• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘Deploy IT, BVN To Fast-track Offer Verification’

by Olushola Bello and Bukola Aro-Lambo
7 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Founder and managing director, Cowry Asset Management Limited, Johnson Chukwu, has stressed the need for the Central Bank of Nigeria (CBN) to deploy available Infrastructure technology and Bank Verification Numbers (BVN) to tackle delay in the verification of banks’ offers and ensure speedy conclusion of the process.

Advertisement

This follows the delay in the apex bank’s verification process which has continued to raise concerns among investors, especially as it has not been able to conclude any almost four months after the closure of some offers.

Chukwu stated this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMAN) with the theme: ‘Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Nigerian Capital Market’ held in Lagos at the weekend.

He said the deployment of a high level of IT available at the CBN and the use of the BVN would fastrack the process of accepting or rejecting offers and enable investors to get their allotment or deploy their funds in other profitable economic activities.

He argued that while the apex bank’s role in verifying the source of the capital invested is important, the longer period for completion of the verification process is dampening investors’ confidence.

RELATED

Federal Gov’t, IFAD Train 600 Farmers In Budgeting, Farming Techniques In Benue

We’re Making Abia Farmers Globally Visible – Agric Firm

23 hours ago
Marginal Field Awardees: NUPRC Restates Commitment To Transparency Culture

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

1 day ago

According to him, this is particularly worrisome for investors whose funds may be returned where the offers may be oversubscribed given the missed reinvestment opportunities.

Chukwu also stated that the current CBN requirements for investors investing in banks shares are seen by many as overly stringent and creating barriers for both issuers and investors.

He cited the provision of three-year audited financial statements, board resolution authorising the investment and tax clearance certificates for the past three years for corporate investors, noting that these requirements are disincentive to investment in the capital market.

He added that while regulation is necessary for maintaining the stability and integrity of the financial system in ensuring that unqualified capital is not invested in the banks, there is need to leverage on existing customer information in the banking system to avoid imposing onerous conditions on investors.

Chukwu described banks’ recapitalisation as a key strategy for strengthening the Nigerian banking sector and fostering economic growth, arguing that the success of these efforts hinges on effectively bridging the gap between investors and issuers in the capital market.

Outlining the role of the capital market in the recapitalisation exercise, Chukwu noted that when banks access the capital market and demonstrate their ability to raise capital through successful IPOs, rights issues and bonds, it strengthens investors’ confidence and sends a positive signal to the broader financial market.

He called for concerted efforts from both banks and investors, supported by regulators in ensuring that the Nigerian banking sector remains resilient, competitive, and capable of driving the country’s economic growth for the future.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Bank Verification Numbers (BVNs)
SendShareTweetShare
Previous Post

MUTLA Assures On Propagation Of Tiv Heritage, Language

Next Post

Gufwan Advocates Inclusive Development For Persons With Disabilities

Olushola Bello and Bukola Aro-Lambo

Olushola Bello and Bukola Aro-Lambo

You May Like

Federal Gov’t, IFAD Train 600 Farmers In Budgeting, Farming Techniques In Benue
Agriculture

We’re Making Abia Farmers Globally Visible – Agric Firm

2025/06/29
Marginal Field Awardees: NUPRC Restates Commitment To Transparency Culture
Business

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

2025/06/29
New Afreximbank President To Restructure African Trade
Business

New Afreximbank President To Restructure African Trade

2025/06/29
Oyetola
Business

Federal Gov’t Launches Life-jacket Safety Initiative

2025/06/29
Tech Scholar To Drive Academic Vision As OAU’s New DVC
Business

Tech Scholar To Drive Academic Vision As OAU’s New DVC

2025/06/29
MONEY MARKET: Assessing Customers’ Losses To Fraudsters Through Digital Banking
Business

Cybercrime: Half Of Victims Paid Ransom In 2025

2025/06/29
Leadership Conference advertisement

LATEST

Village Head Abducted By Bandits In Kaduna

Unlocking Energy Access: Yobe, FG Sign MoU On Rural Electrification Strategy

Foundation Commissions Primary Health Care Centre In Kobi Community FCT

Fighting Digital Threats: Yobe Extends Cybersecurity Symposia To Potiskum, Gashua

Damagum Agog As Gov Buni, Others Attend Emir Of Fune’s Silver Jubilee Celebration

Aviation Ministry Staff Convicted Over Employment Fraud

Ahmed Will Deliver As PCNGi Boss, APC Group Says

Your Failure Is Certain, COAS Tells Terrorists

Hajji: Kebbi Completes Airlift Of Pilgrims Back Home

Fear And Fragility: How Safe Are Nigerians?

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.