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PCNGi Calls for Stricter Compliance Following CNG Vehicle Incident in Benin

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The Presidential Compressed Natural Gas Initiative (PCNGI) has expressed deep concern over an unfortunate incident involving an illegally modified vehicle at a NIPCO CNG Station in Ikpoba Hill, Benin City. The accident, which occurred on Wednesday, October 16, 2024, left several individuals injured. Fortunately, no lives were lost.

In a statement released on Facebook on Thursday, the PCNGI commiserated with those affected and reaffirmed the importance of adhering to safety standards in the handling of hydrocarbon fuels like compressed natural gas (CNG). Upon investigation, it was discovered that the vehicle involved had been illegally modified, with its CNG cylinder being welded and altered—making it unsuitable for safe use. The PCNGI, along with police, regulatory authorities, and NIPCO management, are conducting a thorough investigation to determine the exact cause of the incident.

“This incident underscores the critical need for strict compliance in the handling of CNG,” the PCNGI wrote. “A close examination of the cylinder in question revealed that it was not approved for use with CNG, which highlights the dangers of unauthorized modifications.”

The PCNGI took the opportunity to remind stakeholders of the upcoming Nigeria Gas Vehicle Monitoring System, which will soon be launched in collaboration with key regulatory bodies such as the Standards Organisation of Nigeria (SON), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), National Automotive Design and Development Council (NADDC), and the Federal Road Safety Corps (FRSC). This system will be designed to ensure that only properly accredited conversion centers are used for CNG conversions and to identify bad actors in the ecosystem.

The initiative also stressed the importance of proper safety practices in the handling of CNG to prevent similar accidents in the future. “The safe handling of all hydrocarbons, including CNG, is crucial to maintaining safety for everyone. We urge all stakeholders to comply fully with the new regulations. Unsafe practices not only undermine the reliability of CNG as a fuel but also endanger lives.”

The Nigeria Gas Vehicle Monitoring System, according to PCNGI, will play a pivotal role in identifying and eliminating unsafe practices in the CNG ecosystem. By working closely with regulatory bodies and law enforcement, the initiative aims to ensure that only vehicles equipped with approved CNG cylinders and components are allowed on the road. The monitoring system will track and regulate the operations of accredited conversion centers, helping to ensure that all vehicles converted to run on CNG meet the highest safety standards.

The PCNGI’s commitment to safer, cheaper, cleaner, and more reliable energy sources remains strong, but they acknowledge that public cooperation is essential. “We urge vehicle owners, operators, and all stakeholders to support the implementation of these new regulations and to patronize only accredited centers for CNG conversions,” the statement continued. “By doing so, we can avoid incidents like the one in Benin City and make CNG a safer fuel option for all Nigerians.”

The introduction of the Nigeria Gas Vehicle Monitoring System is expected to bring increased transparency and accountability to the CNG ecosystem, as it will track the activities of conversion centers and flag any non-compliance with safety regulations. As the country moves towards a cleaner energy future, the PCNGI emphasized that safety should never be compromised.

The agency called on all stakeholders in the CNG industry to collaborate in ensuring that such incidents are prevented in the future. “Together, we can create a safer, more reliable system for all Nigerians, while reducing our dependence on petrol and moving towards a cleaner, more sustainable energy future,” the PCNGI concluded.

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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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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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