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CNG Remains Safe – FG Assures Nigerians

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In the wake of a recent explosion at a CNG (Compressed Natural Gas) station in Benin City, Edo State, Zayyanu Yabo, the Coordinator of Regulatory Compliance and Facilitation for the Presidential CNG Initiative, has addressed growing concerns regarding the safety of CNG use in Nigeria. Appearing as a guest on Arise TV’s Newsnight, Yabo acknowledged the incident and emphasized the importance of adhering to regulations to ensure public safety.

“We commiserate with those that were injured and impacted by the incident,” Yabo said. “Luckily, there were no fatalities, and while two of the injured remain in serious condition, one has already been discharged from the hospital. We continue to monitor their recovery closely, and we wish them a speedy recovery.”

Yabo went on to highlight that Benin City has been a pioneer in Nigeria’s CNG industry since 2012, when the country’s first five pilot CNG stations were commissioned in the city. Over the past twelve years, these stations have operated without incident until now. However, with the renewed push for CNG adoption under President Bola Ahmed Tinubu’s administration, Yabo pointed out that the increasing interest in the sector has attracted some unscrupulous elements.

“Since the launch of the Presidential CNG Initiative by President Bola Ahmed Tinubu, there has been a significant uptick in activity in the sector. Unfortunately, this pace of development has provided an opportunity for individuals to exploit the system by engaging in illegal practices,” he explained. Preliminary reports indicate that the cylinder involved in the explosion was locally fabricated, an illegal practice that contravenes safety regulations. Both the police and regulatory agencies are now investigating the matter.

Despite the unfortunate incident, Yabo reassured the public that the Presidential CNG Initiative has implemented a robust regulatory framework to monitor and control all aspects of the CNG value chain. This framework involves multiple regulatory bodies, each playing a key role in ensuring safety and compliance. The Nigerian Automotive Design and Development Council (NADDC), the Standards Organization of Nigeria (SON), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Federal Road Safety Commission (FRSC) all work together to oversee the manufacture, installation, and inspection of CNG kits, cylinders, and conversion centers.

“There is a long chain of gatekeepers to ensure that unscrupulous behavior doesn’t get out of hand,” Yabo noted. He acknowledged that the incident had heightened fears among Nigerians regarding the safety of CNG, with some already expressing reluctance to convert their vehicles to CNG. However, he stressed that these fears were based on misunderstandings of the system.

Yabo offered practical advice to the public, urging them to only patronize duly accredited conversion centers. “First and foremost, we should only patronize accredited conversion centers. You can verify their status through our various platforms,” he said. “Do not patronize any unauthorized person or mechanic who claims they can convert vehicles. It’s dangerous, and this explosion shows the risks.”

To further enhance transparency and safety, Yabo revealed that the Presidential CNG Initiative is launching the Nigerian Gas Vehicle Monitoring System, a web-based platform that will allow users to check the authenticity of conversion centers and verify their certifications. “This system will be available for anyone to check the veracity of conversion centers, ensuring that only licensed and safe facilities are used,” he explained.

The CNG initiative, which aims to reduce Nigeria’s dependence on petrol and diesel, has been a centerpiece of the government’s energy transition efforts. By promoting cleaner and more affordable alternatives, the initiative hopes to reduce greenhouse gas emissions and lower the cost of transportation for Nigerians. However, safety remains a top priority as the sector expands.

“The goal of the CNG initiative is not only to drive environmental sustainability but also to provide cost-effective alternatives for Nigerians in the face of rising fuel prices,” Yabo emphasized. “But we can’t afford to compromise safety in the process. That’s why regulatory compliance is non-negotiable.”

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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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