World Boxing Council President, Mauricio Sulaiman, has said the organisation would “accept” Anthony Joshua going on to face the winner of the fight between Tyson Fury and Oleksandr Usyk for the undisputed heavyweight championship.

Fury and Usyk go head-to-head on May 18 in Saudi Arabia for all the belts.

The two boxers are expected to fight again in a rematch expected to take place later in the year.

Joshua will be waiting for the winner, after recording a devastating second-round knockout victory over former UFC heavyweight champion, Francis Ngannou, last weekend.

“The WBC was presented a sanction request which was to fight for the undisputed. The WBC accepted that sanctioning and we accepted the rematch they have requested,” Sulaiman told Sky Sports.

“But, if it is not anything to do with contractual or promotion, we would absolutely accept the winner to fight Joshua.

“The WBC position right now is very open to support the undisputed champion taking on the fights that the fans want to see.”

Former AC Milan manager Fabio Capello says it will be a tough task for Napoli to find a replacement for Victor Osimhen.

Osimhen is expected to leave the reigning Serie A champions in the summer.

Chelsea, Arsenal, Manchester United and Paris Saint-Germain are among the top European clubs circling around the Nigerian.

Capello admitted that it will be difficult for the Partenopei to get a suitable replacement for their talismanic striker when he leaves the club.

“How do you replace Osimhen next year? Million dollar question, there are no players around to replace Osimhen. You would have to have a crystal ball to find him,” Capello told II Martino via Area Napoli.

The 25-year-old scored 26 goals in 32 games to help Napoli win the Scudetto for the first time in over three decades last season.

He has scored 11 times in 17 league appearances this term.

President Bola Tinubu has appealed to 36 State governors of the Federation to begin paying the wage awards to workers pending the determination of the new minimum wage to reduce the hardship of the economy on the people.

The president noted that if the states had implemented the wage awards, it would provide much-needed relief without causing inflationary pressures.

Speaking in Minna, Niger State capital at the flag-off of the agricultural mechanization revolution for food security and the commissioning of the remodelled domestic terminal of the Bola Ahmed Tinubu International Airport on Monday, the President stated that all states needed to adopt the wage award, saying that the Federal Executive Council (FEC) would also adopt same.

He said: “If all of you, the sub-nationals have been paying the wages award, pending the determination of the new salary wage. Let all the states start paying the wages award. Whatever they are taking now plus the wage award would relieve the public.

“Please, I am not giving an order, I am appealing to you states, start paying the wages awards, let everyone start paying it. It is a relief to the people. The mechanism is the fact that it won’t be inflationary if we announce the new salary wage in a few weeks or months, they would have gotten used to the basic wages of N30,000 plus the wages award, and it will have a dampening effect on the market. Please get sub-nationals together and NEC should adopt this.”

The President assured that the student loans and other economic measures would soon commence as steps were being taken by the government to relieve the people of hunger.

“The student loan programme will commence, there will be unemployment benefits for our graduates, and the social security programme for the elderly and vulnerable will commence, we are fine-tuning all these areas. We will relieve people of hunger.”

Tinubu also outlined plans for a comprehensive programme to address the challenges of violent attacks, cattle rustling, and other related issues pledging to organize an inauguration of the Livestock Change programme in Nigeria within the next few weeks, aiming to transform the current challenges into economic opportunities.

“Give me two to three weeks. You will be part of the inauguration of the livestock change in Nigeria. I know what it means to economic sabotage for roaming cows to eat up the crops and vegetation of our lands, it could be painful but when we reorient the herders and make provision for cattle rearing. The Governors should provide the lands and as the President, I am committed to giving you a comprehensive programme that will solve this problem.”

He applauded the continued and aggressive determination of the Niger state governor, Mohammed Umaru Bago, in ensuring agricultural revolution for food security including efforts being put in place for Niger state to be one of the top food producers in the country while pledging his support to the state government.

He added: “We have seen the level of commitment here from the state level, we have seen leadership and the success story of any leader is the ability to do what they ought to do at the time they ought to do it. You are doing the job, you are walking the talk and I must support you.

