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N280 Billion Final Approval For Bodo-Bonny Road Project ~ FG

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The Federal Government has approved a final N280 billion for Julius Berger Nigeria PLC to complete the Bodo-Bonny road project in Rivers State.

This announcement was made by the Honourable Minister of Works, David Umahi, during his inspection visit to the project site on Wednesday, as reported on the Ministry’s website.

Minister Umahi set December 2024 as the deadline for the project’s completion and urged the contractor to strictly adhere to this timeline, with the goal of resolving the longstanding transportation challenges in Bodo-Bonny once and for all.

“The Federal Government has approved the total and final sum of N280 billion for the completion of Bodo-Bonny road project

“This was revealed by the Honourable Minister of Works, His Excellency, Sen. Engr. Nweze David Umahi CON during his inspection visit to the project site this 19th June 2024. He warned that the contractor handling the project, Julius Berger Nigeria Plc, must work round the clock to beat the project delivery timeline of December 2024,” the statement read in part.

Engr. Umahi strictly advised Julius Berger Nigeria Plc. that, regardless of any unexpected challenges or difficulties, the cost of the project will not be increased beyond the approved amount. He insisted that the project must be completed to a high standard.

The Works Minister highlighted the urgency by noting that the project has been ongoing for 11 years and must be finished within this year, setting December 15, 2024, as the deadline for completion.

The statement also revealed that Umahi praised the perseverance of the Bodo-Bonny Peace Committee and the cooperation and integrity of Nigeria Liquefied Natural Gas (NLNG) in funding the project.

NLNG representative Dienye Godson, on behalf of the company, expressed gratitude to the President and his team for their determination to complete the project.

He noted that NLNG is pleased with the progress and will now review its internal processes to provide as much support as possible to the government.

In response, the project manager from Julius Berger Nigeria Plc. assured that they will continue their efforts without hesitation and will expedite the re-mobilization of the project to demonstrate their full commitment.

He acknowledged the Minister of Works’ statement and emphasized the need for everyone involved to work together diligently as partners to ensure the project’s success.

Back story

The contractor handling the Bodo-Bonny road project, Julius Berger Nigeria Plc., had abandoned the 35.7-kilometer project, which includes 13 bridges: three main bridges, nine mini bridges, and one bridge over a pipeline.

This road is set to be the first to connect oil-rich Bonny Island to mainland Rivers State. The abandonment occurred because Julius Berger was seeking additional funds for the project.

In 2021, Julius Berger requested a review of the contract, but the Federal Government maintained that this was against the original agreement signed in 2017 by the three parties: the Federal Government, Nigeria Liquefied Natural Gas (NLNG), and Julius Berger Nigeria Plc.

The Federal Government’s refusal to accept the contractor’s request for a variation led to the abandonment of the Bodo-Bonny road project.

In December 2023, the Federal Government directed Julius Berger to return to the site and complete the project, faulting the company for seeking a project variation despite the agreement. However, Julius Berger did not comply and refused to return until their request for an upward variation was eventually approved by the Federal Government in June 2024.

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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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