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CBN RESTRICTION OF BVN MODIFICATIONS AND ITS IMPLICATIONS UNDER THE NIGERIA DATA PROTECTION ACT 2023 | Lydia E. Ohonsi, Esq.
Legal expert Lydia Ehisuoria Ohonsi, Esq., has released a critical analysis regarding the Central Bank of Nigeria’s (CBN) recent Addendum to the BVN regulatory framework, warning of significant compliance risks under the Nigeria Data Protection Act 2023 (NDPA). The analysis examines the CBN’s directive, issued on 12 March 2026 and effective from 1 May 2026, which introduces sweeping changes to how Bank Verification Numbers (BVN) are managed in Nigeria. Key Modifications to the BVN Framework The CBN Addendum introduces four substantive c…
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WHEN CAPITAL ISN'T CASH: A LEGAL AND FINANCIAL ANALYSIS OF BANK CAPITALISATION IN NIGERIA | Lydia Ehisuoria Ohonsi, Esq.
I. Introduction The Central Bank of Nigeria ('CBN') issued a landmark directive in March 2023 mandating a comprehensive recapitalisation of Nigerian commercial banks. Pursuant to the directive, commercial banks with international authorisation are required to attain a minimum paid-up capital of ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion, with a compliance deadline of 31 March 2026. The directive triggered a wave of capital-raising activity across the banking sector, including rights issues, public off…
