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Lagos Computer Village Traders issue Cease and Desist to Folashade Tinubu-Ojo Over Imposition of Levies

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By Emmanuel Ogbodo

The Incorporated Trustees of Computer Village Market Traders and Stakeholders Joint Management, representing a coalition of market associations within the Computer Village, Ikeja, have issued a cease and desist notice to the Iyaloja-General of Lagos, Mrs. Folasade Tinubu-Ojo, over an alleged imposition of levies on the market.
The notice dated August 28, 2024, a copy of which was seen by Nairametrics, was formally served by Falana and Falana’s Chambers on behalf of the association.

The legal notice addresses multiple grievances that the traders have against Mrs. Tinubu-Ojo, who is President Bola Tinubu’s daughter, particularly her alleged involvement in the unlawful collection of levies and disruption of market activities through the use of thugs.

According to the notice, this was despite a previous court ruling restraining her from such activities, the traders allege that she has continued to meddle in their operations, causing significant disruptions.

The Incorporated Trustees of Computer Village Market Traders and Stakeholders Joint Management is a legally registered entity under Part “C” of the Company and Allied Matters Act. The association comprises several groups, including the Phone and Allied Products Dealers Association of Nigeria (PAPDA), the Computer and Allied Products Dealers Association (COMTEAN), and the Association of Mobile Communication Devices Engineers and Technicians (AMCODET), among others.

According to the letter, the traders secured a favourable ruling from an Ikeja High Court in December 2020 under Suit No. ID/9039MFHR/19.

The court order permanently restrained Tinubu-Ojo and her agents from imposing and collecting any levies within Computer Village, citing a lack of legal basis for such actions.

Despite this ruling, the traders claim that Tinubu-Ojo has continued to engage in actions that infringe on their rights.
These actions allegedly include instigating thugs to disrupt lawful gatherings and pressuring the traders’ business partners to make payments directly to her.

“Our client is not unaware that you have contacted our client’s several partners to make their commitments to you.

“We have instructions to warn against any further demand or communication to our client’s partners including but not limited to Oppo, Proview, Samsung, Big and Bold et al because the commodity association of the Women and Men Market Association which is the basis of your appointment by the Lagos State Government has no membership in Computer Village,” the notice signed by Taiwo Olawanle and Adebayo Oniyelu of Falana and Falana’s Chambers read in part.

The traders have also raised concerns about Mrs. Abisola Azeez, who was appointed as the Iyaloja of Computer Village under Tinubu-Ojo’s sanction. The traders assert that Mrs. Azeez has no shop or stake in Computer Village, further questioning the legitimacy of her role.

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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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