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Akwa Ibom, NOSDRA Guarantee Host Community Impact Mitigation in Case of Oil Spills

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The residents of the Mkpanak group of villages in the Ibeno local government area have been reassured by the Akwa Ibom State administration that plans are in place to lessen the effects of the oil leaks, despite the ongoing demonstrations about spills originating from ExxonMobil’s pipelines.

The government promised prompt repair to calm the concerns of the demonstrating locals, who bemoaned how frequent crude oil spills had destroyed farmlands, aquatic life, and rivers, and had negatively impacted their main source of income.

During a joint investigative session (JIS) including delegations from the Environment Ministry and National Oil Spill Detection and Response Agency (NOSDRA) who toured affected areas yesterday, Chief Uno Etim Uno, the commissioner for Environment and Mineral Resources, prayed for peace.

Chief Uno, accompanied by Mrs. Iquo Abia, the permanent secretary, praised the Mkpanak people for their nonviolent response to the contentious situation and for adhering to the law. She noted that their awareness of pertinent environmental regulations had guided their protest.

The commissioner expressed remorse for the harm that oil spills have to the aquatic ecosystem and the community’s overall economic well-being. He also raised awareness among the public about his ministry’s regulatory authority.

He pledged the government’s support for a positive working relationship with NOSDRA in order to lessen the dangerous effects of oil spills and guarantee the safety of the host community.

In a separate speech, NOSDRA’s director general (DG), Engr. Chukwuemeka Woke, praised the state government for its environmental management initiatives and reaffirmed the federal government’s commitment to tackling the pressing environmental protection issues under President Bola Tinubu.

Engineer Woke called on the protesting youths to desist from their actions and issued a dire warning, saying that only in an environment of peace would the federal government be able to work with other pertinent parties to control ExxonMobil’s operations and enforce the cleanup of oil spills.

In his reply, Mkpanak village chief Obong Denis Esenem thanked the joint investigation team for their dedication to maintaining the community’s peace and well-being.

He encouraged the students to follow reason and choose peace, and he expressed faith in the delegation’s ability to mediate amicable interactions between the host community and ExxonMobil management as well as enforce the cleanup operation.

In response, Comrade Isokobo Abakan, the youth president of Mkpanak, spoke on behalf of the youths of the Inuaeyen Ikot and Iwuokpon villages. He bemoaned the losses incurred by the locals due to the oil spills, which he said were made worse by ExxonMobil’s insensitive management, and he urged the government to assist them.

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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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