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Bayelsa Traders battles Govt Over Market Relocation

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The relocation of the marketplace for Traders at the popular Tombia-Etekwe market in Yenagoa, Bayelsa State capital, did not sit well with them hence they threatened to stage a protest saying the new marketplace was relocated to a swampy area, they described as only good for animals’ habitation.

They said that, if the Diri-admininistration continued to be insensitive to them and the environment of the new market site, they will shut down market operations in the state to press home their grievances, stating that the state government is insensitive to the plights of the people to relocate them from their business places to swamp in the midst of economic hardship in the country.
During separate interviews with reporters who visited the new market site, the traders who spoke stated that they had not been making sales since the government forced them to evacuate the old market site on February 11, 2024.

The state government had relocated the traders to the new market site about three days to the second-term inauguration of Diri and his deputy, Lawrence Ewhrudjakpo, on February 14, as the road houses the state’s airport through which invited guests would drive to grace the event.
The traders while lamenting their suffering to the reporters, said they had been recording losses since their relocation, as customers were not coming to buy things from them.

The chairman of Okutukutu/Etegwe Market, Alhaji Dahiru Yauketi, speaking on their challenges, complained that the government did not prepare the new market site properly before hurriedly relocating them.

According to him: “The government allocated this place for us and relocated us from the former market. Government has not finished preparing this present place, but all of us agreed to come. Secondly, the government did not finish the road to this market. Customers are not coming to this (new) market place. We come here every morning but can’t sell anything”.

Other traders including, Favour Sunday, Gladys Internet, Sunday Obi, Elo Edward and Madam Omo, who sell tomatoes and peppers among others, stated that apart from the lack of access road, there was no water, toilet facility and light around the new market site.
Madam Omo said “One basic thing we want the government to do for us is road. Number two, there should be no private markets anywhere. When the government was closing that pipeline market, the governor told us that he will give us a site and everybody will move here. He gave us this site without a road, still we moved here and now we are seeing private markets everywhere”.

She also said that: “When you go to Okutukutu, by School Road, there is a private market. At the corner of one house, there is (also) a private market. Because of that, we that agreed to come to the new site are suffering. I have been here since one month ago and I have not sold one basket of tomatoes.

“So we need government to come and do the road for us; give us water, toilet, light, and seal (off) every private markets. That’s what we want the government to do for us now.”

A meat seller in one of the private markets, Gbenga Bamigboye, also speaking, described  the new market site as “A place not meant for human beings at all”.

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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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Business

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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