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SON Calls for Adoption of Energy Efficiency Standards to Combat Climate Change

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Ifeanyi Chukwunonso, the Director-General of the Standard Organisation of Nigeria (SON), has advocated for the adoption of Minimum Energy Performance Standards (MEPS) for appliances in the country. This move is part of a broader initiative to address climate change, reduce mercury in lighting appliances, and enhance energy access in Nigeria.

Speaking at a workshop on MEPS held on the 20th of December 2023 in Abuja, the Director-General stressed the importance of setting energy efficiency standards to mitigate the effects of climate change and promote sustainable practices. The workshop, organized in collaboration with Sustainable Research and Action for Environmental Development (SRADeV Nigeria), aimed to create awareness about MEPS and labeling for lighting in Nigeria.

Represented by Mr. Adewunmi Richard, the Director of Lab Services at SON, Chukwunonso highlighted Nigeria’s energy challenges, citing World Bank reports indicating that only 54.3 percent of the population had access to electricity in 2021. He emphasized the global threat of ozone layer depletion and global warming, primarily caused by the burning of fossil fuels and contributing to significant emissions.

“The urgent need for a global concerted effort to minimize the catastrophic effect of climate change and stop continual depletion cannot be overemphasized,” he stated.

Chukwunonso urged stakeholders to collaborate in implementing MEPS, which establishes minimum energy efficiency levels for appliances sold in the market. He emphasized that MEPS would contribute to reducing energy consumption, lowering greenhouse gas emissions, and fostering a sustainable future.

The SON Director-General outlined the diverse range of products covered by MEPS, including refrigerators, air conditioners, televisions, vehicles, and building materials. By removing inefficient products from the market, MEPS aims to encourage consumers to make environmentally friendly choices while saving money on energy bills.

In his welcome address, Professor Babajide Alo, the Chairperson of the workshop, emphasized the importance of MEPS in ensuring that lighting products meet specific energy efficiency criteria. He underscored the workshop’s significance in enforcing regulatory standards set by SON.

Dr. Leslie Adogame, the Executive Director of SRADeV Nigeria, clarified that MEPS is designed to ensure energy products meet minimum standards of energy consumption in line with the Minamata Convention, to which Nigeria is a signatory.

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Business

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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