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NMDPRA Applauds Shell for Investing in Nigerian Gas Infrastructure

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Shell Nigeria Gas (SNG), has received accolades from industry regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for deliberate and active investment in Nigeria’s critical gas infrastructure to supply gas for powering industries in key locations in the country.

NMDPRA Applauds Shell for Investing in Nigerian Gas Infrastructure

Farouk Ahmed, chief executive of NMDPRA, said Nigeria needs accelerated gas infrastructure to deepen domestic gas distribution across Nigeria.

Ahmed spoke when he met Mr. Ed Ubong, managing director, SNG, and Mr. Markus Hector, general manager, Shell Energy Nigeria, in Abuja recently to discuss how to deepen investments in domestic gas operations in Nigeria.

Ahmed said, “I commend Shell Nigeria Gas for investing heavily in critical gas infrastructure to supply gas for power generation to industries,” adding that his agency was putting in place the right framework to encourage competition, competitive prices, flexibility of supply and investments in gas infrastructure.

“The Federal Government’s desire to boost infrastructure development, especially in the midstream, necessitated the enactment of the Petroleum Industry Act (PIA) and the NMDPRA will put the necessary regulations to make business favourable to investors,” he said.

The NMDPRA helmsman encouraged SNG to continue to be transparent, responsible and to practise good corporate governance in its business dealings in the country.

Ubong, highlighted that clear guidelines and regulations that support and protect investments are key in boosting investors’ confidence in the industry.

He said, “SNG currently distributes natural gas for power generation to industrial clusters around Ogun, Abia, Bayelsa, Rivers and Lagos States and we are currently exploring markets along the Ajaokuta-Kaduna-Kano pipeline project for investment opportunity to take gas to industries up north of Nigeria.”

Speaking in the same vein, Markus Hector, commended the Federal Government for enacting the Petroleum Industry Act which he said would support the growth of the gas industry in Nigeria.

“There are vast business opportunities for Shell gas business in Nigeria and we plan to significantly expand our investment in gas distribution under the right regulatory environment,” Hector said.

 


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Newmark Group Wins PR Excellence Award at AfriTECH 2024 Summit

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Newmark Group, a Pan-African strategic communications and brand positioning firm, received the PR Excellence Award during the AfriTECH 2024 Summit at the Oriental Hotel in Lagos.

Themed “Leapfrogging Digital Transformation for the Future of Africa’s Economy,” this year’s summit gathered influential voices from technology, telecommunications, e-commerce, and finance sectors to explore and discuss innovations driving Africa’s digital landscape.

This prestigious award highlights Newmark’s dedication to excellence in public relations and recognises its impactful contributions to advancing technology and digital transformation across Africa.

Known for creating powerful communication strategies that empower brands and drive growth, Newmark continues to set a high standard in the industry.

Lovelyn Okafor, Country Head of the Newmark Group in Nigeria, expressed gratitude for the recognition: “Receiving the PR Excellence Award at AfriTECH affirms our team’s dedication and hard work.

This honour reflects our commitment to helping brands thrive in Africa’s dynamic market through innovative communication strategies that foster growth and engagement.”

The Newmark Group Ltd has received a number of awards recently, including the IPRA Golden World Awards, the PRGN Awards, and the World Public Relations and Communications Awards and the 2024 SABRE Awards, where the firm was celebrated for outstanding public relations campaigns that strengthened client branding and reputation.

The AfriTECH award further cements Newmark’s position as a thought leader in strategic communications across the continent.

These accolades highlights the firm’s leadership and steadfast commitment to excellence in public relations.

The Newmark Group continues demonstrating its role as a key player in promoting digital transformation and innovation.

The company reinforces its commitment to best practices and explores collaborative opportunities that will drive further digital advancement.

Newmark remains dedicated to crafting top-tier communication strategies that deliver results and contribute positively to society.

With its expanding influence across Africa, the firm continues solidifying its reputation as a trusted, innovative player in integrated marketing communications.

With operations in over 30 African countries and a diverse portfolio spanning sectors from healthcare to aviation and agriculture, Newmark is a driving force behind effective public relations initiatives for organisations across the continent and beyond.


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Africhange Secures IMTO Licence to Streamline Remittance to Nigeria

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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.

 


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How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

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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.

How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police

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.

  1. 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.

 

 


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