara, whose failure to perform traditional rites—symbolised by knocking on seven doors—unleashes devastating consequences on his kingdom.

At the heart of this chaos is Esusu, a malevolent and exiled villain whose return wreaks havoc.

Esusu, a ni ohun t’Eledumare o ni.
Eledumare o ni ika, ika ni Esusu

The character of Esusu, pivotal to the story’s depth, is masterfully brought to life by Aliu Gafar.

Gafar’s first appearance, late in Episode 2, immediately shifts the narrative, introducing a chilling force that spares no one, not even the royal family. His commanding portrayal encapsulates the essence of Esusu, a man whose wickedness defies comprehension.

The backstory reveals Esusu’s sinister pact with Ọba Adejuwọn, an ancestor of Adedunjoye.

Desperation led Adejuwon to seek Esusu’s help to evade death—a move that came at an unthinkable cost, forgetting that bi alọ ba lọ, abọ nbọ (a pendulum that swings to is still coming to swing fro).

Esusu’s return demanded not only royal treatment but the freedom to live as he pleased, challenging the very fabric of the kingdom.

Gafar embodies this complex character with remarkable precision, delivering a performance that is both chilling and unforgettable.

With almost two decades in Nollywood, Aliu Gafar has solidified his reputation as a versatile and dedicated actor.

His extensive filmography includes acclaimed productions such as Jagun Jagun, Anikulapo, Iyalode, Eefin, and Omo Ajele.

His role in Seven Doors further cements his legacy as a master of his craft, showcasing his ability to seamlessly portray multifaceted characters.

The Yoruba actor has also garnered accolades for his work, including the Best Actor award at the Dallas International Yoruba Movies Awards for his role in Peregun.

His commitment to the industry and his talent for captivating performances continue to make him a force to be reckoned with in Nollywood.

In Seven Doors, Gafar’s nuanced performance as Esusu elevates the series, demonstrating his ability to command attention and bring depth to a complex narrative.

His contribution to the Nigerian film industry remains invaluable, and his portrayal of Esusu is a testament to his enduring excellence.

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Ogun State Prominent Monarchs, Business Tycoons, Others Honor Olusho Agba At The Confession 2024

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The Olusho Agba’s confession 2024 attracted more dignitaries as three respected monarchs in Ogun honour the event by physical appearance, alongside side most prominent CEOs in Ogun.

 

The royal fathers present at the laudable event held at Continental Suits in Abeokuta include HRM Oba Oyabanji Adetunji (Oloja Of Oja Odan) HRM Oba Buhari Makinde (Oniwoye of Iwoye Land) HRM. Oba Lukmon Kuoye (Olu of Imasayi).

 

Also Chief Executive Officer of IBD Foundation, Dr. Mrs. Lara Dende, the Chief Executive Officer of Pelican Valley Nigeria Limited Amb. Dr Tunde Adeyemo and CEO of Zolakaz Oil and Gas Alh. Sanni Azeez was also present at the event.

 

The Confession 2024 features a series of content creators, comedians, singers and dancers, and artists of different fields such as Dr Smile, Hafeez Oyetoro (Simply Saka), Woli 3310, Chukwuka Jude, Babalegba

Biola Adekunle, Femi Obimodede, Ishau Abidemi, and many more.

 

Below are some pictures from the event…

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Wife drags Ex-UBA Top Shot, Samuel Eziafa Adikamkwu to court over abandonment of family, infidelity …….Petitions IGP over threat to life

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Federal Capital Territory High Court sitting in Gudu District and presided over by Justice M. Osho-Adebiyi, on Wednesday adjourned to January 19, 2025 a divorce case instituted by Mrs. Loretta Adikamkwu against her husband, Samuel Eziafa Adikamkwu, a former top official of the United Bank for Africa (UBA).

 

The mother of four, Mrs. Adikamkwu has dragged her husband of over 31 years to court for divorce over abandonment of the family for more than four years and alleged infidelity.

 

According to court document seen by our reporter with Suit number PET/073/2023, Mrs. Adikamkwu alleged that her husband packed out of their matrimonial home at Recreation Drive, Cooperative Villas, Badore, Ajah, Lagos and removed almost all his belongings therefrom (which included personal chattels, clothing and six vehicles of assorted brands) leaving behind the petitioner only vehicle (a Toyota land Cruiser) he gave to her some years back.

 

 

She further alleged that Mr. Adikamkwu withdrew all financial support and upkeep to the family, prompting her to desperately begin to dispose of all her belongings, in order to feed herself, the children and meet urgent Sundry costs, arising from the running of the home.

 

She also alleged in Paragraph 6(c) of her petition that after her husband abandoned his family, he was said to have been cohabiting with a lady called Miss Stella Umejuru with whom he regularly travels outside Lagos for business.

 

Mrs. Adikamkwu declared that her husband, who was formerly a Lecturer at Bendel State University, (now Ambrose Alli University), Ekpoma before Ndidi Elumelu, his friend, facilitated his employment by the United Bank for Africa (UBA), has no reason whatsoever not to cater for his family as he is now engaged in booming property business after leaving the bank.

 

 

 

According to the lady, who is a graduate of Bendel State University, she would have been financially independent and be in position to cater for herself and the children but for her husband who stopped her from working several years ago.

 

She stressed that because of the financial difficulties she was facing with her children she was compelled to sell the Toyota land Cruiser which her husband gave to her some years back to maintain the house that was dilapidating, settle numerous bills, including electricity and other sundry expenses.

 

The lady lamented that her husband got furious when he heard she had sold the car and he succeeded in retrieving the vehicle from a car dealer and the issue is now a subject of police investigation as some unknown persons have been stalking her and threatening her life since the family feud erupted.

