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Economy

Nigerian Firms Partner To Unlock $20.5bn Remittance Market

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CBN

Nigerian Firms Partner To Unlock $20.5bn Remittance Market

Nigerian Firms partner to unlock $20.5bn remittance market. A Nigerian fintech start-up, Rendcore, has announced its strategic partnership with Safe Haven Microfinance Bank and Monirates to capture part of Nigeria’s annual remittance flow.

A Nigerian fintech start-up, Rendcore, has announced its strategic partnership with Safe Haven Microfinance Bank and Monirates to capture part of Nigeria’s annual remittance flow.

The group disclosed this in a statement signed by Rendcore’s chief executive officer, Gabriel Iruaga, on Monday in Lagos.

The collaboration positions Rendcore to capture part of Nigeria’s $20.5 billion annual remittance inflows (World Bank, 2023) through its peer-to-peer foreign currency exchange, cross-border remittance, and tuition payment services.
Mr Iruaga said Rendcore would benefit from the partnership by having a stronger regulatory backbone.

He added that Safe Haven MFB would provide the compliance framework to strengthen Rendcore’s Foreign Exchange and payment operations.
“On the global scale, Monirates, which processes over $150 million annually across Africa, Europe, and North America, offers Rendcore direct access to international corridors.

“On cost advantage, Rendcore’s P2P FX marketplace delivers exchange rates up to 15 per cent cheaper than traditional banks, helping users save significantly on transfers and tuition payments.

“The partnership enables Rendcore to aim for a tenfold increase in active users while supporting at least 10,000 tuition payment transactions for Nigerian students abroad within two years,” he said.
Mr Iruaga noted that the partnership aligns Rendcore’s digital technology with the regulatory cover of Safe Haven MFB and the global rails of Monirates.

According to him, the strategy focuses on removing barriers for Nigerians seeking affordable foreign exchange, secure remittance, and seamless tuition payment solutions.
“Nigerians lose billions yearly to high charges, poor FX access, and delays in cross-border payments. This partnership is a turning point.

“By combining our P2P technology with Safe Haven’s regulatory backing and Monirates’ international network, Rendcore is giving users a trusted channel to move money globally at lower cost,” Mr Iruaga said.

With Nigeria remaining the largest recipient of remittances in sub-Saharan Africa, the collaboration is expected to significantly improve financial access for students, SMEs, and professionals.

CBN

CBN

Rendcore is a fintech platform that offers peer-to-peer foreign currency exchange, cross-border remittances, and tuition payment services.
Its mission is to make global payments transparent, inclusive, and affordable for Africans.

Safe Haven Microfinance Bank is a Central Bank of Nigeria-licensed financial institution serving more than 50,000 SMEs and retail clients with innovative financial solutions.

Monirates is an International Money Transfer Operator, regulated by the UK FCA and the CBN, processing over $150 million annually across global corridors.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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