“Whatever support you need, you will get. We appreciate your efforts in the infrastructure development of the state, and I guarantee you the federal support. We flag off the hope, you deliver the hope and you reassure Nigerians.”

There seems to be some form of relief at the moment for Nigerians, especially those in the low to middle income bracket, who have for some months now been affected by the nationwide food price hike, driven by the sharp inflation and economic pressures across the nation.

In recent months, Nigeria’s inflationary figures have surged astronomically, rising to an all-time high in two decades, to 29.90% in January 2024; with a corresponding 2.64% headline inflation, according to figures released by the National Bureau of Statistics (NBS). Food inflation also rose by 3.21%, with core inflation hitting 2.24%, while urban and rural inflation climbed to 2.72% and 2.57 % respectively, the NBS data showed.

But according to latest market surveys carried out last week around popular markets in the country, there seems to be a reduction in the prices of some food items. Among them is noodles, especially the popular Indomie Instant Noodles.

For instance, a 40-pack carton of Indomie Regular Chicken 70g, which sold for N10,650 now sells for N8,900. Indomie standard pack 100g, which sold for N15,000 now go for N12,300 per carton. In the same vein, the 40-pack carton of Indomie Super Pack Chicken Flavor 120g which sold for N17,950 now sells for N14,700

Other food items whose prices have fallen in the markets surveyed include sugar, rice, beans, semo, spaghetti and macaroni. A 50kg BUA sugar now costs N84,000, a Dangote 50kg sugar goes for N88,000, Stallion Long grain rice which sold for N88,000 now sells for N86,000, while the price for short grain rice fell to N78,000 from N80,000. Fifteen pints of Honeybeans which sold for N78,000 now sells for N75,000, while 32 pints of brown beans now sells for N155,000 as against the previous N165,000.

Confirming this, a wholesale and retail dealer of noodles range of products at the popular Wuse Market, Mrs Debola Tairu, particularly noted that the prices of Indomie Noodles products have come down. “This is very good from Indomie, and I hope other products’ will reduce their prices too”, she said.

Umaru Bello, a roadside fast-food and beverage seller fondly called ‘Mai shai’ at the Kaduna Central Market, also confirmed that the price of Indomie Noodles has come down appreciably, to the delight of his consumers. “Indeed, the price of Indomie has significantly reduced, and this is good for my kind of business, as it had led to more and more of my customers returning”, he remarked enthusiastically.

Analysts believe that the trend will be boosted if government comes through with its promises to work towards arresting the rising cost of food prices around the country. It would be recalled that the Federal Government had last month revealed that it has put in place proactive measures to help tackle food inflation in the country, having set up a Presidential Committee on Emergency Food Intervention following the protests that took place in several cities around the country.

According to a statement issued by the Minister of Information and National Orientation, Mohammed Idris, some of these measures include unlocking the foods that are available in most of the storage facilities (National Food Reserves) around the country. The government, he said, is also talking to major millers and commodity traders in the country to see what is available in their stores.

In a related development, the President, Bola Ahmed Tinubu has ordered the Nigeria Customs Service to return all seized food items to their owners. The items were reportedly confiscated for contravening import and export rules are currently stockpiled at the various Customs warehouses in the country.

Disclosing this at the weekend, the Comptroller General of Customs, Adewale Adeniyi, said that the President has also directed that the returned food items must be sold in Nigerian markets. He said that the country currently has an Export Prohibition Act that prohibits the exportation of items such as maize, millet, yam, beans and sorghum, and said that the law will reviewed when the nation becomes self-sufficient in food production.

“I am happy that GB Foods is the largest tomato processing plant in Africa as it processes 2,400 metric tonnes of tomato per day.

President Bola Tinubu, on Friday, commissioned GB Foods Tomato Processing Company in Gafara village of Ngaski Local Government Area of Kebbi State.

Mr Tinubu, while inaugurating the company, reiterated the commitment of his administration to providing a conducive environment for private investors to operate in the country.

The president, who was represented by Abubakar Kyari, the minister of Agriculture and Food Security, commended the company for its huge investment in the country.

“Let me reiterate the commitment of my administration to providing conducive environment to private investors to invest in agricultural sector in line with my eight-point agenda,” he said.

