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FG Suspends Mining in Niger After Bandit Attack Claims 12 Lives

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The federal government has imposed an immediate ban on all mining activities in Unguwar Magro Village, Niger State, following the brutal murder of 12 miners by bandits. This suspension will remain in place until investigations are completed and those responsible for the heinous crime are identified and brought to justice.

Dr. Dele Alake, the Minister of Solid Minerals Development, announced the ban through a statement on his official X handle on Thursday. This action comes amid growing concerns about the involvement of non-Nigerians in funding illegal mining operations in Nigeria, which has contributed to escalating violence in mineral-rich areas like Niger State’s Shiroro Local Government Area, where the attack occurred.

In his statement, Dr. Alake urged foreign embassies to closely monitor the activities of their nationals involved in Nigeria’s mining sector. He warned that any criminal behavior by foreign nationals could strain bilateral relations and that the Nigerian government would not tolerate such activities.

“The mining operations in Unguwar Magro Village are suspended to ensure a thorough investigation and to identify those responsible for the attack,” Dr. Alake stated. “I assure Nigerians that security agencies are actively pursuing the murderers of the 12 miners, and they will be apprehended soon.”

He emphasized that no further mining activities would be allowed at the site of the attack until the investigations are concluded. The government has tasked security agencies with ensuring that mining sites across the country are protected from bandits who seek to exploit these areas through violence.

“The Mining Marshals, in collaboration with intelligence units, are treating this attack as a special case. We are tracking the suspected bandits who infiltrated Shiroro from neighboring states. Those who invade villages and kill innocents for illegal mining will face severe consequences,” Dr. Alake added.

The minister strongly condemned the attack, vowing that the deaths of the miners would not go unavenged. He reiterated that security agencies are fully committed to bringing the perpetrators to justice. Preliminary investigations suggest that non-Nigerians have been funding these illegal operations, and anyone found involved will face prosecution for economic sabotage and waging war against Nigeria.

Dr. Alake assured the public that efforts are underway to secure mining sites nationwide. The government is determined to combat the incursion of bandits and other criminal elements who aim to take control of mineral-rich areas through violence for illegal mining activities.

Nigeria, despite holding vast deposits of valuable solid minerals like gold, iron ore, and lithium, has struggled to attract substantial investment in the mining sector due to ongoing insecurity. In states like Kaduna, Niger, Nasarawa, Zamfara, and Plateau, the activities of bandits have displaced entire communities, leading to the illegal extraction and sale of these minerals in black markets.

In response to these challenges, the federal government has initiated several measures to formalize and secure the mining sector. Plans are underway to establish a National Solid Mineral Company, which will oversee mining operations and ensure compliance with regulations. Additionally, a specialized mining police force has been created to help secure communities where mining activities are conducted.

Furthermore, the government has revoked the exploratory licenses of miners found to be operating illegally and has introduced a new license category for artisanal miners. These steps are part of a broader strategy to regulate the mining industry, enhance security, and ensure that Nigeria can fully benefit from its rich mineral resources.

 

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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