Economy
SNEPCo: Shell Shuts Down 225,000 BPD Bonga Facility For Maintenance
SNEPCo: Shell Shuts Down 225,000 BPD Bonga Facility For Maintenance
SNEPCo: Shell shuts down 225,000 bpd Bonga facility for maintenance. Shell Nigeria Exploration and Production Company (SNEPCo) Ltd says the Bonga floating production, storage, and offloading (FPSO) has been shut down for scheduled turnaround maintenance in February.
The shutdown could impact Nigeria’s oil production as the facility is designed with an output capacity of 225,000 barrels per day (bpd) and 150 million standard cubic feet (scf) of gas per day.
Nigeria has been struggling to hit its production quota assigned by the Organization of Petroleum Exporting Countries (OPEC).
OPEC had reported that the country’s November 2025 oil output (the latest data) increased to 1.43 million barrels per day (bpd).
The figure was said to be the highest in three months, recovering from a 2 percent decline announced the previous month.
In a statement on Sunday, Gladys Afam-Anadu, communications manager at SNEPCo, said the exercise is a statutory integrity assurance programme designed to extend the facility’s lifespan.
“Shell Nigeria Exploration and Production Company Limited (SNEPCo) has commenced a turnaround maintenance activity at the Bonga Floating Production Storage and Offloading (FPSO) vessel,” the statement reads.
SNEPCo said the scope of work includes “statutory inspections, certification and regulatory compliance checks, major asset-integrity upgrades as well as engineering modifications to improve long-term operations and subsea assurance activities”.
“The FPSO located approximately 120 km offshore in water depths exceeding 1,000 meters, has the capacity to produce 225,000 barrels of oil and 150 million standard cubic feet of gas per day,” the company said.
SNEPCo said maintaining the integrity of the national asset is critical to sustaining stable production and advancing Nigeria’s broader energy, security, and revenue goals.
The company said this year’s maintenance exercise is taking place at a strategically important time for SNEPCo and its co-venture partners.
“In 2024, the partners took Final Investment Decision on Bonga North, a subsea tie‑back development that will depend on the reliability and enhanced capacity of the Bonga FPSO,” SNEPCo said
“A successful turnaround maintenance is therefore essential to preparing the facility for the additional volumes and operational demands associated with the new development.
“The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1 the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.

SNEPCo
“SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company Limited (NNPC Ltd).”
Ronald Adams, SNEPCo managing director, said the planned maintenance is intended to ensure the FPSO operates safely and efficiently for the next 15 years. He said the exercise will also cut unplanned deferments and strengthen the asset’s overall resilience.
Adams said SNEPCo expects to “resume operations in March following the completion of the turnaround”.
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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