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Lagos Collaborates With U.S. Institute To Improve Project Management Efficiency

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The Lagos State Government has signed a MOU with the U.S.-based Project Management Institute (PMI) to improve project management practices across 45 Ministries, Departments, and Agencies (MDAs) in the state.  

Governor Babajide Sanwo-Olu supervised the signing of the Memorandum of Understanding (MoU) at the State House in Marina on Tuesday. 

The agreement aims to optimise resources and streamline the execution of the 1,830 ongoing capital projects in Lagos. This initiative is part of the state’s strategy to enhance efficiency, reduce risks, and improve the quality of life for residents through better project implementation. 

Governor Sanwo-Olu emphasized the timeliness of the partnership, given the challenges posed by global economic disruptions and high material costs. He highlighted the need for strategic resource allocation and validated project management strategies to ensure timely project delivery. 

“We are at a critical time when leaders are finding it challenging to implement and activate projects that will improve the quality of life for their citizens. It is a challenge now, given the global disruption we have seen over the last few years and its impact on economic growth. This is making it difficult to even plan for long-term projects, but decisions have to be made in this difficult terrain.” Governor Sanwo-olu stated

“This partnership with PMI comes at the right time to validate our strategies, help us channel resources to where they are most needed, and ensure that the outcomes of our investment are delivered in a timely manner. This will help our project executing MDAs raise efficiency and further enhance their knowledge on project performance and execution. I believe the partnership will scale up professional competence and capability in the way projects are handled in the public sector.”  He added.

The MoU was signed by the Project Implementation and Monitoring Unit (PIMU) of the State Government and PMI’s team, led by Mr. George Asamani, Managing Director for Sub-Saharan Africa. Asamani mentioned that the agreement would bring cutting-edge skills, knowledge sharing, and training to help the state deliver projects with quality assurance. 

Executive Assistant to the Governor on Project Implementation and Monitoring Unit, Mr. Olusegun Sanwo-Olu, stated that PMI’s five-decade expertise would catalyse efficient management and capacity building in line with the highest standards of excellence. He also highlighted the benefits of the collaboration, including enhanced project management practices to deliver more within budget, scope, and time. 

 

 

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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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