Banking
Okada/Keke Ban: Lagos to Flood Roads With Buses in April
Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, has disclosed that from next month, the state government would be assuaging the pain being felt by residents by injecting buses of different sizes and capacities into the public transportation space to serve as alternative to Okada and Keke.
“We are using this opportunity to inform Lagosians that the palliatives promised by the Government will be coming very soon, most likely in April,” the Commissioner said after a security meeting held at the State House in Marina on Wednesday.
The meeting was chaired by Governor Babajide Sanwo-Olu, who chaired the gathering was attended by Commanders of all security formations in the state.
Mr Omotoso said the government was not resting on its oars in providing required infrastructure that would improve traffic situation and transportation across the state.
He disclosed that the government would be holding a ground-breaking ceremony on the long-awaited Red Line rail project, which, he said, would be held on March 25. He added that updates would also be shared on the ongoing Blue Line rail project handling by Lagos Metropolitan Area Transport Authority (LAMATA).
On the closure of Eko Bridge, the Commissioner said the government would work assiduously to lessen the pain of commuters plying the route. He, however, noted that the closure of the bridge was a necessary precautionary measure taken to avert an incident that may result into loss of lives.
The commissioner urged residents to continue to support the government’s efforts at securing the state, stressing that the Mr Sanwo-Olu administration would deploy all resources to ensure safety of lives and property in Lagos.
“About security, Lagosians should be rest assured that Government is on top of the situation and that all is well. Every action we take is to show that we put the interest of Lagosians at heart and their welfare is on the front burner at all times,” Mr Omotoso said.
Also, the Commissioner said the state government has warned uniform men, especially those in the police and the military, to desist from flouting the Lagos State Transport Sector Reform Laws.
He emphasised that it is illegal for any security operative in mufti to ride commercial motorcycles on routes where Okada and tricycles have been restricted, noting that the enforcement of the restriction order would be executed with more force to completely keep Okada and tricycles away from the restricted routes.
Members of the Security Council, the Commissioner said, frowned at a situation in which uniform men flouted the State’s Transport Sector Reform Laws, warning security operatives, especially police officers and military personnel, to stop taking passengers on their motorcycles on restricted routes.
Mr Omotoso said, “We have just concluded the State Security Council meeting, where we reviewed the ongoing enforcement of Okada and Keke restriction order in the six Local Government Areas. Matters concerning uniform men engaging in commercial motorcycle operation came up in our discussion and there has been an order restricting them from doing that.
“Only a uniform man who is fully kitted and who rides motorcycle as his own personal mode of transportation is allowed. If any uniform man ventures into commercial motorcycle operation or Keke, the action of such a person is illegal and such persons are going to be arrested if they are caught.”
The Commissioner reiterated that the State would not relax the laws restricting Okada and tricycles on the highways, praising Lagosians for standing firm behind the Government in the ongoing enforcement of the restriction order.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