This, according to the president, is demonstrated by the planned expansion of the processing facility by the factory’s management.

Earlier, the Minister of Information and National Orientation, Muhammad Idris, said the president had invested enormous resources in agricultural development.

He added that the president had created an enabling environment for investors to invest in agriculture towards the attainment of national food security.

He said: “The action of GB Foods remained a source of discouragement to those who think that all bad things come out from Nigeria.

“The commissioning of this facility is a very good story because it has shown that the company is investing more and more in the country, employing many people and more than 70 per cent are women of all ages.”

Mr Idris said that the establishment of the company and its sustainability was an indication of political collaboration between the federal government and the Kebbi government directed towards improved agricultural production, food security and wealth creation.

The minister thanked the company for its belief in Nigeria, assuring that the president was ready to provide necessary support and encouragement to the factory.

“I am happy that GB Foods is the largest tomato processing plant in Africa as it processes 2,400 metric tonnes of tomato per day.

“I urge you to remain dogged and I call on other investors to endeavour to invest across the country,” he advised.

The minister commended Governor Nasir Idris of Kebbi for providing the necessary support and encouragement to the company which was initiated by former governor, Atiku Bagudu, the current minister of Budget and National Planning.

Also speaking, Mr Bagudu commended the president for placing a premium on agricultural production and food security as manifested by GB Foods.

“From national planning perspective, Nigeria is a huge investment destination that can absorb thousands of private investment,” he said.

On his part, Governor Idris thanked Spain for finding the state worthy of what he described as a huge investment in the agricultural sector.

He assured that the state government would remain hospitable to all investors, assuring that the necessary enabling environment for businesses had been provided.

Mr Idris requested the company to process its end products in the state without referral to Lagos State for processing.

In his remarks, the Spanish ambassador to Nigeria reiterated the commitment of Spain to partner with Nigeria in various sectors of the economy despite the challenges in the country.

The Federal Government has announced the commencement of construction work on the 700km Lagos-Calabar Coastal Highway, spanning 9 States with two spurs leading to the Northern States.

Minister of Works, Engr. David Umahi, announced this during the official handover of the first phase of the project, made up of 47.47 kilometers dual carriageway, to Hitech Construction Company Ltd, and which is to be constructed in concrete pavement.

This was contained in a statement issued by the Special Adviser (Media), to the Minister, Hon. Orji Uchenna Orji, in Abuja, late on Thursday.

According to him, the Minister who was in company with the Federal Ministry of Works’ Controller in charge of Lagos State, Engr. (Mrs) O. I. Kesha, emphasised the need for all contractors handling Federal Government’s road projects to deliver within a record time, noting that the government would not allow variation arising from delays or slow pace of work once mobilization had been done.

Orji quoted the minister as commending Hitech Construction Company Nigeria Ltd for being reputable for quality and speedy delivery of jobs.

The minister he said, acknowledged their efforts in starting work immediately after the contract was awarded.

He quoted Umahi as saying,”They have completed some filling of 1.3 kilometer from the day the project was awarded to them. It shows the speed they are going to deploy to this project.

“Within a couple of weeks, we awarded the project to them, they mobilized a lot of dredging equipment, and you can see that they have recovered 1.3 kilometer of section one of the phase.”

Orji said the Minister who also visited project sites at the Queen’s Drive Ikoyi, the Third Mainland bridge top deck, the under water, the Eddo bridge, the Eko bridge and Carter bridge expressed the determination of the Federal Government to carry out a comprehensive rehabilitation of the bridges which he said are critical links between the Mainland and the Island of Lagos, the economic hub of the country.

Quoting the minister further, statement read, “These repairs are expected to cover not only the top of the bridge but also the under bridge works.

“At the Third Mainland bridge, we have three or four critical elements to be rehabilitated. The first one is the deck, and the deck is about 11 kilometers two. That is dual carriageway, including the ramps, and it has been done by CCECC.

“They have done very beautiful jobs, but we have not concluded. Before the end of March, we’ll be concluding the asphalt milling and the reasphalting.

