Economy
NEITI plans Review Of $6bn Divestments By 5 IOCs
NEITI Plans Review Of $6bn Divestments By 5 IOCs
NEITI plans review of $6bn divestments by 5 IOCs. NEITI has announced a review of divestments involving 26 oil blocks worth $6.03 billion by five IOCs.
The Nigeria Extractive Industries Transparency Initiative has announced a review of divestments involving 26 oil blocks worth $6.03 billion by five International Oil Companies.
The executive director of NEITI, Orji Ogbonnaya Orji, disclosed this during its first quarter media briefing in Abuja.
The transactions include notable sales such as Shell to Renaissance ($2.4 billion), ExxonMobil to Seplat ($1.28 billion), and TotalEnergies to Chappal ($860 million).
Mr Orji said the oil and gas divestments were reshaping Nigeria’s industry, hence the need to ensure that the divestments adhered to due process.
He said NEITI would strengthen collaborations with the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian National Petroleum Company Limited to ensure full disclosure of financial, social, and environmental aspects of divestments.
“NEITI recognises the urgent need for transparency in these transactions to protect national interests, host communities, and revenue flows.
“To achieve this, NEITI will expand industry reports to include dedicated sections on divestments. We will intensify collaboration with NNPC Ltd. and other government agencies to disclose forward sales data.
“NEITI will promote greater public awareness and engagement in asset transfers and ensure transparency in forward sales (pre-sales of crude oil and gas) to impact government revenues and fiscal stability,’’ he said.
Mr Orji, while emphasising ensuring due process and proper environmental remediation in these deals, expressed concerns over unresolved environmental issues in oil-producing communities.
He called for collaboration with regulatory bodies such as NUPRC and the Ministry of Environment to ensure transparency and enforce accountability for clean-up costs and remediation efforts.
Mr Orji expressed concern that some of the divestments might not have properly addressed environmental issues raised by oil-producing communities.
Also, following complaints of inadequate supply of crude oil by local refineries, NEITI said it would review the forward sales of Nigeria’s crude oil by the Federal Government in exchange for loans.
He stated that Nigeria had earned $831 billion from oil and gas in the past 23 years when NEITI began the conduct of the audit of the sector.

NEITI
He also disclosed that over $4.85 billion had been recovered from the disclosures of $8.26 billion made in its 2021 oil and gas report.
“As we commence the 2024 Oil, Gas, and Solid Minerals Reports, we will expand our reporting framework to address forward sales and pre-export financing transactions,” he said.
The executive secretary said while Nigeria had made progress in ensuring transparency in the oil and gas and solid minerals sectors, a lot of work still needed to be done regarding institutional constraints and funding limitations.
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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