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Crude Oil Sale In Naira Reducing Forex Risks, Supporting Local Currency: FG

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Naira Abuse ‘Inflates Printing Cost’, CBN Warns Naira abuse ‘inflates printing cost’, CBN warns. The Central Bank of

Crude Oil Sale In Naira Reducing Forex Risks, Supporting Local Currency: FG

Crude oil sale in naira reducing forex risks, supporting local currency: FG. Mr Tinubu said that in 2025, the country continued witnessing a renaissance in the oil and gas sector, characterised by transformative initiatives and significant milestones.

The Federal Government has said the introduction of the sale of crude oil in naira was a strategic move to enhance operational efficiency of local refineries by reducing foreign exchange risks and transaction costs.

President Bola Tinubu made this known on Tuesday, while officially declaring the eight edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja.

The 2025 summit has its theme as “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential.”

Represented by the Minister of State for Finance, Dr Doris Uzoka-Anite, Mr Tinubu said that the move had also fostered a stronger and more stable domestic market.

He said, “In order to ensure that the local refineries are very competitive, thereby lowering the cost of the retail price of petroleum products for our populace, we introduced the sale of crude oil in naira. By denominating crude sales in naira, we are supporting the local currency and creating a more resilient economy.

This initiative is expected to result in more affordable petroleum products for our citizens, ultimately improving their standard of living and stimulating economic growth. This is also going to alleviate the effects of the fuel subsidy removal.’’

He noted that that in 2025, the country continued witnessing a renaissance in the oil and gas sector, characterised by transformative initiatives and significant milestones.
He added that for close to two years, his administration remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large.

He said the reforms, including the removal of the fuel subsidy and forex liberalisation which were two main reforms of the administration in the first year had liberalised the economy, making it an investment destination of choice.

Highlighting some key achievements that positioned the economy as a global energy powerhouse, he said Nigeria’s selection as a host country for the headquarters of the African Energy Bank was a historic milestone in the sector.

He noted that the achievement reaffirmed Nigeria’s leadership in Africa’s energy landscape and commitment to driving sustainable development across the continent.

“By securing this prestigious institution, we have positioned Nigeria as the hub for energy financing, fostering investment, innovation and job creation. This milestone underscores our dedication to energy security, economic growth and regional cooperation, ensuring a brighter, more prosperous future for all Nigerians and Africans.

We have also issued far-reaching executive orders that have seen a return of investment into our oil and gas sector. In the upstream sector, we have witnessed increased crude oil production owing to strategic interventions in security, development and investment incentives,” the president said.

He said the inauguration of the Presidential Executive Order on Oil and Gas Sector Reforms also streamlined processes, fast-tracked licensing rounds and encouraged indigenous participation that were fostering local content development.

He added, “We have seen increasing investment announcements and innovative ways to support the oil and gas sector and we are open to receiving more of such exciting announcements.’’

Mr Tinubu, while expressing determination towards completion and operationalisation of key gas infrastructures, including the Ajaokuta Kaduna Kano Gas Pipeline Project, said it would strengthen the capacity to supply clean energy to industries and households.

He added that the implementation of the Presidential Compressed Natural Gas Initiative (P-CNGI) was also transforming the transportation sector, reducing dependence on one single source of fuel, which used to be fuel.

According to him, the administration is currently implementing a series of comprehensive reforms in the fiscal and tax policies aimed to create a more business-friendly environment and attract both local and international investments.

He said by simplifying the tax regulations, offering incentives and ensuring a more transparent and predictable fiscal framework, the reforms aimed to remove barriers to entry and support the growth of businesses in Nigeria.

Naira

Naira

He stated that the measures would not only make it easier for companies to invest and operate in the country, but also to stimulate economic development, growth and prosperity of the nation.

He said with the coming on stream of the Port Harcourt and Warri refineries, the country had more refining capacity to process crude and also deliver the products at a cheaper cost to Nigerians.

“We are actively developing a hydrogen policy to attract investors and integrate hydrogen in our energy mix,” he said.

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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