Umahi added , “But that is not all our commitment there. We are installing the guardrails, we are replacing the lights with solar light, we are going to put some decorative lights too, and then we are going to put CCTV camera both on top and under the bridge to check insecurity and illegal mining of sand, which is causing scouring on the piles and the pipe bits.

“The second job is that some sections of the slab are deflected, and so what we have done is to get an expert to understudy the level of deflection.

“That’s the tendons of the slab that deflected. And so we are going to cut open the slabs, enter and then look at it, scoop it, and then reinstate the tendons of the slab. There’s nothing to worry about. It’s been done at a Eko bridge by Buildwell. So this one is not a threat to us at all.”

The minister also commended what Julius Berger Nigeria Ltd is already doing, which is restoration of deteriorated peirs and peir caps including the cover of peirs and peircaps themselves, and said the piles which he also inspected were the most critical of the works to be done.

Earlier in their respective remarks, the State Controller, Federal Ministry of Works and the representatives of Hitech Construction Nigeria Ltd, Julius Bergger Nigeria Ltd, China Civil Engineering Construction Corporation Ltd, and. Buildwell Nigeria Ltd assured the Honourable Minister that they would continue to work in line with the spirit of excellence, which the Renewed Hope administration of *His Excellency President Asiwaju Bola Ahmed Tinubu is known for.

There is a looming scarcity of passport booklets due to a cash crunch, it was learnt yesterday.

Service providers are owed billions, while printed booklets are stuck in warehouses over debts.

Also, bureaucratic bottlenecks over the remittance of Nigeria Immigration Services (NIS’) share of revenues from passport issuance have become a major obstacle.

The situation is threatening to derail reforms initiated by the Federal Government to ease the burden of e-passport issuance.

It was learnt that booklets have been exhausted.

The e-passport reform is faced with bureaucratic challenges, especially with the Treasury Single Account (TSA).

The TSA is said to have become inactive as officials are yet to address all stakeholder concerns regarding funds distribution challenges.

TSA refers to a public accounting system using a single account or a set of linked accounts by the government to ensure all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the CBN.

The development has made it difficult for the NIS to access funds to offset huge debts running into billions of naira owed service providers.

Minister of Interior, Dr Olubunmi Tunji-Ojo, had initiated reforms that led to the clearance of over 200,000 passport backlogs.

However, the current situation may result in another accumulation if not urgently addressed.

Findings by our correspondent in Gwagwalada and the Headquarters of the NIS in Abuja indicated that applicants are having a tough time obtaining the document.

There were also complaints from Alausa, Alimosho, and Ikoyi passport offices in Lagos.

Top officials of the NIS who spoke with our reporter in confidence said the Service should not be blamed for impending passport scarcity.

One of them said: “Let me give you an example.

“The cost of the 32-page passport booklet outside Nigeria is $132, while the cost of the 64-page category is $230.

“If an application is made outside Nigeria, the payment goes straight into the federal account which is shared amongst the three tiers of government.

“The NIS has no control over the money that comes in from abroad.

“The revenues from abroad form 50 per cent of the entire proceeds for passport issuance.

“For the ones paid for in Nigeria, we not only have to apply for funds before we are considered, but all services related to the printing of fresh passports and payment of other service providers in the value chain are from that 50 per cent.

“So, our application goes through many agencies of government while we keep our service providers waiting until we fulfil all righteousness before we can pay them.”

Within the past year, no fewer than 105,000 e-passport booklets have been printed.

These include 35,000 copies of the 32-page category and 70,000 copies of the 64-page.

Another source said: “At present, the 32-page category has been exhausted due to its high demand.

“This means that there is already a scarcity of passports.”

According to the source, there are 48 passport-issuing outlets outside Nigeria, with 44 in the country

The source explained that there are booklets to be delivered to the NIS by the printers, but they are stuck at Customs and courier warehouses because of huge debts.

It was learnt that Customs and DHL are among the service providers insisting on payment of their outstanding debt before the documents are released.

NIS Public Relations Officer, Dr Dotun Aridegbe, a Comptroller of Immigration, could not be reached to confirm the developments.

He did not pick up his calls and had yet to reply to text messages on his WhatsApp as of the time of filing this report.

