BVN: Nigerians In The Diaspora Were Not Considered, Says Okoli

DESPITE the decision of the Central Bank of Nigeria (CBN) to extend the timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers (BVN) to January 31, 2016, indications have emerged that such customers feel not carried along in the exercise.

A Nigerian-American trained Investment Advisor, Christopher Okoli, while reacting to the extension of the timeline for Nigerian bank customers in the Diaspora, said Nigerians in the Diaspora were not in any form considered when the programme was being conceived.

Okoli, who made his view known to The Guardian through a statement, said out of about 10 million Nigerians in North America, not up to 10 per cent has fully participated in the BVN programme.

Okoli, who spoke on other economic issues bothering the country, said: “I am not questioning the validity or the intent of BVN programme that just ended on October 31, 2015, although I was recently informed that a new date of January 31, 2016, to accommodate Nigerians in the Diaspora has been established. But obviously, Nigerians in the Diaspora were not in any form considered when such programme was being conceived. The ongoing bad governance for over four decades have started threatening the unity of a peaceful rich and populated country now that crude oil prices is selling off, and the treasury probably empty. The country failed to plan for the growing population in the past, and that action explains why Nigeria has large percentage of her population stranded in the Diaspora.

There might be close to 10 million Nigerians in North America and not up to 10 per cent of such group of Nigerians has fully participated in the BVN programme that was meant to expurgate suspected individuals’ ill-gotten bank accounts from the country. Nigerian leaders must find ways of monetising and utilising the hidden assets of Nigerians in the Diaspora because such group has enormous non-performing assets that would be beneficial to the country’s ailing economy.”

He added: “Monetisation of non-performing assets of Nigerians in the Diaspora is a panacea to reviving the country’s recession-bound economy (details to be submitted upon request) and such action would help to save democracy in the country.”

Okoli said “Nigerian policy makers must engage in more due diligent processes that would help them to focus more on “aiming on targets before shooting” instead of just shooting sporadically in the empty space hoping to get some ignorant birds.”
“Let subsequent monetary and fiscal policies be result-oriented in the targeted accomplishments. Policies that are not well articulated must eventually end up in dustbins where such policies belong in the first place.  Nigerian President is currently in the fierce battle of saving the country from the unseen natural forces of financial, social and economic nightmares that would be taking the country into deep recession in the coming months.

Let Nigerian policy makers be reminded once again that the global village will be heading into deep recession by fourth quarter of 2016. Let the government make adequate accommodating plans to survive the global carnage. President Buhari and the CBN governor must quickly reconsider the battle of saving Naira because the cost and the unintended consequences are getting ugly and would continue so bad in coming months,” he said.