Economy
NRC, SEDC Into Partnership On Rail Rehabilitation In South-East
NRC, SEDC Into Partnership On Rail Rehabilitation In South-East
NRC, SEDC into partnership on rail rehabilitation in South-East. He underscored the priority attention the commission attached to rail development in the region.
The Nigerian Railway Corporation (NRC) says the South-East Development Commission (SEDC) will play a crucial role in the federal government’s vision to rehabilitate, expand and optimise the country’s railway infrastructure.
The managing director and chief executive officer of NRC, Dr Kayode Opeifa, said this during a working visit by the leadership of SEDC to the NRC headquarters on Wednesday in Lagos.
Mr Opeifa said the visit by the SEDC managing director, Mark Okoye, and its South-West director, Adejoke Adebayo-Chukwumah, underscored the priority attention the commission attached to rail development in the region.
He noted that the NRC had historically been at the heart of Nigeria’s economic growth, tracing it back to the colonial era when the first rail lines were built to facilitate trade and commerce.
Mr Opeifa said the government was prioritising the rehabilitation and expansion of narrow gauge railway networks to enhance mobility, reduce the cost of transporting goods, and improve economic productivity.
“While Nigeria developed 3,500 kilometres of rail lines in our first 60 years post independence, the Federal Government successfully constructed over 1,000 kilometres of new or refurbished rail lines in the past decade, marking a significant milestone in railway development.
“Revitalising the railway sector will lead to a significant reduction in the cost of goods, benefiting businesses and consumers alike.
“Rehabilitation of the eastern corridor railway line will restore connectivity between key cities in the southeast and other parts of the country,” he said.
On the raging concerns on vandalism especially on the Eastern corridor, he pointed out that the railway assets were still much in use and not scrap irons.
He said the NRC was actively working to repurpose outdated infrastructure and improve service delivery.
In his remarks, Mr Okoye outlined an ambitious roadmap to transform the region into Nigeria’s preferred investment destination by 2030.
He added that the commission was prioritising railway development across five states in the South-East.
“Our goal is to develop a seamless business climate across all five states in the region. We want consistency in ease of doing business policies, laws, and investment regulations to attract both domestic and international investors.

NRC, SEDC Into Partnership On Rail
“The commission intends to establish an investment fund driven through an investment corporation to finance long-term projects, ensuring financial independence within a decade,” he said.
He said the collaboration with NRC would play a crucial role in the region’s master planning, which included multi-modal transportation systems, industrial clusters, and agro-processing zones.
Mr Okoye said successful models like Lagos State’s partnership with the NRC would serve as a blueprint for similar initiatives in the South-East.
Mr Okoye reaffirmed the commission’s commitment to fostering development partnerships and urged the NRC to consider SEDC as a key stakeholder in its future projects.
“We are here on a plucking mission to identify and maximise opportunities for regional growth,” he said.
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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