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Nwoko Calls for AI-Powered Solutions to End Nigeria’s Crude Oil Theft Crisis

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By Onyeanya Ebere

 

Senator Ned Nwoko, Chairman of the Senate Ad hoc Committee on Crude Oil Theft, has called for the urgent deployment of advanced technology to curb crude oil theft in Nigeria, warning that the nation cannot continue to ignore the root causes and solutions to the menace.

In an interview with the News Agency of Nigeria on Monday, Nwoko said the persistent theft of crude oil in the Niger Delta has dealt devastating blows to the nation’s economy, the environment, and internal security.

He emphasized that as a country dependent on oil revenue for budgetary funding and development, Nigeria must take bold steps to protect its oil assets.

He advocated the adoption of artificial intelligence-powered surveillance, including drones and predictive analytics, to monitor oil pipelines and installations across the country. Nwoko also called for a holistic security strategy, saying, “Oil theft thrives in insecurity. Parallel investment in regional peace and stability is crucial.”

He stressed the need to involve host communities in the oil and gas sector through meaningful infrastructure development, thereby fostering a sense of ownership and responsibility.

Nwoko further urged the federal government to collaborate with local and international tech firms capable of delivering real-time monitoring and risk detection systems.

He insisted that beyond technology, institutional commitment and transparency are essential, and agencies like the NNPCL must be held accountable.

Citing the Saudi Aramco model, he recommended adopting a community-driven corporate social responsibility approach.

“If Nigeria adopts these strategies and embraces AI-driven innovation, we can reclaim control of our oil assets, meet our OPEC quota, and catalyse real economic development,” he said.

Reflecting on past efforts, Nwoko recalled how former NNPCL boss Mele Kyari, in 2022, promised to adopt Saudi Aramco’s model.

However, the senator lamented that Nigeria is still far behind that benchmark.

“We must stop pretending we do not know the cause or the cure of our problems. Let us be honest, patriotic, and intentional.

“We cannot continue with half-measures. Every meaningful step that can rescue this country from economic sabotage must be taken now,” he said.

Nwoko concluded by urging oil companies and the NNPCL to adopt world-class systems and strategies used by developed nations to secure their oil and gas infrastructure and ensure Nigeria’s progress is practical and not mythical.

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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