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Safety Concerns As Huge Fire Sparked by Mercedes-Benz EV

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The underground South Korean residential parking lot engulfed in flames within seconds. The culprit: a Mercedes-Benz EQE electric vehicle that hadn’t been charging.

The blaze incinerated dozens of cars nearby, scorched another 100 vehicles and forced hundreds of residents to emergency shelters as the buildings above the parking lot lost power and electricity. Nobody died, but the fire took eight hours to extinguish.

The blaze dominated national news in South Korea. Some organizations are pushing for EVs to be parked outdoors, residents are protesting and lawmakers are proposing new safety measures.

The consternation in South Korea—home to Hyundai Motor, Kia and top battery makers – represents the latest test of faith for an EV industry dogged by safety concerns. Internal-combustion-engine cars are more likely to catch fire than EVs, according to South Korea’s national fire agency. But when EVs do burst into flames, the rechargeable lithium-ion batteries get hotter and the fire takes longer to stamp out.

In recent years, General Motors (GM) recalled tens of thousands of its Chevrolet Bolts in the U.S. over risk of battery fires. Hyundai pulled roughly 80,000 electric SUVs after roughly a dozen caught fire. Last September, a Nissan Leaf ignited while charging in Tennessee, and the fire required more than 45 times the water needed for a gas-powered car to be extinguished.

The blaze dominated national news in South Korea. Some organizations are pushing for EVs to be parked outdoors, residents are protesting and lawmakers are proposing new safety measures.

In recent years, GM recalled tens of thousands of its Chevrolet Bolts in the U.S. over risk of battery fires. Hyundai pulled roughly 80,000 electric SUVs after roughly a dozen caught fire. Last September, a Nissan Leaf ignited while charging in Tennessee, and the fire required more than 45 times the water needed for a gas-powered car to be extinguished.

Automakers have grown more cautious about EV launches amid modest demand. Sales of fully electric models in the U.S. rose 6.8% through the first half of the year, according to Motor Intelligence data, a sharp deceleration from near 50% growth in 2023.

The perceived risk of EVs is particularly acute in tightly packed South Korea, a country roughly the size of Indiana with roughly 52 million people. Seoul, the capital city, has a significantly higher population density than New York or Tokyo. Roughly half of South Koreans live in the greater Seoul metropolitan area.

The country had already been on edge about battery-related fires, following a blaze at a lithium-battery factory in late June that killed nearly two dozen people. The Mercedes EV blaze, in the port city of Incheon, occurred last week. Then, on Tuesday, a Kia EV6 caught fire in an apartment in a central South Korean town.

Mercedes-Benz said it would cooperate with local authorities to determine the cause of the fire, a local spokesman said. A Kia spokeswoman called the incident isolated and added the firm would work with authorities to determine what went wrong.

A South Korean lawmaker on Wednesday proposed requiring specialized fire extinguishers and equipment to be installed in areas at risk of EV battery fires. Some apartment complexes are proposing measures such as demanding EV owners sign a pledge to shoulder responsibility for any accidents.

After seeing an EV catch fire on the side of the highway earlier this year, Ha Won-jun, a 54-year-old film director in the South Korean city of Namyangju, proposed to his apartment’s residents group that the complex’s EV charging stations be relocated above ground. The suggestion has gotten minimal uptake so far. But that may now change due to the high-profile EV fire.

“Now I anticipate this to be pushed forward quickly,” Ha said.

The relative ease in finding EV-designated parking spots in South Korea had been one reason why Choi Kyung-seok bought a Kia EV6 two months ago. He also likes the fuel-cost savings. “I don’t think the risk of fire will make us forgo EVs,” said Choi, who keeps a fire blanket in his trunk.

 

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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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