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Economy

NNPCL, Dangote Refinery In Meetings To Renew Naira-For-Crude Agreement

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NNPC

NNPCL, Dangote Refinery In Meetings To Renew Naira-For-Crude Agreement

NNPCL, Dangote refinery in meetings to renew naira-for-crude agreement. The Nigerian National Petroleum Company Limited (NNPCL) has commenced discussions with Dangote Petroleum Refinery to renew the naira-for-crude agreement as the current deal is set to expire on March 31, 2025.

In response to reports claiming that the contract had been suspended until 2030, NNPCL clarified in a statement on Monday that the agreement was originally structured for six months and remains subject to crude oil availability.

Recent findings indicate that between October and December 2024, the $20 billion Lekki-based refinery received crude oil worth approximately N486.31 billion under the deal. The initiative, which began in October 2024, was designed to enhance local supply, reduce fuel import costs, and lower pump prices.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, reaffirmed that since the agreement’s inception, Dangote Refinery has received 48 million barrels for refining and a total of 84 million barrels since operations began in 2023.

Similarly, Zacch Adedeji, Chairman of the Technical Sub-Committee on the Naira-for-Crude Deal, dismissed claims of contract termination, stating that the policy remains intact and continues to positively impact the economy.

He emphasized that the framework ensures stable supply and optimal utilization of local refining capacity.

Additionally, the Crude Oil Refinery-Owners Association of Nigeria urged the government to honor its commitment to modular refineries, ensuring they receive the 27,000 barrels per day allocated to them.

Financial reports from NNPCL’s Federal Account Allocation Committee (FAAC) meetings revealed that crude supplied to Dangote Refinery between October and December 2024 was valued at $373.76 million, with payments made in naira based on an Afrexim Bank-advised exchange rate.

However, as of February 2025, an outstanding balance of $126.99 million (N199.96 billion) remained unpaid.

Dangote Refinery

Dangote Refinery

The breakdown of crude allocations showed fluctuations in supply, with the highest volume of 598,125 barrels delivered on October 14, 2024, and the lowest at 5,000 barrels on October 30, 2024.

Transactions continued in November and December, with total crude shipments reaching 2.1 million barrels in October and decreasing in subsequent months.

The NNPCL reaffirmed its commitment to supporting domestic refining and ensuring efficient execution of the naira-for-crude policy to enhance fuel supply stability and reduce foreign exchange dependence.

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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