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Toyota Acknowledges More Certification Cheating

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Japanese automaker Toyota, reported Wednesday more cases of cheating on certification tests for new models required by the Japanese government, on top of those acknowledged earlier.

In the latest report, Toyota Motor Corp. said it failed to carry out proper certification on seven models, including the Camry sedan and RAV 4 sport utility vehicle. The false tests included pedestrian protection, side collisions and steering impact.

No safety problems were associated with the misconduct and people who own Toyota vehicles don’t need to take any action, according to Toyota. Toyota’s overseas production was not affected.

Toyota’s chairman, Akio Toyoda apologized in June while announcing massive testing irregularities involving six models, including the Crown and the Lexus RX luxury models. Production of some models in Japan was halted.

“It is with deep regret that we were not able to properly conduct our certification operations, and we apologize to our stakeholders for any concern or inconvenience this may have caused them,” Toyota said in a statement.

Toyota said workers did not clearly understand the rules for preparing documents required for certification applications or the basic importance of such work. Managers also lacked that understanding and were not adequately involved.

The company was carrying out an internal investigation after the earlier mishap, trying to correct the problem, when the latest oversight surfaced.

The wide-ranging fraudulent testing, which surfaced earlier at Japan’s top automaker, involved the use of inadequate or outdated data in collision tests and incorrect testing of airbag inflation and rear-seat damage in crashes. Engine power tests also were falsified. The deceptive test results were also found on discontinued models.

Similar fraudulent tests were found at Mazda Motor Corp. and Honda Motor Co., and at Toyota group makers Hino Motors and Daihatsu Motor Co.

Toyota reported the latest findings to the government and renewed its promise to correct its corporate culture and its work habits.

Production of the Corolla Fielder, Corolla Axio and Yaris Cross, all small models for the Japanese market, has been suspended since June 3. It is scheduled to resume in September once the transport ministry confirms they comply with standards.

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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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