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Alake: Chinese Firms Invested $1.3bn In Nigeria’s Lithium Sector

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Nigeria, China Strengthen Partnership To Backs $550m Inner Galaxy Expansion

Alake: Chinese Firms Invested $1.3bn In Nigeria’s Lithium Sector

Alake: Chinese firms invested $1.3bn in Nigeria’s lithium sector. Mr Alake reaffirmed Nigeria’s commitment to strengthening continental cooperation in mineral exploration and reporting standards.

The Minister of Solid Minerals Development, Dr Dele Alake, has said Chinese companies invested $1.3billion in Lithium processing in Nigeria.

Mr Alake stated this while speaking on the 2025 China Mining Conference with the theme “Connect and Collaborate, Co-Build and Co-Share” in Tianjin.
This is contained in a statement by the minister’s Special Assistant on Media, Segun Tomori, on Sunday in Abuja.

Mr Tomori said the minister reviewed the Chinese mining business in Nigeria and acknowledged their contributions to lithium processing since the administration of President Bola Tinubu assumed office.

He said, “Since September 2023, when this administration assumed office, Chinese companies such as Canmax Technology, Jiuling Lithium, Avatar New Energy Nigeria Company, and Asba have invested over 1.3 billion U.S. dollars in lithium processing.

“The investments have boosted Nigeria’s economic diversification efforts, reduced its dependency on oil and attracted infrastructure, technology transfer and expertise.
“Joint Ventures between Chinese and Nigerian companies in the mining sector often enhance local capabilities and skills among Nigerian workers and engineers.”

The minister urged investors to scale up participation in Nigeria’s solid minerals sector, following reforms that offer prospects of higher returns.

He highlighted security reforms, including the establishment of mining narshals and a satellite monitoring system for mining sites, introduced to curb illegal mining and protect licensed operators.

He said the ministry was intentional about facilitating ease of doing business in the sector through technology upgrades, including the Electronic Mining Cadastre (eMC+) and the deployment of the Nigerian Mineral Resources Decision System (NMRDS).

According to Mr Alake, processing mining licence applications through the eMC+ and using the NMRDS for mineral information are improving remote transactions in Nigeria’s mining sector.

Mr Alake, who is also the chairman of the Africa Minerals Strategy Group (AMSG), reaffirmed Nigeria’s commitment to strengthening continental cooperation in mineral exploration and reporting standards.

Nigeria, China Strengthen Partnership To Backs $550m Inner Galaxy Expansion

Nigeria, China

He emphasised that Africa must build shared systems of knowledge and governance to fully benefit from its vast mineral endowments.

He reaffirmed plans to strengthen the regional Centres of Excellence in Geosciences and Mining Skills, and to expand the role of the Solid Minerals Development Fund (SMDF) in supporting early‑stage exploration alongside de‑risking investments.

He added, “We warmly invite investors, development partners, and technical institutions to explore Nigeria’s vast opportunities in minerals such as lithium, gold, lead-zinc, barite, and rare earth elements. Our government offers a conducive investment climate, improved security of tenure, and incentives that guarantee mutual benefit.

“Nigeria’s vision is not only to extract minerals, but to also build a globally competitive value chain that supports clean energy transition, job creation, and industrial growth, all within the framework of responsible mining.”

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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