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Nigeria, 10 Others Benefits From ITU’s €15 million broadband Initiative

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The International Telecommunications Union (ITU) has selected Nigeria and 10 other countries as beneficiaries of a €15 million broadband mapping initiative aimed at accelerating digital transformation in Africa.

The global telecommunications body announced this on Thursday during the Global Symposium for Regulators (GSR-24) in Kampala, Uganda. Other 10 countries includes; Benin, Botswana, Burundi, Côte d’Ivoire, Ethiopia, Kenya, Malawi, Uganda, Zambia, and Zimbabwe.

“The Africa National Broadband Mapping Systems (AfricaBBMaps) project, supported by the European Commission, will help establish broadband mapping systems to foster investment and digital transformation in Africa

With a budget of EUR 15 million over four years, the project will initially benefit 11 countries,” a statement from the ITU read.

According to the ITU, broadband mapping is a prerequisite for investment in sustainable, inclusive broadband infrastructure that leaves no one behind. It added that the AfricaBBMaps aims to establish broadband mapping systems that are capable of producing readily available validated data to identify internet connectivity gaps in coverage, quality, and affordability in beneficiary countries.

This is expected to enable data-driven decision-making for investments in digital infrastructure, promising a brighter future for ICT in the selected countries

Vladimir Daigele, a network development expert at the International Telecommunication Union (ITU), describes mapping as “important to understand the reality in a place, as it allows different stakeholders to come together and plan optimal network technologies and financing solutions.”

​​​​​​​​​​​The selection of Nigeria as one of the beneficiaries of the AfrcaBBMaps comes as a boost to the country’s broadband quest through the ongoing implementation of the Nigeria National Broadband Plane (NNBP 2020-2025).

Under the Plan, the country sets an ambitious target of achieving 70% broadband penetration by 2025. However, achieving this target is already proving difficult due to lack of adequate investment in infrastructure, leaving the country 43% penetration as of March 2024.

Meanwhile, the ITU stated that ICT regulators that participated at the GSR-24 which came to a close on Thursday, have endorsed a set of guidelines to maximize the benefits of transformative information and communication technologies (ICTs).

According to the body, the “GSR-24 Best Practice Guidelines​” agreed by ICT regulators include a series of considerations for balancing innovation with regulation to create a positive impact on societies and economies from emerging technologies such as artificial intelligence (AI).

The symposium which was organized by the ITU, the UN Agency for Digital Technologies brought together over 600 participants including Ministers, Heads of Regulatory Authorities, industry executives, and academics to discuss pressing regulatory issues.

Nigeria was represented at the symposium by the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida.

 

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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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