As the economic downturn continues, all areas of Nigerian lives and plans are also striving to grapple with the situation, as areas like housing and rent are also being affected.

Nigerians are used to building with cement, but now have to go for other alternatives, as the price of cement is now on the high side.

Gone are the days when a quarter plot owner who earns N50,000 monthly can hurriedly place one or two blocks on his or her land.

The high cost of cement has affected rent and even homeowners, who built their homes decades ago, also increased rents.

Economy&Lifestyle discovered that the high price of cement has made most people shift to building with containers which have long been in vogue but slowly adopted due to Nigerian’s addiction to cement.

Mr. Folawe Adeniran, an auto dealer in Benin said he wanted to build a brick office on leased land but changed his mind due to the cost of cement, block and sand.

“It took me nothing less than N2 million to build a two room and toilet a few years back when I started my business.

“Now I received a quotation of N4 million to do such on a lease land as I intend to build another branch for my business.

“The engineer told me that he had to cut costs to arrive at that figure which excludes workmanship.

“He cited the cost of cement and sand which is also affecting the price of blocks.

“I had to resort to building with containers.

“This building is made with containers and is heat free as people used to think building with containers attracts lots of heat.

“I spent less than N3 million to achieve this.

“If it were a permanent land, I would still opt for container building.

“Many business owners whose businesses require building on leased lands and personal lands are now using containers to build.

“That is what the economy has turned everyone to.

“Business is not smiling because the economy is not.

“It is only a well to do man involved in fraud that will be comfortable with the way the economy is.

“Even when you build with bricks in those days it takes you a few years to recover what you spent on such a building if it is for commercial purposes.

“I pity the average Nigerian who has plans on building. What will they build.?

“God help us.”

Mr. Friday Badmus, a trader, said he just made a container apartment on his quarter plot land when his rent got due last year.

“It was a funny day when my landlord told me in November that he wants to increase my rent of a two bedroom flat to N800,000 from N600,000.

“I was so worried because the place I have land was not well occupied by people yet and was thinking about how to raise N800,000 and still foot my family bills with low sales in business.

“I had made up my mind not to borrow but manage what I have to have peace of mind.

“My wife was the person who brought the idea of building a container apartment of a room and parlor.

“She brought her savings and I added mine and with support from family and friends we had our container building.

“You won’t even know it is built with a container if I don’t spill.”

Containers are now used to build houses in Nigeria, thanks to the advanced technology and production system.

According to Blessing George, a construction engineer: “The construction costs range from N100,000 – N150,000 per square meter, depending on final specification and finishing.

“These containers are used for transportation and can be converted to comfortable apartments with standard interior finishes and designs.”

He added: “The area where cement is required is the concrete foundation to place the containers.

“These container houses are mostly used for commercial purposes and personal apartments.

“The high price of cement which is making people seek for other building alternatives is pushing many to opt for the container houses.”

Market survey revealed that the price of a bag of cement ranges between N8,000 to N11,300 depending on the State. Cement was sold as high as N5,500 in January 2024.

Dangote, BUA, Lafarge and other cement major manufacturers agreed to reduce the price of cement after a meeting with the federal government.

The meeting initiated by the minister of Works, David Umahi was also attended by the minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024.

It came as a result of a nationwide outcry against the sharp rise in the price of cement – a development that followed the recent increase in prices of commodities, goods and services across all sectors of the economy.

For example, a bag of cement sells between N10,000 – N14,000, depending on the manufacturer.

According to reports, despite the agreement between manufacturers and the federal government to reduce prices by about 50%, it still sells almost as high as it did before the meeting.

Why cement prices are on the rise

As per recent survey, below are the prices of a bag of cement in Nigeria

Cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together.

The Nigerian Communications Commission has said that the over 40 million telephone lines barred after failing to link to the National Identity Numbers face the risk of being forfeited soon.

The NCC’s Director of Public Affairs, Reuben Mouka, disclosed this on Tuesday while speaking with PUNCH Online in an interview.

According to him, the telephone lines barred by their telecommunication operators have breached the February 28, 2024 deadline issued by the commission mandating telecom customers to link their Subscriber Identity Modules (SIMs) to their NIN.

