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UN Secretary-General Requests Permanent Seat For Africa

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UN Secretary-General António Guterres has called on the urgent need to address “historic injustices,” specifically pointing out the lack of a permanent seat for Africa on the UN Security Council.

Guterres described this omission as “outrageous” and stressed that the upcoming Summit of the Future at UN Headquarters later this month represents a crucial opportunity for global renewal and reform.

In his address on China-Africa Cooperation Summit, where leaders from around 50 African countries are set to gather amid rising geopolitical tensions, raging conflicts and growing poverty and hunger.

Guterres pointed out that many African nations are struggling with debt, hindering their ability to invest in sustainable development.

He advocated for reforms in the international financial system to better support developing countries, particularly in Africa, in overcoming debt and investing in sustainable development. He recalled his proposals to reform “outdated, ineffective and unfair international financial architecture”

He proposed increasing the lending capacity of multilateral development banks to provide affordable financing essential for achieving Sustainable Development Goals (SDGs).

Guterres highlighted that China’s ongoing support for initiatives related to Africa as a key trading partner with Africa, particularly regarding the exchange of technology and skills between countries of the Global South projects as crucial.

Guterres outlined a vision for the summit focused on preventing and addressing emerging global security threats, building on recent successes in African Union-led peace operations.

The Secretary-General emphasized the importance of South-South cooperation, advocating for stronger partnerships between China and Africa to drive progress in renewable energy, food systems, and digital connectivity. He emphasized that such cooperation, grounded in the principles of the UN Charter, can create momentum for African development and address global challenges effectively.

Guterres affirmed the UN’s commitment to supporting a robust China-Africa partnership to achieve peace, sustainable development, and human rights on a healthy planet.

The United Nations Security Council currently consists of 15 members. Five of these are permanent members: China, France, Russia, the United Kingdom, and the United States. The remaining ten are non-permanent members, elected for two-year terms are Algeria, Ecuador, Guyana, Japan, Malta, Mozambique, the Republic of Korea, Sierra Leone, Slovenia, and Switzerland.

Algeria and Mozambique are the two African countries in the council of non-permanent members, granting Africa a permanent seat would enhance the Security Council’s legitimacy and ensure it better reflects the current global dynamics.

 

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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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