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SERAP to Akpabio, Abbas: Cut N344.85bn NASS budget

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Socio-Economic Rights and Accountability Project, SERAP, on sunday urged the Senate President, Godswill Akpabio and Speaker of the House of Representatives, Dr Tajudeen Abbas, to reduce the National Assembly budget of N344.85 billion to reflect the current economic realities in the country, and cut the cost of governance.

SERAP urged them “to request President Bola Tinubu to present a fresh supplementary appropriation bill, which reflects the reduced National Assembly budget for the approval of the National Assembly.”

It also urged them to publish details of the National Assembly budget of N344.85 billion including the proposed spending details of the N3 billion for the Senate Car Park and N3 billion budgeted for the House of Representatives Car Park.

SERAP, in a statement by Deputy Director, Kolawole Oluwadare, said: “Passing appropriation bills that are inconsistent with the provisions of the Nigerian Constitution is a fundamental breach of the constitutional oath of office by the lawmakers.

“The arbitrary increase by the lawmakers of their budgetary allocation if not cut would have significant fiscal consequences and exacerbate the country’s debt crisis.”

The statement reads: “The unilateral and self-serving increase by the lawmakers of their allocation also offends the principles of separation of powers and checks and balances and the notion of the rule of law.

“The increase in the National Assembly budget raised serious questions in the minds of the Nigerian people about how the lawmakers are spending their commonwealth.

“The National Assembly ought to be more responsible to the public interest and more responsive to it. The National Assembly has a constitutional responsibility to combat waste and abuse in its spending if it is to effectively exercise its oversight functions and hold the government to account.

“Transparency and accountability in public administration is an essential element of democracy. Transparency in the spending of the National Assembly budget would give the public a tool to hold the lawmakers accountable.

“It would also protect Nigerians from any potential abuses of governmental or legislative power that may exist.

“Cutting the N344.48 billion National Assembly budget would be entirely consistent with your constitutional oath of office, and the letter and spirit of the Nigerian Constitution.

“Cutting your budget would promote efficient, honest, and legal spending of public money. It would serve the public interest and restore public confidence in the National Assembly.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the National Assembly to comply with our request in the public interest.”

SERAP also urged them to clarify the details of the N8.5 billion budgeted for ‘National Assembly liabilities’ and to disclose the nature of any such liabilities and how and why they have been incurred.

“The budget of N344.48 billion by members of the National Assembly is a fundamental breach of the Nigerian Constitution and the country’s international human rights obligations.

“According to our information, the National Assembly increased its allocation in the 2024 budget to N344.48bn. The new budgetary allocation to the National Assembly is over 70% of the N197bn proposed by President Bola Tinubu for the lawmakers in the budget proposal submitted to the National Assembly.

“The N344.48bn National Assembly budget, which is an increase of about N147bn, is reportedly the highest-ever budgetary allocation to the National Assembly” it stated.

Credit: Vanguard


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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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Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets

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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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