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Nigeria Takes Major Step Toward Self-Sufficiency in Anti-Snake Venom Production

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AMA Medical Manufacturing Company, Echitab Study Group Nigeria, and Micropharm Ltd., UK—signed a Memorandum of Understanding (MOU) on Tuesday to produce Anti-Snake Venom (ASV) drugs in Nigeria. 

The News Agency of Nigeria (NAN) reports that the signing ceremony, held at the AMA Medical Manufacturing Company in Kudenda, Kaduna, marks a significant milestone in the nation’s efforts to locally manufacture these vital medications. 

Speaking at the MOU signing ceremony, the Chairman of AMA Medical Manufacturing Company, Prof. Nasidi Abdulsalami described the agreement as a significant step forward for the country. 

Abdulsalami emphasized that the MOU is a positive example of public-private partnership, and he expressed optimism about the full participation of the federal and state governments, as well as other Nigerians.  

 “We expect meaningful Nigerians that are blessed to contribute because it is a social investment aimed at saving lives. The ASV drugs are life saving products. We can never allow the drugs to vanish because Nigerians need them, especially the farmers and herders.” Prof Abdulsalami noted

“The MOU signing today serves as the beginning of self-sufficiency for the product not only in the country, but the entire continent because countries look up to Nigeria for good leadership.” 

“I am proud to announce that the World Health Organisation has tested all the ASV drugs available in the world and found out that our ASV, for which we are developing this partnership today with micropharm, is the best. Micropharm products that are produced in the UK are the best; the second is the one produced by Costa Rica.”  He added

Prof. Nasidi Abdulsalami praised Dr. Nandul Durfa, the Managing Director of Echitab Study Group Nigeria, for his unwavering dedication to the goal of locally producing Anti-Snake Venom (ASV) drugs in Nigeria.  

Abdulsalami noted that the achievement marked a significant milestone that should be celebrated, as it provided a long-awaited solution to a persistent problem. 

Mr. Lan Cameroon, Chief Executive Officer of Micropharm, expressed his gratitude for the signing of the MOU and lamented the ongoing scarcity of ASV drugs in the country. He recounted that the search for ASV drugs in Nigeria began in the early 1970s when Prof. David Wanns of ABU, Zaria, took a live snake from Nigeria to Liverpool, where the first venom was extracted for production. Cameroon also stated that with local production, the cost of ASV drugs would significantly decrease, and the drugs would become more readily available. 

Mr. Marc Nassar of Von hram stated that the MoU would introduce new technology into Nigeria, noting that his organization, known for its expertise in managing technology, was the first to bring advanced technology to the existing AMA plant. He expressed optimism that the collaboration would harness this expertise to achieve success.

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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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