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Fraudsters steal N329m using images for BVN enrolment

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Fraudsters have stolen N329m by using static images to register for Bank Verification Numbers.

This is according to a new report by the Nigeria Inter-Bank Settlement System, which outlines emerging fraud trends in Nigeria’s financial sector.

According to the report obtained by Sunday PUNCH, some unscrupulous BVN enrollment agents facilitated the scheme by registering still images of individuals, both Nigerians and foreigners, as live enrollees.

The BVNs were then used to open fraudulent accounts across microfinance banks, mobile money operators, and payment service banks.

The fraudulent scheme enabled transactions involving the N329m just days after the BVNs were generated and the fake accounts were created.

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Investigations showed that some of the BVNs created using static images were assigned Nigerian names, which made it difficult to detect their fraudulent nature during the enrolment process.

The discovery led to the deletion of several fraudulently created BVNs, and the agents involved have been reported to law enforcement agencies for arrest and prosecution.

The report read, “Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. Accounts are opened with these BVNs in MFBs, MMOs, and PSBs.

“An estimated N329m being proceeds of fraud was received into some of the accounts opened with the BVN generated with these still images a few days before the fraud.

“More BVNs created with still images of Asians are given Nigerian names these were discovered during reviews and subsequently deleted. Agents were reported to LEAs for arrest and prosecution.”

The NIBSS report highlighted that the total amount lost to fraud in 2024 surged to N52.26bn, representing a 350 per cent increase from N11.61bn recorded in 2020.

However, the total number of fraud cases reported dropped by 31 per cent, from 101,624 in 2020 to 70,111 in 2024.

The report attributed the increase in fraud losses to more sophisticated fraud schemes, system vulnerabilities, and a rise in high-value fraud incidents.

Attempted fraudulent transactions in 2024 amounted to N86.36bn, with actual losses rising by 195 per cent compared to 2023.

As part of efforts to curb fraudulent BVN activities, the Central Bank of Nigeria has mandated that financial institutions to report fraudulent BVNs to NIBSS within 24 hours of detection.

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2027: How Atiku told me to persuade Peter Obi to accept VP slot – Babachir Lawal Ex-SGF Babachir Lawal

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Babachir Lawal
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Former Secretary to the Government of the Federation (SGF), Babachir Lawal, has disclosed that former Vice President Atiku Abubakar asked him to persuade Peter Obi to join the African Democratic Congress (ADC) and accept the position of his running mate in the 2027 presidential election.

Babachir Lawal made the disclosure in an interview with Diaspora Digital Media while recounting events surrounding the opposition negotiations that preceded the eventual divergence of the Atiku and Obi camps.

According to him, Atiku personally contacted him and gave him the task of approaching Obi with the proposal.

“Atiku called me and told me that he wanted to work with me. He gave me a mission to convince Peter Obi to join the ADC and serve as his vice president,” Lawal said.

He said Atiku’s proposal included an arrangement under which the two would serve for four years and subsequently pursue a constitutional amendment to create a single six-year presidential term, which Obi would then benefit from.

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“He explained that during their four-year term, they would amend the Constitution to a single six-year term, which Obi would benefit from. I went to Obi with this proposal, but Peter Obi said he was not interested,” he added.

Lawal’s account has, however, been disputed by Obi, who said he could not have rejected an offer that was never made to him.

The disclosure comes amid continuing political realignments ahead of the 2027 presidential election.

Lawal had earlier resigned from the ADC in June 2026, alleging irregularities in the party’s presidential primary that produced Atiku as its candidate. Atiku’s camp rejected the allegations.

Lawal subsequently joined the Nigeria Democratic Congress (NDC) in September and declared support for the party’s Peter Obi-Rabiu Kwankwaso presidential ticket. (Nigerian Tribune)

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SDGs: Mbah moves Enugu beyond projects, targets lasting development impact

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Enugu SSG, Prof Chidiebere Onyia and Frank Nweke Jnr
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…Unveils 25-year plan to sustain transformation beyond individual administrations

The Enugu State Government has unveiled a 25-year development plan aimed at ensuring that the state’s ongoing transformation outlives individual administrations, with Governor Peter Mbah declaring that the government’s focus is shifting from simply delivering projects to building strong institutions and achieving lasting improvements in the lives of citizens.

Mbah made the declaration at the 2026 Enugu State Global Goals Week Symposium, held at the International Conference Centre (ICC), Enugu, with the theme, “From Projects to Lasting Impact: Sustaining Enugu State’s Development Transformation.”

Governor Mbah, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, said the state’s development agenda was being deliberately aligned with the Sustainable Development Goals (SDGs) to ensure that investments in infrastructure, human capital and critical services produced measurable and enduring impact.

He said the administration had continued to prioritise investments in education, healthcare, roads, agriculture, water, technology, security and other critical sectors, stressing that the projects were not ends in themselves but part of a broader strategy to build systems capable of sustaining development over the long term.