He said, “If the barred lines are not acted upon in the next 180 days. They won’t be able to receive calls but will only be able to text and make calls. But after the stipulated days, they would be barred from making calls too and theybmight forfeit their lines to their respective service provider within 365 days.”

However to unbar your phone lines, PUNCH Online highlights the processes of the retrieval as explained by the NCC’s Director of Publicity to our correspondent.

1. For subscribers that have not registered for their NIN, get your SIM registered at accredited centres across the country.

2. Then link the NIN with your SIM through channels provided by your service provider.

3. For subscribers with registered NINs, simply visit your service provider centre and present the NIN or link your SIM through channels provided by your service providers.

4. But if you have NIN but it was forgotten, retrieve your NIN conveniently using your mobile phone by dialling *346# to get the number.

5. From the options displayed, select “NIN Retrieval”, by typing in ‘1’, if you are using the same phone number you enrolled with for your NIN.

6. Follow the steps displayed on your screen and provide the required inputs.

7. Note that using this service attracts a N20 fee only (deducted from your phone airtime balance).

8. However, the four Mobile Network Operators in the country have designated certain USSD codes for seamless and quick linkage of your NIN and your SIM cards. They are as follows:

a. For MTN Customers
Dial *785# using the phone number you wish to link, enter your NIN and submit or dial *785*Your NIN# from the phone number you wish to link. The number will be linked to your NIN automatically.

b. For Glo Customers
Simply send “UPDATENIN NIN FirstName and LastName” to 109.

c. For Airtel Customers
Just dial *121*1# now to link.

d. For 9Mobile Customers
Dial *200*8# and follow the prompts on your phone screen.

Dangote Sugar Refinery Plc has reported a loss before tax of N108.92 billion compared to a pre-tax profit of N82.3 billion a year earlier.

The company attributes these losses primarily to the substantial devaluation of the naira which has mostly eroded the operating profits of most manufacturing companies in the country.

According to the notes accompanying the company’s recently released 2023 annual report and financial statements, Dangote Sugar incurred foreign exchange losses totaling N172.198 billion.

This wiped out its operating profit of N76.68 billion.

The losses resulted in a 53% depletion of shareholders’ funds from N171.2 billion to N79.2 billion.

Key highlights

Revenue: N441.453 billion from N403.246 billion in 2022, +9.47% YoY.

Gross profit: N86.304 billion from N91.963 billion in 2022, -6.15% YoY.

Operating profit: N76.68 billion from N82.41 billion in 2022, -11.8% YoY.

(Loss)/Profit after tax: -N73.760 billion from N54.742 billion in 2022, -234.74% YoY.

(Loss)/EPS: -N6.07k from N4.51k in 2022, -234.59% YoY

Insights: The company further communicated that it has taken robust margin management and cost management initiatives to address the significant forex volatility and cost inflation.

It has also highlighted the positive returns from its Numan operations, its intention to accelerate backward integration efforts, and the review of other specific actions aimed at enhancing overall operational efficiency and profitability.

These are very commendable and needed to restore the deteriorating investor confidence as reflected in the share price marginal 5.2% YtD. In 2023, the share price gained 255%

The Central Bank of Nigeria, CBN has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number, BVN to their bank account (s).

The National Identification Number (NIN) consists of 11 non-intelligible numbers randomly chosen and assigned to an individual after completing enrollment into the National Identity Database (NIDB).

Bank Verification Number (BVN) is a biometric technology with secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.

The Head, Corporate Communications of the National Identity Management Commission, NIMC, Kayode Adegoke, in a statement, urged Nigerians to adhere to instructions of the Commission to avoid the use of your BVN by unscrupulous persons.

The statement reads, “The National Identity Management Commission (NIMC) wishes to inform you that at no point should you write or give your Bank Verification Number (BVN) to anyone during the process of enrolling for the issuance of the National Identification Number (NIN).

“You are only required to type your BVN on the enrolment system or dictate it to the enrolment officer for verification purpose.

“Please ensure you adhere to this instruction to avoid the use of your BVN by unscrupulous person(s).

