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EV Fire Raise Concern As South Korea Holds Emergency Meeting

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South Korean officials met on Monday to discuss electric vehicle safety and whether to require car firms to disclose battery brands amid growing consumer concern after an EV blaze in an underground garage extensively damaged an apartment block.

The fire which was previously reported by Abuja City Journal read more Safety Concerns As Huge Fire Sparked by Mercedes-Benz EV – Abuja City Journal, started spontaneously in a Mercedes-Benz EV parked below a residential building, took eight hours to put out, destroying about 140 cars and forcing some residents to move to shelters.

The country’s vice environment minister is leading the meeting, which is also being attended by the transport and industry ministries and the national fire agency, an official said, with the government due to announce new rules soon.

On Tuesday, transport ministry officials will hold talks with automakers, including Hyundai Motor Group, Mercedes-Benz Korea and Volkswagen Group Korea, to discuss the proposal to disclose battery brands used in EVs, media reports said.

Images published in media of dozens of charred cars with only their metal frames remaining in the parking lot fire have fuelled consumer fears about EVs, likely exacerbated because so many people in South Korea live in apartments, often with parking lots below.

Early this month, Kia Corp’s electric crossover EV6 with South Korean battery maker SK On’s batteries also caught fire in a parking lot, fire authorities said.

Car experts say that EVs burn differently to cars with internal combustion engines, with fires often lasting longer and harder to extinguish as they have a tendency to reignite.

It was reported last week that automakers currently need to provide certain information about vehicles, such as fuel efficiency, but only limited details on batteries and do not have to name the manufacturers, the newspaper said.

On Saturday, Hyundai Motor Co identified manufacturers of batteries used in their 13 EV models, including three models from its Genesis brand on its website, after receiving many enquiries about EV battery makers.

Hyundai and Genesis EVs use batteries from companies including South Korea’s LG Energy Solution (LGES) and SK On, as well as China’s CATL, the website showed.

Moon Hak-hoon, professor of automotive engineering at Osan University, said simply requiring car companies to provide the make of an EV battery would not prevent fires. But what would be more helpful is to certify the fire hazards of each battery brand, he said.

Park Moon-woo, lead author of a report on the response to EV fires in underground garages, said disclosure would give buyers more choice, but noted that currently there was no definitive data on which EV battery brands are more prone to fires.

 

 

 

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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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