Economy
FG Approves $396m For IDPs, Sokoto Health Project
FG Approves $396m For IDPs, Sokoto Health Project
FG approves $396m for IDPs, Sokoto health project. Mr Edun added that the Sokoto government would provide counterpart funding for the health initiative.
The Federal Executive Council has approved a $300 million World Bank credit to support internally displaced persons and host communities across several northern states.
Finance minister Wale Edun disclosed this while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Mr Edun said the council also approved two additional credit facilities — $50 million from the African Development Bank and $46 million from the Islamic Development Bank for the Sokoto Health Infrastructure Project.
Mr Edun added that the Sokoto government would provide counterpart funding for the health initiative.
“The approvals are for a World Bank credit of $300 million for IDPs and host communities, and $96 million combined from AfDB and IsDB for the Sokoto Health Infrastructure Project,” he said.
The minister said Mr Tinubu also directed him to brief the council on the state of the economy, highlighting positive indicators of recovery and investor confidence.
“As of the second quarter, the economy was on a solid growth trajectory, with GDP growth accelerating to over 4.2 per cent. Inflation has come down to 18 percent, reserves are rising, and the exchange rate has stabilized,” Mr Edun said.
He stated that government reforms had improved market efficiency and reduced the cost of living.
“People are now spending about 50 percent of their income on essentials like food, health, and transport compared to 90 percent before. Affordability is improving,” he said.
Mr Edun also cited Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list as a milestone achievement.
“We are now back in the mainstream of global best practices in anti-money laundering and counter-terrorism financing. This enhances investor confidence, lowers transaction costs, and attracts capital,” he said.
The minister said the successful $2 billion Eurobond issuance further demonstrated market confidence in Nigeria’s reforms.
“In spite of the recent political headwinds, investors responded positively. We received bids of $13 billion for our $2 billion Eurobond — a resounding vote of confidence,” Mr Edun stated.
He said the administration’s economic diplomacy efforts were yielding tangible investor interest, particularly in the aviation, energy, and infrastructure sectors.

Sokoto State
“Nigeria is increasingly seen as a stable and attractive investment destination. The world is taking notice,” he added.
Mr Edun also highlighted progress in Nigeria’s digital identification system, noting that the National Identity Management Commission had issued National Identification Numbers to 125 million Nigerians.
“This capacity allows the government to directly reach and support vulnerable citizens through targeted cash transfers and social interventions,” he said.
The minister said these institutional reforms had strengthened Nigeria’s resilience and positioned the country for sustainable, inclusive growth.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
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
“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.
Crime
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
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
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
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
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.

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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