 

 

However, the Respondent vehemently denies the averments contained in paragraph 6(c) of the petition and states that he does not know, neither is he acquainted with anybody ( lady) called Miss Stella Umejuru, and denies that he lives or travels with either the said lady or any lady at all.

 

The Respondent also denied the assertions contained in paragraph 6(d) of the petition and denied that he has committed adultery or that he has deserted the petitioner.

 

He admitted he is no longer living in the family house in Lagos as he had to “temporally relocate to Abuja when he secured a Contract Appointment with The Abuja Electricity Distribution Company Plc (AEDC) from 2021 to June, 2024.

 

Mr. Adikamkwu added an affidavit in response to his wife’s petition that he “is not aware that there is any debt burden on the family, but states that if there is any such debt, it is personal to the petitioner.”

 

 

Meanwhile, Mrs. Adikamkwu has petitioned the Inspector-General of Police over issues arising from the sale of the Toyota Land Cruiser which her husband gave her several years ago.

 

The letter to the IGP dated 4 October, 2024 titled “SOS-request for urgent intervention in a case of forgery, threat to lives and high handedness by officers of the Bar Beach Police Station, and Zone 2 Command, Onikan, Lagos” was written on her behalf by one of her Lawyers, Benjamin Nwaokenye, Esq of Integrity Partners law firm, Abuja.

 

Part of the letter reads: “We are solicitors to Mrs. Loretta Adikamkwu (hereinafter referred to as “Our client”, at whose behest, we act in this matter. We write to seek your urgent intervention in a looming threat to the life of our client, and a seeming case of forgery perpetrated against her, by Ojebola and Messrs, Sam Adikamkwu, Segun Ajide, Gbenga ASP Churchill of the Bar Beach Police Station, Lagos.

 

 

To put this matter in the right perspective, we are reliably informed by our aforesaid client that: (a) She was hitherto married to one Mr. Sam Adikamkwu , from whom she is now separated and now locked in a bitter judicial process, in a petition for divorce in PET/073/2023, at the High Court of the Federal Capital Territory, Gudu, Abuja).

 

“(b) The aforesaid Mr. Sam Adikamkwu, prior to the aforesaid divorce proceedings, vacated their Badore (Ajah) residence, where he hitherto resided with our client, and removed almost all his belongings therefrom (which included personal chattels, clothing and six vehicles of assorted brands) leaving behind our client, only vehicle (a Toyota land Cruiser) he gave to our client some years back, and strangely, a short machine gun, which was discovered in his wardrobe, in the course of cleaning the house, having forgotten to lock the bedroom door. ( see attached pictures)

 

The aforesaid Mr. Adikamkwu, it must be reiterated, withdrew all financial support and upkeep to our client and the family, prompting our client to desperately begin to dispose of all her belongings, in order to feed herself, the children and meet urgent Sundry costs, arising from the running of the home.

 

“In the course of disposing of her personal belongings, our client contacted one Mr. Segun Ajide, a car dealer, to assist in disposing off her Toyota land cruiser, and thereupon delivered to him, the Original custom and purchase papers of the vehicle, which the dealer demanded.

 

“Mr. Ajide sold our client’s vehicle, debited her with some colossal costs and remitted the balance to our client.

 

“Weeks afterwards, Mr. Ajide contacted our client to inform her that the vehicle had been impounded from the purchaser by Mr. Adikamkwu, with the help of one Mr. Churchill of the Bar Beach Police Station, and thereupon requested our client to intervene.

 

 

Our client insisted on intervening only if a formal invitation was sent to her, which the aforesaid persons could not procure, but resorted to harassing our client.

 

“Mr. Segun was later to inform our client that the vehicle had been released to Mr. Sam Adikamkwu by the Bar Beach Police Station

 

“Upon the request of our client to Mr. Segun Ajide for copies of all documents related to the sale, Mr. Ajide was evasive, until Mr. Adikamkwu filed his answer to our client’s petition wherein, it was discovered that several documents were forged by Mr. Ajide and the eventual purchaser Mr, Odebola, in the alleged sale without probable cause. .

 

“Prior to discovering the forgery, our client had been trailed by strange people, who at different times followed her home, and even laid siege on her place of resident at Recreation Estate Badore, forcing her to flee for her safety, to an unknown location.

 

 

Our client a few days back, received a WhatsApp invitation from the Nigeria Police Zone 2 Command, Onikan, Lagos, which directed her to meet up with someone, only whose phone numbers were stated in the invitation, but upon calling the line, our client was shocked, that the number was not allocated, causing more anxiety that, it must be a setup.

 

“Sir, our client is unable to carry on her normal business and live a normal life because, she has been living in fear for her safety, believing her life is endangered by the activities of Messrs. Adikamkwu, Ajide and Odebola, who from all indications, are behind her travails, having opted to brow’ beating her into retrieving the vehicle for them, and they are all men of means who can effectuate their threats.

 

“We are informed by our client also that, before the situation got to this dimension, Messrs. Ajide and Odebola, who from all indications, are behind her travails, had consistently called our client to know her where about, and had requested she came with them to see some policemen, without any arrest or invitation.

 

 

Sir, we solicit your esteemed indulgence to cause an investigation into this matter, to safeguard the life of our client from people who are determined to use their police friends, to intimidate and endanger our client, taking into consideration: (a) The forgeries executed by Messrs. Segun Ajide, Gbenga Ojebola and Sam Adikamkwu, using policemen from Bar Beach Police station, far removed from Ajah division of the police, in an attempt to cover same up, and revalidate their actions.

 

(b) The threat to our client’s life in the whole circumstance.

 

(d) The release of the vehicle By the Bar Beach police station, to Mr. Adikamkwu, without any probable cause.”

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