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“Our objective is not merely to execute projects, but to build systems and institutions capable of delivering enduring development and ensuring that the transformation we are driving today is sustained beyond the tenure of any single administration,” Mbah said.

He said the 25-year development plan would provide continuity, guide long-term investments, strengthen institutions, expand economic opportunities, improve human capital and promote inclusive development across the state.

Mbah noted that the state’s commitment to the SDGs was reflected in the spread of development interventions across the 260 electoral wards, particularly through the Smart Green Schools and Primary Healthcare Centres.

He assured that the government would continue to strengthen institutions, improve service delivery and put in place mechanisms to sustain the development gains achieved under the administration.

In a welcome address, the Senior Special Assistant to the Governor on Sustainable Development Goals and Enugu State SDGs Focal Person, Onyinye Akubuilo-Okpalanma, said the state’s transformation must remain people-centred, inclusive and sustainable.

She said government programmes should be judged not simply by the number of projects completed or funds spent, but by their impact on residents, the opportunities created and the communities strengthened.

“The success of government programmes should not be measured only by the number of projects completed or the amount of money spent, but by the extent to which those interventions improve the daily lives of our people, expand opportunities and strengthen communities,” she said.

Akubuilo-Okpalanma called for stronger community participation, continuous monitoring, reliable data and greater transparency in public finance and project implementation. She also urged greater attention to vulnerable groups and sustained investment in education, primary healthcare and environmental protection.

She called on development partners, civil society organisations, traditional institutions, the private sector and community leaders to work with government to sustain development gains, stressing the importance of continuity, institutional memory and long-term planning.

“Enugu’s transformation will be judged not only by the projects visible today, but also by the quality of institutions, opportunities and services available to future generations,” she said.

In a keynote address titled “From Projects to Lasting Impact: Sustaining Enugu State’s Development Transformation,” former Minister of Information, Frank Nweke Jnr., commended the scale and pace of public investment in the state over the past three years.

Nweke said the Mbah administration had reported more than 1,500 kilometres of roads constructed or reconstructed, over 7,000 classrooms and 260 Type-2 Primary Healthcare Centres.

He also cited the 2025 budget, in which ₦837.9 billion, representing 86 per cent of the budget, was allocated to capital expenditure, while ₦320.6 billion, representing more than one-third of the total budget, was allocated to education.

He stressed that improved domestic revenue mobilisation was essential to sustaining ambitious development, noting that the financial capacity to fund projects, maintain public assets and support institutions was critical to long-term transformation.

“Projects can transform places, but strong institutions are necessary to ensure that the transformation endures,” Nweke said.

He identified five priorities for sustaining Enugu’s development: linking investments to clearly defined problems and measurable outcomes; embedding the SDGs in planning and budgeting; measuring outcomes rather than expenditure alone; providing for the maintenance of public assets from the outset; and strengthening institutions, professional capacity and accountability mechanisms.

In separate goodwill messages, the UNICEF Field Office, Enugu representative, Juliet Chiluwe; the Special Adviser on Legislative Matters, Rt. Hon. Paul Nnajiofor; and Amb. Amaka Nweke commended the state’s development efforts and emphasised the need for inclusive, accountable and sustainable development that would continue to benefit present and future generations.

The event brought together government officials, development partners, traditional and community stakeholders, civil society representatives and members of the National Youth Service Corps (NYSC), among other participants.

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FG slashes interest rate on late tax payment

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The Federal Government (FG) has reduced the penalty interest rate for late settlement of tax liabilities, with the new regime taking effect from October 1, 2026.

Under the new arrangement, interest on tax liabilities payable in naira will be pegged to the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR) plus one percentage point, down from the previous five-percentage-point penalty.

The measure is contained in the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026, issued yesterday by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, pursuant to Section 65 of the Nigeria Tax Administration Act, 2025.

According to the minister, the new Order will apply uniformly to taxpayers dealing with federal, state and Federal Capital Territory (FCT) tax authorities.

However, the applicable interest rate on naira-denominated tax liabilities will not fall below the yield on 364-day Treasury Bills, reflecting the Federal Government’s cost of borrowing when tax payments are delayed.

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For tax liabilities payable in foreign currencies, interest will be charged at the Secured Overnight Financing Rate (SOFR) plus six percentage points.

The Order further provides that where SOFR is discontinued, its officially designated successor rate will apply.

Explaining the rationale for the new regime, Oyedele said the objective was to align the cost of late tax payments more closely with prevailing market conditions while providing taxpayers with greater certainty about their obligations.

“Tax that is due belongs to the public. When it is paid late, Government may have to borrow to fill the gap, and the cost falls on everyone.

“This Order ties the cost of late payment to real market rates, so that delaying tax does not become a cheaper form of credit than the market itself,” he stated.

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