Business

Nigeria to Launch Fully Biometric Passport System by February 2024

Published

1 year ago

November 17, 2023

The Federal Government of Nigeria has unveiled plans to revolutionize the passport application process by introducing a fully biometric system, set to be operational by February 2024. Minister of Interior, Olubunmi Tunji-Ojo, revealed this groundbreaking initiative during the Nigeria Diaspora Investment Summit, organized by Nigeria in Diaspora (NIDCOM).

The move aims to address challenges associated with passport processing in the country, with a primary focus on digitizing the application process and eliminating the need for physical queues.

Minister Tunji-Ojo emphasized the government’s commitment to providing Nigerians with a streamlined, biometric immigration application process, mirroring systems already in place in various foreign countries. The goal is to reduce human contact and enhance the convenience of passport collection.

“Nigerians at home and abroad deserve the best. They don’t have to suffer and sweat to get a Nigerian passport,” stated the Minister, underlining the significance of the upcoming changes.

The Minister also outlined plans for the E8 Mandate, a strategic initiative that will commence in the United Kingdom. This program is designed to optimize the passport application process, leveraging advanced biometric technology to improve efficiency and accuracy.

In addition to the technological advancements, Tunji-Ojo addressed the issue of corruption within the ministry, urging Nigerians to report any misconduct by officers. This commitment aligns with the government’s broader initiative to eradicate unethical behavior and enhance overall service delivery.

Looking ahead, the Minister disclosed plans for home delivery of passports by 2024, with collaboration with the Nigeria Postal Service (NIPOST) to facilitate seamless delivery nationwide. The ongoing automation of the end-to-end passport application process is geared towards providing applicants with a more efficient and expedited experience.

“We have commenced the automation of our end-to-end passport application process, and we have given a timeline from which Nigerians will begin to experience the ‘sweet experience,'” Tunji-Ojo assured. “By January next year, Nigerians will be able to complete this application process online, and by February next year, with collaboration and partnership with other relevant stakeholders, Nigerians will have their passports delivered to their homes, offices, and other locations of their choice.”

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

18 hours ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

2 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.