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ITU Advises Nigeria To Streamline NCC, NITDA’s Functions

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The International Telecommunications Union (ITU) has advised the Nigerian government to streamline the regulatory roles of the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) to address multiple regulations in the digital space. 

The global telecom body stated this in its report on Nigeria titled, Collaborative Regulation: Accelerating Nigeria’s Digital Transformation’, which was recently launched in Abuja. 

According to the report, areas of overlapping functions of the two agencies include responsibility for developing sector-specific ICT policies, data protection, and content regulation, among others.

It added that with increasing convergence between telecommunications, IT, and ICTs generally, there is a need for a clear understanding of where the delineation of the roles of NITDA and NCC lies.  

While stating that there are also some overlaps between the mandate of NITDA with NCC, the National Office for Technology Acquisition and Promotion (NOTAP) and potentially other entities, the ITU said the NITDA Amendment Bill, which is before the National Assembly should clarify the mandate and role.  

“The NITDA mandate in policy-making and regulation, i.e., whether it is a standards body, a regulatory authority, or a policy-making institution, is unclear, and stakeholders currently differ on what the role should be,” it said.  

“While the Bill seeks to clarify the position of NITDA, it may inadvertently cause conflict between NITDA and other sector regulators including NCC given the NITDA broad mandate in relation to the ‘digital economy,’ and the lack of clarity in the distinction between the IT sector and the ICT sector. 

Should NCC and NITDA roles not be streamlined or clarified, it opens the possibility for forum shopping, and the duplication of roles, licences and fees levied by public agencies, and payable by ICT sector companies,” ITU added.  

The NITDA Amendment Bill generated controversies in the Nigerian ICT industry last year as major stakeholders see it as an attempt by NITDA to usurp the powers of other regulators in the industry.  

Specifically, organizations such as the Computer Professionals Council of Nigeria (CPN), Nigeria Computer Society (NCS), Association of Licensed Telecommunications Operators of Nigeria (ALTON), and Association of Telecommunications Companies of Nigeria (ATCON) among others, have all condemned the NITDA Bill, saying it was an attempt to make NITDA a ‘super regulator’ in the ICT industry.  

According to the Chief Executive Officer of ICT Derivatives Ltd., Mr. Ayoola Oke, the NITDA Act of 2007 had a central purpose to facilitate the adoption of ICT throughout the nation in the private and public sectors, and consequently support its infrastructure and connectivity. 

Oke said that the new NITDA bill is not an amendment but a re-enactment as it seeks to make the agency a regulator.  

 

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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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