News
NDDC Chairman Seeks the Use of ICT to Re-position Niger Delta
Sen. Victor Ndoma-Egba (SAN), Chairman, Governing Board of Niger Delta Development Commission (NDDC), has reiterated its commitment to re-position the region through the development of Information Communication Technology (ICT).
He stated this when Mr Bayo Onanuga, Managing Director of the News Agency of Nigeria (NAN), and other management staff visited him on Friday in Abuja.
He said the commission had a programme whereby five optic cables were given to the region to increase internet access.
“You don’t need to be a university graduate to be an ICT guru.
“If we create ICT in the region, it will boost our economy, he said.
The chairman said the commission was also looking at the area of sport, young boys and girls could be engaged competitively.
“Today, sport is a huge industry. What one footballer earns is what a local government makes.
“It is an area that we must engage our young girls and boys competitively,” he added.
Ndoma-Egba commended the effort of the board in the development of the region so far.
“We are committed to doing things right, that is why we have the concept of the four Rs, Restructuring of the balance sheet, Reform of governance protocols, Restore the NDDC’s core mandate, and Reaffirm the Commission’s collective commitment to do what is right.’’
According to the chairman, the commission is being funded largely from proceeds from oil.
“Someday, we don’t know when but the oil will finish. If it thus finishes, Technology will make it less important.
“Today, people are talking of electric cars, while fuel pumps in some places in the world are being replaced by electric and gas pumps.
“So, we must begin to contemplate developing the region beyond oil, and to do so we have to envisage a frame work that can drive development beyond oil,” he said.
Ndoma-Egba said that the commission would set up a development bank that would guarantee development in the Niger Delta region.
According him, the advantage of the development bank is to drive big projects being embarked upon by the bank.
He said the board inherited more than 10,000 contracts, and cancelled more than N200 billion worth of contracts, because they lacked manpower.
“You see one person doing more than 50 projects, so we are trying to streamline to see that everything is balanced,” he said.
The chairman said the commission was a regional development agency that guarantees transparency, which calls for synergy to share responsibility with other stakeholders in the region.
Ndoma-Egba also pledged that the commission would continue its collaboration with NAN, adding that there was no doubt NAN was keeping up with technological trend in the world.
He urged NAN to continue to collaborate with the commission in its efforts to develop the region.
News
Africhange Secures IMTO Licence to Streamline Remittance to Nigeria
Africhange, a cross-border remittance service provider, announced today that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria [CBN].
This strategic move significantly improves Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.
Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa. According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the region’s $54 billion total.
For many Nigerian individuals, these funds are essential for education, healthcare, and daily living, making accessible and cost-effective remittance solutions vital. With the IMTO licence, Africhange is positioned to deliver a trusted service that improves access to much-needed financial support across borders.
Founded in 2020, Africhange has achieved impressive growth as a fully bootstrapped company, serving over 200,000 users globally and facilitating more than 2 million successful transactions. Operating in over 100 countries—including Canada, Nigeria, the United Kingdom, and Australia—Africhange offers an extensive range of currencies and services that simplify international money transfers.
By leveraging advanced technology, the platform minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.
After four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, Africhange is now poised to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.
The new IMTO licence allows Africhange to manage inward remittances directly into Nigeria without relying on intermediaries. By removing third-party involvement, this capability enables partnerships with local banks, streamlining payment processes and lowering costs for customers.
Furthermore, the company can offer better rates and faster services for Africans living on the continent and abroad. Africhange is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.
David Ajala, CEO of Africhange, stated: “As an immigrant-founded company, we understand first-hand that sending and receiving money across borders is a key part of daily life for our users, who are immigrants of African descent. Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home.
For Africhange, it means we’re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria. We’re excited about the doors this opens to bring greater impact to the lives of the communities we serve.”
With a strong track record of success, Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships. It also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions. Building on this partnership alongside the IMTO licence.
Tega Gabriel, Head of Growth of Africhange, added: “This IMTO licence acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators.
“Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria. As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.”
The licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings. Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services.
News
How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police
Justice Yellim Bogoro of the Federal High Court in Lagos has heard how Daniel Ikeoha and Sylvester Ebeta, two alleged hackers, manipulated Interswitch Nigeria Limited’s Payment Gateway switch and siphoned N622 million within minutes.
Police intelligence operatives from Special Fraud Unit, Ikoyi, Lagos State, who later uncovered the two alleged, arraigned before Justice Bogoro for causing multiple fraudulent transfers and withdrawals of N622 million from various bank accounts of other customers to their own accounts.
Justice Bogoro, the presiding judge, ordered both Daniel and Sylvester remanded in the Ikoyi facility of the Nigerian Correctional Services (NCoS), after they pleaded not guilty to the charges of alleged conspiracy, hacking into the Interswitch’s server and unlawful conversion/taking possession of proceeds of an unlawful acts.
The offences which contravened Sections 27(1)(b) and 14(1)of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024, read along with Section 14(1) of the same Act.
The offence also contravened Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Justine Enang, the prosecutor and a chief superintendent of police at the Legal Department of PSFU, Ikoyi, Lagos, alleged that the defendants and others at large have between January 2022 and October 12, 2023, conspired among themselves to commit illegal acts.
Enang told the Court that the two defendants and others at large, unlawfully suppressed the Interswitch Payment Gateway Merchants to interchange the system switch and caused multiple fraudulent transfers and withdrawals of N622 million, from various bank accounts of other customers to their own accounts.
The prosecutor told the court that the defendants wired the N622 million to their under-listed banks and accounts: Kuda Microfinance Bank, account no. 2012900334; UBA Plc, account no. 2259918436; Zenith Bank Plc, account no, 225135546; Eco Bank Nigeria Limited, account no. 4360057510 and 4360057503; GTB Plc account nos. 0025473624, 0560512839; FCMB, account nos. 7358218027, 7358218010; Moniepoint Microfinance Bank, account no. 5397559320; GTB Plc, account no. 0167915358; Stalonvee Concept, Stalonvee Concept, account no. 6397559320, 5397602542 and Zenith Bank Plc, account no. 240753383.
- S. Hart, their lawyer, informed the court that she had two applications before the Court for the Court to determine.
She told the court that the first application is challenging the court’s jurisdiction in entertaining the charges against her client, because her clients have been charged before a magistrate court. Hence, the charges against them before the Court was an abuse of court process.
She also told the Court that the second application is the bail application of her clients.
In response, the prosecutor told the Court that the charge before the Magistrate Court has been withdrawn.
On the application for bail, the prosecutor told the court that he has responded to same, by filing a counter-affidavit.
Based on the submissions of the parties, Justice Bogoro ordered parties to move the bail application. And upon taking arguments on the bail application, Justice Bogoro adjourned ruling till 14th November, 2024, while ordering that the two defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending when the bail application will be determined.
News
Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets
Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.
Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.
The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.
The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).
The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.
“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”
Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.
This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”
Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.
This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.
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