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UK Renews Partnership with Nigeria, Lauds Tinubu’s Economic Reforms at Cabinet Retreat

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The United Kingdom (UK) has officially renewed its partnership with the Nigerian government, reaffirming the deep-rooted historical, political, and economic ties between the two nations. The announcement was made by the British High Commissioner to Nigeria, Dr. Richard Montgomery, during the opening of the three-day 2023 Cabinet Retreat, attended by Ministers, Presidential Aides, Permanent Secretaries, and other top government officials. The theme of the retreat was “Delivering on the Renewed Hope Agenda,” and it was inaugurated by President Bola Tinubu.

Dr. Richard Montgomery commended the significant economic reforms initiated by President Tinubu’s administration, acknowledging that Nigeria currently faces substantial challenges in the realms of security, economy, and social development. He praised Nigeria’s active role on the global stage, including its leadership in the Economic Community of West African States (ECOWAS), its advocacy for democracy, and its international engagement through forums like the G20.

Moreover, the British High Commissioner emphasized the UK’s enduring commitment to its partnership with Nigeria, grounded in shared history, democratic values, defense, security, trade, and investment interests. He also highlighted the significant contribution of the Nigerian diaspora, creative industries, and sports stars to the UK’s national culture and life. Additionally, the UK and Nigeria have established mutual accountability through development agreements that cover areas such as health, education, job creation, and government effectiveness.

Dr. Montgomery acknowledged the UK’s strong partnership with the office of the Secretary to the Government of the Federation (SGF) and expressed optimism about the eight priorities outlined in the renewed hope agenda. He mentioned that policy advisory committees have identified plans, milestones, and performance indicators, which will be discussed at the retreat.

The British High Commissioner encouraged the use of the SGF’s tracking system to drive delivery, learn from challenges, and move Nigeria forward. He recognized the challenges that lie ahead, especially considering the difficult global context and high expectations from the government. Nevertheless, he expressed optimism, highlighting the resilience, creativity, and entrepreneurial spirit of Nigerians as crucial factors in Nigeria’s progress.

Dr. Montgomery acknowledged Nigeria as a growing regional and global powerhouse, forecasting that the country could become the third-largest globally by 2050. He applauded President Tinubu’s plans to stabilize the economy and spur higher growth, emphasizing that the UK stands ready to support and collaborate in various areas.

The retreat, which aimed to prepare government officials for delivering on the renewed hope agenda, covered essential government processes, including procurement, budgeting, anti-corruption efforts, and the role of ministers and permanent secretaries in managing their ministries.

The World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri, also assured the government of the World Bank’s commitment to provide financing and solutions to support Nigeria’s development goals. He emphasized that the World Bank was more than just a bank and hoped to earn the government’s trust as a partner in driving positive change in the country. The World Bank has approved over $11 billion in financing for the Nigerian government at both federal and subnational levels, highlighting its commitment to helping Nigeria address its pressing challenges and achieve its priorities.

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CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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