Economy
Peter Obi Reacts As FG Says Tinubu’s Foreign Trips To Attract FDI Not Enough
Peter Obi Reacts As FG Says Tinubu’s Foreign Trips To Attract FDI Not Enough
Peter Obi reacts as FG says Tinubu’s foreign trips to attract FDI not enough. President Bola Tinubu is not flying around the world enough to attract foreign direct investment to Nigeria. He should go on more foreign trips, says foreign minister Yusuf Tuggar.
Nigerians have urged Mr Tinubu to discontinue globetrotting at the expense of the vulnerable public, urging the president to cut costs and prioritise insecurity and widespread hunger plaguing his compatriots.
However, Mr Tuggar said, “I don’t think that is a fair assessment. In fact, if you ask me, we are not travelling enough. We should do more. How much does travelling cost compared to the benefits?”
The foreign affairs minister stated this in an interview aired Sunday on Channels TV.
“The administration is new. The president is still new. He came into office in 2023. So, in global terms, he is still new,” Mr Tuggar explained. “He needs to interact with his fellow colleagues and heads of state to be able to establish relationships.”
The minister pointed out that Mr Tinubu’s foreign trips are already yielding positive results, citing some investment opportunities secured by the president.
The minister further accused Nigerians of judging the Tinubu administration “unfairly”, insisting the country stands to benefit from the president’s trips.
Mr Tinubu’s nemesis, former Governor Peter Obi, disagreed with the president’s need for frequent foreign trips.
Though I have never—and will not—compare the United States of America, with its over $28 trillion GDP, to our country, Nigeria, with a GDP of about $250 billion, less than 1% of the USA GDP, I want to simply observe, and note where investment flows and why: to places with an inevitable, favourable environment,” Mr Obi, who ran for president against Mr Tinubu in the last election said Monday in a statement on X.
The Labour Party politician added, “A typical example, the $1.1 trillion investment inflow into the USA this month, was because of desirable environments and intangible assets. This was achieved without the President jetting around the world to attract such investments.”
The former Anambra governor insisted that “with the right leadership, prioritising intangible assets, security, rule of law and resources allocated to productive sectors appropriately, that will unleash a productive society and allow entrepreneurship to thrive.”
This, in turn, according to Mr Obi, will attract investments “comparable to those in other developing nations with large populations, just like ours.”
“For example, Indonesia, with a similar population of around 265 million—just 10-15% more than Nigeria’s 230 million—has invested in critical areas like healthcare, education, and poverty alleviation. This focus has enabled them to achieve significant development and attract foreign investments.
“Countries like Indonesia, with a nominal GDP of approximately $165 billion in the year 2000, now have a GDP of about $1.39 trillion in the year 2024—an increase of over 8 times.
Countries like India, with a nominal GDP of approximately $476 billion in the year 2000, now have a GDP of about $3.73 trillion in the year 2024—an increase of nearly eight times,” said Mr Obi.
He also cited Vietnam, with a nominal GDP of “approximately $31 billion” in 2000, as now having “a GDP of about $506 billion” in 2024, an increase of over 16 times.
“Our country Nigeria, with a nominal GDP of approximately $70 billion in the year 2000, now has a GDP of about $210 billion in the year 2024—an increase of over three times.

Peter Obi
“What we require at this stage is to learn from these comparable countries what they have done to achieve such growth and religiously apply those strategies. Indonesia now attracting about 10 times the foreign direct investment than we do.
“This is the kind of economic shift we should aim for by replicating the strategies of nations that have succeeded in similar circumstances,” the politician stated.
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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