“NIMC considers the protection of NIN applicants’ data and information as a topmost security priority. The Commission would continue to uphold the highest ethical standards in the process of NIN enrollment and other services.

“Thank you as we strive to serve you better.”

Bankground:

Recall the CBN had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.

Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.

The maximum daily transaction limit for a Tier account is N50,000 while the maximum account balance is N300,000.

According to the circular, titled, ‘TIER-1 WALLETS AND ACCOUNTS: MANDATORY USE OF BANK VERIFICATION NUMBER (BVN) OR NATIONAL IDENTIFICATION NUMBER (NIN), the CBN said: “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN).

“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).

In this regard: It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN.

“It remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN;

“The process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’’ ICAD immediately and within 24hrs of opening accounts/wallets.

Great100000:
Planning to visit the UK?

Discover the 2023 UK Visa Application Fees in Nigeria.

Find out the fees for UK Work Visa and UK Student Visa, along with the simple application process and requirements.

Get ready to explore new opportunities and fulfill your dreams with a seamless visa experience. Learn more now.

Overview of UK Immigration from Nigeria

UK is a popular destination for a large number of Nigerian people who choose to migrate there each year. Presently, more than 250,000 Nigerians residing in the UK.

These individuals migrate through various visa types, including study, work, visitor, and tourist visas. Each visa type has specific application fees, plus a health surcharge to be paid as part of the application process.

Application Fee for UK Visa in Nigeria

The visa application fees are often quoted in United States Dollars but have been converted to Nigerian Naira using the current exchange rate for the ease of the readers.

Let’s delve into the specifics of each visa category, starting with the UK student visa.

UK Student Visa Fee in Nigeria

The UK fees for these visas are as follows:

The UK fee for the Student Visa is $485 (Naira 252,705.66).

The UK fee for the Child Student Visa is $485 (Naira 252,705.66).

The UK fee for the Short-term Study Visa is $259 (Naira 134,950.03).

UK Student Visa Requirements

To secure a UK Student Visa, students need to:

1. Secure an offer letter of acceptance (otherwise called Confirmation of Acceptance for Studies or CAS) from their education provider.

2. Demonstrate financial ability to support themselves and their studies during their entire study period.

3. Prove English language proficiency.

4. Provide proof of parental consent if they are 16 or 17 years old.

Documents Required for UK Student Visa

Several documents are necessary for the UK Student Visa application, including:

1. Current Passport.

2. Confirmation of Acceptance for Studies (CAS) from the education provider.

3. Proof of sufficient funds such as bank statements, scholarships, and bursaries.

4. Valid Academic Technology Approval Scheme (ATAS) certificate (if required by your course).

5. Proof of parental or legal guardian consent (for those under 18).

6. Proof of relationship to your parent or guardian (for those under 18).

7. Tuberculosis Test Results.

8. A written consent letter from your sponsor, who sponsors your education and living costs.

Financial Requirements for UK Student Visa

Students need to show enough money to cover their living expenses.

This amounts to:

Euro 1334 per month (for nine months) if they choose to live in London.

Euro 1023 per month (for nine months) if they choose to live outside London.

The UK Student Visa Process

Students should start the Student Visa process at least six months before their course starts. The process involves:

1. Applying for a course at a UK university.

2. Waiting for the CAS from the university.

3. Applying for the UK Student Visa Online or Offline.

4. Paying the UK Student Visa application fee.

5. Getting all documents ready.

6. Attending the Visa interview in the UK Embassy and Consulate office in their home country.

The UK Embassy takes three weeks to review the application for the Student Visa. However, it is advisable to apply early as the processing times may vary.

UK Work Visa Fee in Nigeria

The UK fees for these visas are as follows:

The UK fee for the Tier 2 General Work Visa is $704 (Naira 366,497.28).

The UK fee for the Tier 2 Intra-Company Transfer Visa is $704 (Naira 366,497.28).

The UK fee for the Tier 5 Temporary Worker Visa is $326 (Naira 169,930.78).

Applying for a UK Work Visa from Nigeria

The UK work visa application process requires certain documents, including an international passport, a job offer from a UK-based company, and proof of financial support.

