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NAFDAC Seizes 3 Petrol Tankers Transporting Soy Oil in Lagos 

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The National Agency for Food and Drug Administration and Control (NAFDAC) has seized three petrol tankers loaded with soy oil in Lagos State, raising alarms over potential public health risks.

According to credible information received by NAFDAC, the same vehicles used to load vegetable oil were also being used to transport petroleum products.

On getting to the location for surveillance operation, the organization discovered the tankers had conflicting labels indicating the transport of water and beverages at the same time marked as carrying petrol and diesel which has now drawn significant attention to the possible dangers of chemical contamination in food products.

this discrepancy triggered an investigation into the matter leading to the seizure of the tankers. NAFDAC officials escorted the tankers to a processing facility in Sango-Ota, where the crude soy oil was handed over to the Southwest Zonal Office for further regulatory action.

NAFDAC’s Fear

The agency fears that residual petroleum products could mix with the edible soy oil, posing severe health risks to consumers. Petroleum products, known to be carcinogenic, are not safe for human consumption, and their presence in food products could have dire consequences.

A spokesperson for NAFDAC explained the severity of the issue: “A truck cannot be labelled as transporting vegetable oil while simultaneously carrying tags for petrol and diesel. This is at the expense of public health. The investigation is ongoing, and although there are claims that the trucks were initially intended for beverages, such practices cannot be allowed to continue.” 

The agency disclosed that it has since initiated a comprehensive investigation to determine the extent of the contamination and to prevent such incidents from recurring.

The Director-General of NAFDAC, Prof. Moji Adeyeye, has established a committee tasked with developing guidelines and a code of ethics for the marketing and distribution of edible vegetable oils in Nigeria.

NAFDAC has also urged the public to report any suspicious or unwholesome practices related to food and regulated products.

Previous Incidence 

The National Agency for Food and Drug Administration and Control (NAFDAC) has also seized cartons of aphrodisiac products and sex enhancement drugs valued at N12 million in Sokoto.

NAFDAC regulations stipulate that no person shall manufacture, import, export, advertise, sell, distribute, or use a food product in Nigeria unless it has been registered according to the relevant provisions of the nation’s regulations.

 

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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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