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Japan Auto Safety Scandal Deepens :Toyota, Others Halts Some shipments

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A safety test scandal at Japanese automakers deepens on Monday, with Toyota Motor and Mazda both halting shipments of some vehicles after Japan’s transport ministry found irregularities in applications to certify certain models.

The irregularities were also found in applications from Honda, Suzuki and Yamaha Motor, the ministry said. The automakers were found to have submitted incorrect or manipulated safety test data when they applied for certification of the vehicles.

The ministry ordered Toyota, Mazda and Yamaha to suspend shipments of some vehicles. It said it will conduct an on-site inspection at Toyota’s central Aichi prefecture headquarters on Tuesday.

The latest revelations came after the ministry requested automakers in late January to investigate certification applications following a safety test scandal at Toyota’s Daihatsu compact car unit that emerged last year.

Monday’s developments are also likely to heighten focus on Toyota’s annual general meeting later this month. Influential proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have recommended shareholders vote against re-electing Akio Toyoda as chairman at the meeting.

In a report to shareholders, ISS singled out the “spate of certification irregularities” at the Toyota Group.

“As the person in charge of the Toyota Group, I would like to sincerely apologize to our customers, to car fans, and all stakeholders for this,” Toyoda, the grandson of the automaker’s founder and its former chief executive, told a press conference.

He said the cars did not go through the correct certification process before being sold.

Thus the world’s biggest automaker by volume said it temporarily halted shipments and sales of three car models made in Japan. Toyota said its wrongdoing occurred during six different tests conducted in 2014, 2015, and 2020. Affected vehicles were three production models – the Corolla Fielder, Corolla Axio and Yaris Cross – and discontinued versions of four popular models, including one sold under the Lexus luxury brand.

In one example, it had measured collision damage on one side of a model’s bonnet while it was required to do so on both sides.

In other instances, it said it conducted certain tests through development testing under more strict conditions than those set out by the ministry that did not meet the government’s requirements. Toyota said it is still investigating issues related to vehicle fuel efficiency and emissions, and aimed to complete that inquiry by the end of June.

It added there were no performance issues that violated regulations and customers did not need to stop using their cars.

Toyota shares closed down 1.8 per cent, underperforming a 0.9 per cent gain in the broad Topix index.

Mazda suspended shipments of its Roadster RF sports car and the Mazda2 hatchback from Thursday last week after finding workers had modified engine control software test results, it said in a statement.

It also found crash tests of the Atenza and Axela models, which are no longer in production, had been tampered with by using a timer to set off airbags during some frontal collision tests, instead of relying on an on-board sensor to detect a hit. Mazda shares fell 3.3 per cent.

Yamaha said it had halted shipments of a sports motorcycle.

Honda said it had found wrongdoing in noise and output tests over a period of more than eight years to October 2017 on some two dozen models that are no longer being produced.

The scandals at the automakers are proving to be a sore point for the government, which has otherwise earned praise from investors and executives for its corporate reforms. Yoshimasa Hayashi, Japan’s top government spokesperson, called the misconduct “regrettable”.

 

 

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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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