Types of UK Work Visas

The UK Work Visas are divided into several categories, such as:

1. Tier 2 General Work Visa: For people who have been offered a skilled job in the UK.

2. Tier 2 Intra-Company Transfer Visa: For employees of multinational companies who are being transferred to a UK branch.

3. Tier 5 Temporary Worker Visa: For people coming to the UK for a short time for work experience or to do a training, an Overseas.

Government Language Program, research, or a fellowship through an approved government authorized exchange scheme.

UK Work Visa Requirements

To secure a UK Work Visa, applicants need to:

1. Have a job offer from a UK-based company.

2. Have a Certificate of Sponsorship from your future employer.

3. Show proof of financial ability to support themselves and any dependents.

Documents Required for UK Work Visa

The documents necessary for the UK Work Visa application include:

1. Current Passport.

2. Certificate of Sponsorship from your employer.

3. Proof of sufficient funds such as bank statements.

4. Tuberculosis Test Results.

Financial Requirements for UK Work Visa

Applicants need to show they have enough money to cover their living expenses.

. This amounts to:

• $1,270 if applying from outside the UK.
• $945 if applying from within the UK.

The UK Work Visa Process

The UK Work Visa process should ideally start three months before the date of travel. The process involves:

1. Securing a job offer from a UK-based company.

2. Getting a Certificate of Sponsorship from your employer.

3. Applying for the UK Work Visa online.

4. Paying the UK Work Visa application fee.

5. Getting all documents ready.

6. Attending the Visa interview in the UK Embassy and Consulate office in your home country.

The UK Embassy usually takes three weeks to review the application for the Work Visa.

However, it is advisable to apply early as the processing times may vary.

Remember that all figures provided above may vary slightly based on changes in the exchange rate and immigration fees, so it’s advisable to check the UK government website for the most current information.

You should know that there are extra expenses, like the healthcare surcharge and biometric enrollment fees, that you might have to pay when applying.

FAQs

Are there any additional costs involved in the UK visa application process?

Yes, there may be additional costs involved. These could include fees for healthcare surcharge (also known as the immigration health surcharge), translation of documents, securing English language test results, and legal advice if you choose to seek it.

How can I pay for the UK visa application fee?

Visa application fees can typically be paid online, using a credit or debit card. Some visa application centres might also accept other forms of payment, but this varies by location.

Are the visa application fees refundable?

Generally, visa application fees are non-refundable, even if your application is rejected or you decide to withdraw it.

Can the visa application fees be waived?

In general, visa application fees cannot be waived. However, there are some exceptional cases where this might happen, such as for asylum seekers or people applying under the Home Office’s Vulnerable Persons Resettlement Scheme.

Are the visa application fees different for children?

No, there’s generally no fee for appealing a visa application decision as of 2021. However, you may incur costs if you choose to hire legal representation.

The Central Bank of Nigeria has kept mum as the deadline for banks to restrict customers’ accounts without a Bank Verification Number or National Identity Number has expired.

DAILY POST recalls that CBN, in a notice on December 1 last year, signed by the Director of Payments System Management Department, Chibuzo Efobi and Director of Financial Policy and Regulation Department, Haruna Mustapha, asked banks to restrict tier-1 accounts or wallets without NIN or BVN.

“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied.

“Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’, and no further transactions will be permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the statement partly reads.

However, CBN acting spokesperson, Hakama Sidi has yet to respond to calls from DAILY POST on Friday over the fate of banks’ customers without NIN or BVN.

Meanwhile, in a telephone interview with DAILY POST, the President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, appealed to CBN for a deadline extension.

According to him, though many accounts have NIN or BVN, there are still many without the requirement.

“At this point, the best thing for CBN to do is extend the deadline for bank customers to have their NIN or BVN”, he told DAILY POST.

A source who preferred anonymity in a tier-1 bank told DAILY POST that no customer account had been restricted owing to the NIN or BVN requirement.

“At the moment, no customers’ accounts have been restricted. Customers in the last three days have trooped in to update their account”, he said.

DAILY POST reported that bank customers were in a last-minute rush to meet the NIN and BVN requirement deadlines as they besieged their respective banks.