… Says About 750 Ex-agitators Cleared, Others Awaiting Clearance.
The Strategic Communication Committee (STRACOM) of the Presidential Amnesty Programme (PAP), has advised delegates with BVN related cases to remain calm as the adhoc verification committee of PAP has rectified about 750 cases, awaiting approval for payment, warning that any affected ex-agitator who joins any protest in respect of the BVN matter will be suspended from the programme.
This stern warning was handed down by the Director of Mobilization of STRACOM, Comrade Tonye Bobo, in a chat with journalists on Saturday in Yenagoa, adding that the Interim Administrator of the Presidential Amnesty Programme, Maj. Gen. Barry Tariye Ndiomu (rtd) is doing everything possible to rectify all BVN related cases.
He hinted that: The adhoc verification committee of PAP is working in accordance with the provisions of the regulatory framework put in place by the Central Bank of Nigeria for Bank Verification Number (BVN) operations and Watch-list for the Nigerian Banking Industry, reiterating further that any breach of the act would incur serious sanctions and penalty on the part of any affected ex-agitator.
It will be recalled that the Central Bank of Nigeria, in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number (BVN) System in February 2014.
This was part of the overall strategy of ensuring the effectiveness of Know Your Customer (KYC) principles, in a bid to promote safe, reliable and efficient payment system which gives each customer in the Nigerian banking industry a unique identifier number.
Consequently, in exercise of the powers conferred on the Central Bank of Nigeria (CBN), under the Central Bank of Nigeria Act, 2007 (CBN Act), and the Banks and Other Financial Institutions Act (BOFIA)2020,the CBN issued the revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry.
The BVN system is to address increasing incidence of frauds and to enhance public confidence in the banking industry. This Framework, without prejudice to existing laws, is a
guide for the operations of the Watch-list in the Financial System. The Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches,
as defined within the framework.
The objectives of the Regulatory Framework for BVN and Watch-list Operations in Nigeria are to define roles and responsibilities of participants in the BVN system, define Bank Verification Number (BVN) operations in Nigeria, define sanction regime for breaches in BVN operations;
andvi.Deter fraud incidences in the Nigerian Banking Industry, define access, usage and management of the BVN system.
This process is aimed at using BVN to deter, prevent, detect and mitigate the risks of fraud in the banking industry. Therefore every customer is meant to have a personal BVN number linked to his or her bank account.