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Naira Scarcity: Deploy More Money Agents — Osinbajo Tells Banks

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Worried by the difficulty experienced by Nigerians in getting the new naira notes, Vice President Yemi Osinbajo, on Friday, met with some players in the FinTech space, exploring possible ways of mitigating the hardship.

Specifically, he urged regulators and the banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.

“You need cash to pay for transport. For instance, in Abuja how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buying recharge cards?

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things,” Osinbajo was quoted as saying in a statement by his spokesman, Laolu Akande.

During the interactive session with a number of FinTech investors and ecosystem players, the vice president said that the Central Bank of Nigeria and the commercial banks should work with all FinTechs that have mobile money agents in order to reach the farthest places in the country.

“It seems to me that banks must engage their mobile money operators – FinTechs with mobile money licenses and many of them have micro-finance bank licenses now and already have a network of mobile money agents or human banks or human ATMs (as they are sometimes called) who are responsible to them and they can supervise by themselves. They can do currency swaps and open bank accounts.”

Speaking further about some of the concerns arising from the redesign of the new naira notes, the VP stated that “more disturbing is the fact that after depositing your old notes, there are no new notes, so people everywhere in the urban areas and rural areas simply have no money.”

The Vice President acknowledged that “there are logistical challenges that have to be addressed by the CBN and the banks, especially from the point of view of the average Nigerian and those in the hinterland who hardly use any electronic platforms.”

He also observed that while there has always been a certain failure rate in online banking and money transactions, they have become even more difficult now with the increase in the number of transactions congesting the system.

He said, “so where in the past you used POS or any of the electronic platforms, you had maybe 20%-30% failure rate, now because everyone is trying to get on those platforms, obviously, the failure rate is much more and the problems are much more pronounced.”

BIG STORY

JUST IN: Rivers Assembly Resumes Sitting After Six-Month Suspension

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The Rivers State House of Assembly has reconvened after the expiration of a six-month emergency rule declared in the state by President Bola Tinubu.

Tinubu lifted the emergency rule on September 17, directing Governor Siminalayi Fubara, his deputy Ngozi Odu, and members of the assembly to resume their official duties on September 18.

Thursday’s plenary session was presided over by Speaker Martins Amaewhule and held at the conference hall within the assembly quarters in Port Harcourt, the state capital.

Since the assembly chamber at the Moscow Road complex was razed and later demolished by the state government, lawmakers have been using the conference hall as their temporary chamber.

The reconstruction of the assembly complex, which was overseen by the outgone sole administrator, Ibok-Ete Ibas, could not be completed before his exit.

On March 18, Tinubu had declared emergency rule in Rivers State following a protracted political crisis triggered by the rift between Governor Fubara and the Minister of the Federal Capital Territory, Nyesom Wike.

More to come…

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BIG STORY

BREAKING: Six More Deaths Confirmed In Afriland Towers Fire

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At least six more people have been confirmed dead following the fire outbreak at Afriland Towers, a six-storey commercial complex located on Broad Street, Lagos Island.

The latest victims were employees of United Capital, an investment and financial services company that occupied the third and fourth floors of the building.

The confirmation comes only hours after the Federal Inland Revenue Service (FIRS) announced the deaths of four of its staff members in the same incident on Wednesday evening.

The fire, which reportedly broke out in the inverter room at the basement around 1:30 p.m. on Tuesday, generated thick smoke and caused widespread panic among occupants. Witnesses said some individuals attempted to escape through windows as emergency teams fought to contain the blaze.

Operatives of the Federal Fire Service, Lagos State Fire and Rescue Service, and other first responders evacuated at least nine people from the tower. Five of them were resuscitated, while four remained unconscious at the time.

“A total of nine victims have been rescued. Five individuals have been resuscitated. Several others escaped unhurt, while efforts are ongoing to revive the remaining four,” the Lagos State Fire and Rescue Service said in an earlier update, raising fears of possible casualties.

In an official statement released on Thursday morning, United Capital confirmed that six of its staff had died in the incident. The new figure brings the total number of confirmed deaths from the Afriland Towers fire to 10.

“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers on Tuesday, September 16, 2025.

“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void. We extend our deepest and heartfelt condolences to their families, friends, and loved ones, and we continue to hold them in our thoughts and prayers, as well as provide all the support we can to them during this most difficult time.

“We are making preparations for an appropriate memorial service to honour their lives and mark their passing with dignity and solemnity. We thank the emergency services and all those who responded for their valiant assistance at the time of the incident.

“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace,” the company stated.

Authorities earlier confirmed that several occupants were rescued from the inferno, which was suspected to have been triggered by an inverter explosion. However, no official casualty figure has yet been issued.

Efforts to obtain confirmation from the Lagos State Fire and Rescue Service, the National Emergency Management Agency (NEMA), and the Lagos State Emergency Management Agency (LASEMA) were unsuccessful as of press time.

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NAF Airstrikes Kill Scores Of Terrorists, Destroy Hideout In Borno

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The Nigerian Air Force (NAF) says recent air interdictions carried out by the Air Component of Operation Hadin Kai have killed several terrorists and destroyed their hideout in Borno State.

This was disclosed in a statement issued on Thursday in Abuja by the Director of Public Relations and Information, NAF, Air Commodore Ehimen Ejodame.

Ejodame explained that the airstrikes took place on Wednesday at about 10:50 a.m. in the Bula Madibale and Gezuwa general areas of the state.

He said intelligence and surveillance had earlier confirmed unusual activity at the location, where about 45 terrorists were seen gathering, with some arriving on motorcycles and bicycles from different directions.

According to him, reconnaissance also showed two terrorist flags raised at the site, indicating it was being used as a stronghold and rallying point for insurgents.

“Acting on this credible intelligence, the Air Component launched precision strikes, eliminating several terrorists, while the flagged structure and other hostile assets were destroyed,” he said.

Ejodame added that the operation disrupted the insurgents’ ability to regroup, reinforce, or launch fresh attacks on communities in the North-East.

He reaffirmed that the Armed Forces remain committed to restoring peace and stability in the region.

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