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For Nigerians In Diaspora, CBN Launches Non-Resident BVN

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 In collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), The Central Bank of Nigeria (CBN), has launched the Non-Resident Bank Verification Number (NRBVN) platform for Nigerians in diaspora.

 

Launched on Tuesday, the innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in the country.

Speaking at the launch attended by stakeholders in the financial ecosystem, including the chief executives of commercial banks in Abuja, CBN Governor, Olayemi Cardoso, hailed the initiative as a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

The CBN governor also hinted that the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.

He said the CBN remained committed to reducing the cost of remittances, currently averaging over seven per cent in Sub-Saharan Africa, adding that lowering these costs would enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.

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

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”

He said, though not the final destination, the NRBVN represented the “beginning of a broader journey.”

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

Together, these enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

Essentially, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

With the NRBVN in place, the CBN is optimistic about reaching its monthly remittance target.

Cardoso added, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.

“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.”

He said, “This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.

“We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

“A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.”

Chairman/Chief Executive, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described NRBVN as a game changer.

The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.

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NDLEA Busts Nigeria-Mexico Drug Syndicate, Seizes ₦480bn Drugs in Ogun

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The National Drug Law Enforcement Agency has dismantled a transnational methamphetamine production syndicate jointly operated by a Nigerian drug cartel and Mexican collaborators, leading to the arrest of 10 suspects.

 

Also, illicit drugs and chemicals valued at over N480bn were recovered during the operation.

The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), disclosed this on Wednesday during a media briefing at the agency’s headquarters in Abuja.

 

Marwa said the operation, carried out by operatives of the agency’s Special Operations Unit, led to the discovery and shutdown of what he described as the biggest clandestine methamphetamine laboratory ever uncovered in Nigeria.

According to him, the laboratory was hidden in Abidagba forest in Ijebu East Local Government Area of Ogun State and was being operated by the Anochili Innocent Drug Trafficking Organisation.

He said the coordinated operation was conducted simultaneously in Ogun and Lagos states on Saturday, May 16, 2026, following months of intelligence gathering.

Marwa said, “Through a clinical, simultaneous operation executed by the elite operatives of our Special Operations Unit, we have successfully dismantled a sophisticated, transnational methamphetamine production syndicate run jointly by a Nigerian drug cartel and their Mexican counterparts.

“This network did not just traffic drugs; they were actively manufacturing industrial-scale quantities of highly lethal illicit substances right on our soil.”

He disclosed that seven members of the cartel were arrested at the forest laboratory, including three Mexican nationals allegedly brought into Nigeria to produce methamphetamine.

Marwa said the arrested Mexicans were identified as Martinez Felix Nemecto, 46; Jesus López Valles, 40; and Torrero Juan Carlos, 51.

According to him, Nigerian suspects apprehended at the site included Nwankwo Sunday Christian, 41; Igwe Abuchi Remijus, 42; Ifeanyichukwu Chibuike Joshua, 23; and Egwuonwu Uchenna Victor, 38.

Marwa added that another tactical team arrested the alleged kingpin of the cartel, Anochili Innocent, at his residence located at No. 8 Tafawa Balewa Street, Golf Estate, Lakowe, Lekki, Lagos.

According to him, a search of the residence led to the recovery of the passports and mobile phones of the arrested Mexican nationals, linking the suspect directly to their importation and activities in Nigeria.

He further revealed that follow-up operations on May 18 led to the arrest of another suspect, Kingsley Orike Omonughwa, 44, at another property linked to the cartel in Mayfair Estate, Lakowe, Lekki.

The NDLEA boss said operatives also raided the residence of another syndicate member, Emeka Nwobum, which allegedly served as the cartel’s stash house.

He said the total number of suspects arrested in connection with the syndicate had risen to 10, comprising the alleged baron, three Mexican nationals, and six Nigerian collaborators.

Marwa stated that the operation led to the recovery of 2,419.48 kilograms of methamphetamine and precursor chemicals.

“The operation yielded a massive 2,419.48 kilograms of chemical materials, including highly toxic, volatile, and crystallised methamphetamine worth $362,922,000 in the international market. This translates to over N480bn,” he said.

“Also recovered from the cartel include: a Toyota Tacoma vehicle used for operations at the clandestine meth laboratory, and a Toyota Highlander seized from the kingpin’s residence.

“To put this in perspective, the 2,419.48 kilograms of finished and liquid methamphetamine seized represents millions of street doses that would have flooded our local communities and international markets, causing untold destruction, psychosis, and violence,” he said.

Marwa warned that the NDLEA would continue to target drug cartels and their collaborators across the country.

 

“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.

He urged Nigerians to remain vigilant and report suspicious activities in their communities, noting that the clandestine laboratory in Ogun operated under the cover of a regular farm.

This is came days after the operatives of the NNDLEA, Edo State Command, destroyed two cannabis farms in Ago Forest, Orhionmwon Local Government Area of the state.

The state commander, Mitchell Ofoyeju, in a statement on Monday, said the cannabis plantations had a yield of 1,388.42kg.

He added that four suspected drug traffickers were also arrested in the past one week.

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Togo Grants Visa-Free Entry To African Nationals

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The government of Togo has announced the removal of visa requirements for citizens of all African countries visiting the country for short stays of up to 30 days.

 

The announcement was made on Tuesday in a statement issued by Togo’s Ministry of Security through its official X (formerly Twitter) handle.

According to the ministry, the policy is aimed at strengthening African integration and promoting the free movement of people across the continent.

Under the new arrangement, African nationals holding valid passports will be permitted to enter Togo without a visa for visits not exceeding 30 days.

“Togo takes a historic step in strengthening African integration. Henceforth, all nationals of African states holding a valid national passport may enter Togolese territory without a visa, for a stay of up to 30 days,” the statement said.

It added that the reform reflects the commitment of the country’s leadership to making Togo a hub of openness, mobility and cooperation within Africa.

“Through this major reform, the President of the Council reaffirms his commitment to making Togo a space of openness, mobility, opportunities, and cooperation at the heart of the African continent,” it added.

However, travellers will still be required to complete an online travel declaration on the official government platform at least 24 hours before arrival to obtain a travel clearance slip.

The ministry said the policy reinforces Togo’s dedication to regional integration and stronger diplomatic and economic ties among African nations.

The decision follows similar visa-free initiatives adopted by countries such as Rwanda.

In a related development, the Nigeria government has also begun implementing a 30-day visa exemption policy for Rwandan nationals entering the country.

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Wema Bank Announces Closing Date for One-Day MD/CEO Children’s Day Initiative

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As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.

 

Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.

As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.

For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.

To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.

Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.

More details on the Bank’s social media platforms @wemabank

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