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Ecobarter Launches Nigeria’s First Reverse Vending Machine for Plastic Waste Recycling

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Ecobarter, a social enterprise specialising in garbage collecting and recycling, introduced Nigeria’s first Reverse Vending Machine (RVM) on Saturday, September 7, 2024, in Abuja. The revolutionary gadget, which was entirely designed in Nigeria, promises to address the country’s rising plastic waste crisis by giving consumers a simple option to recycle their used plastic bottles and beverage cans in exchange for rewards.

Speaking at the unveiling event, Ecobarter’s founder and CEO, Rita Idehai, expressed her pride and excitement for the achievement. “I think that is the biggest thing for me,” Idehai said. “The RVM, as I always say, is not a new invention; it is everywhere in Europe, but there are challenges on why it has not come here. So, for a small girl, building this and then putting it on the continent is huge, and that is the most significant thing for today.”

Plastic pollution has been a longstanding issue in Nigeria, with streets, waterways, and drainage systems often clogged by plastic waste. The RVM provides a sustainable solution by incentivizing individuals to properly dispose of their plastic waste. By using the machine, consumers can drop off their plastic bottles or cans, which are then counted by the device. In return, users receive rewards such as money deposited directly into their wallets, which can be withdrawn or used to make purchases.

“Plastic waste is something that everybody is already aware of. We see it every day as our drainages and gutters clog,” Idehai noted. “One of the challenges we have had as people who are leading recycling collections in Nigeria is access. People do not have access to recyclers and recycling facilities. So, this machine being here today and with the possibility of it being deployed across Nigeria and African cities is an opportunity for more people to bring and recycle their waste.”

The introduction of the RVM marks a significant step forward in Nigeria’s recycling efforts. Idehai emphasized that the technology allows people to see tangible value in their waste. “People having the facility to easily cash out on their waste is good and will mob up a lot of plastics from the environment,” she explained.

During the launch, passersby in Abuja expressed curiosity and excitement about the new technology, with many lamenting that they had not brought their plastic waste to try it out. “You should have told us; we would have come with our plastics,” one onlooker remarked, underscoring the enthusiasm for the initiative.

Idehai also touched on the environmental impact this device could have, noting that widespread use of the RVM could significantly reduce the amount of plastic waste littering the country’s streets and waterways. “People are excited about it, and it will take up plastics from our society,” she said.

The journey to the development of Nigeria’s first RVM began modestly. According to Idehai, the idea for the machine started “literally in front of my house,” with the first prototype built in a small, local setting. Now, however, Ecobarter has its sights set on expanding the production and distribution of the RVM nationwide.

“We are looking at building a proper standard manufacturing facility so that we can do more volumes,” Idehai shared. “To do a facility, you need funding. Then, we are also looking for policies that more or less mandate people to recycle.”

Idehai also called on government bodies like the National Orientation Agency (NOA) and development partners to support efforts in educating Nigerians about the benefits of recycling and the use of the RVM. She stressed the importance of policy support, stating, “We will need partnerships with government bodies like the NOA to educate people about this machine and the waste problem.”

Idehai’s vision goes beyond simply placing vending machines in public spaces. She hopes that the introduction of the RVM will foster a cultural shift in how Nigerians view waste, particularly plastic waste. By making recycling convenient and rewarding, Ecobarter is encouraging people to take responsibility for their environmental impact.

“This is the first of its type here, and it is a thing of pride for us, and we hope it is a thing of pride for them as well. But, beyond that, we want it to bring out some action in them, to see the value in their waste,” Idehai said passionately. “There is no reason again for anyone to trash their plastic bottles or beverage cans.”

Looking ahead, Ecobarter aims to ensure that RVMs are accessible to all Nigerians, no matter where they are located. “There is a stylish way for them to recycle and get money, and this is it,” Idehai declared. “By the grace of God, this is going to be everywhere so that you don’t have to walk or travel long distances to be able to access one.”

Ecobarter’s efforts represent a pioneering approach to recycling in Nigeria, blending technology, environmental stewardship, and economic incentives. As the first RVM made entirely in Nigeria, it stands as a symbol of local ingenuity and determination to address one of the country’s most pressing environmental challenges.

The launch of this Reverse Vending Machine is not just a milestone for Ecobarter, but for Nigeria as a whole. It signifies a shift towards a cleaner, more sustainable future—one plastic bottle at a time.

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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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