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Afreximbank Initiates Second African Quality Assurance Center in Imo

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The African Export-Import Bank (Afreximbank) has announced the commencement of project development activities for its second African Quality Assurance Center (AQAC) in Ngor Okpala, Imo State, Nigeria. This initiative is in collaboration with Bureau Veritas, a global leader in testing, inspection, and certification.

The launch event, held on June 3, 2024, in Imo State, was attended by His Excellency Senator Hope Odidika Uzodinma, Governor of Imo State. During the event, Afreximbank showcased a prototype design for the AQAC project and introduced Bureau Veritas as the technical partner to support the facility’s operations and management.

Building on the successes of the pilot AQAC project launched in Ogun State in 2022, the Imo State AQAC will focus on conformity assessment for food, agricultural products, and other goods. This center aims to help Nigeria and neighboring countries enhance their export capabilities and gain access to global and regional markets.

Speaking at the event, Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, stated, “The commencement of project development activities of the AQAC in Imo State marks a significant step forward in Afreximbank’s mission to enhance Nigeria and the continent’s export potential. By ensuring that ‘Made in Africa’ goods and products meet international standards and technical regulations at export markets, we are not only boosting trade but also fostering economic growth across the continent in line with the Bank’s mandate.”

The AQACs are also expected to expand intra-regional trade under the African Continental Free Trade Agreement (AfCFTA) by ensuring products meet standards and regulations at export destinations within the continent. Mrs. Awani highlighted that for AQACs to achieve this objective, Afreximbank is collaborating with several stakeholders, including the African Organization for Standardization (ARSO), to harmonize standards in key sectors such as textiles, apparel, leather, and gastronomy. To date, Afreximbank and ARSO have harmonized over 500 standards in the automotive, medical, and pharmaceutical equipment sectors.

Afreximbank recognizes the urgent need to support member countries’ efforts to improve their conformity assessment infrastructure to comply with international standards and technical regulations. This is essential to promote exports and facilitate both intra- and extra-African trade. To enhance the hard quality infrastructure, African countries will need to establish testing laboratories and conformity assessment centers, thereby increasing their capacity to offer testing, inspection, and certification services.

Through the AQAC initiative, Afreximbank is mobilizing financial and technical resources, in collaboration with governments, the private sector, and development partners, to develop world-class, internationally accredited laboratories offering conformity assessment services. The Bank also advocates for African countries to adopt appropriate National Quality Infrastructure to meet international trade standards and improve market access for “Made-in-Africa” products.

Launched in 2017, the AQAC initiative has seen Afreximbank commit over US$100 million to promote the establishment of internationally accredited facilities across Africa. These facilities offer testing, inspection, and certification services, as well as training in conformity assessment. These accredited centers ensure that products made in Africa meet applicable international standards and technical regulations, thereby boosting exports across member countries in fulfillment of the Bank’s mandate to finance and promote intra- and extra-African trade.

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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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