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Economy

FCT Minister Mariya Inaugurates Kugbo International Market To Boost Local, National Economies

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FCT Minister Mariya Inaugurates Kugbo International Market

FCT Minister Mariya Inaugurates Kugbo International Market To Boost Local, National Economies

FCT Minister Mariya inaugurates Kugbo international market to boost local, national economies. The minister said that the market would equally generate revenue for the FCT Administration.

Minister of State, Federal Capital Territory (FCT), Dr. Mariya Mahmoud, has inaugurated Phase I of Kugbo International Market to boost local and national economies.

Ms Mahmoud said during the event in Abuja on Saturday that the market would promote trade and commerce, ultimately boosting both local and national economies.

She said that the market, constructed by the Abuja Investment Company Limited, (AICL) had more than 1,600 shops and business spaces in Phase I.
She added that the shops and business spaces ranged from lock-up shops to terrace shops and warehouses.

Ms Mahmoud stated, “The infrastructure in the market was designed with both convenience and sustainability, incorporating modern amenities such as administrative block, clinic, fire station, restaurants, banking halls and modern convenience.”

She said that the market would equally generate revenue for the FCT Administration, through taxes, levies, and other charges.

This, she said, was in addition to providing job opportunities for a wide range of people in line with the Renewed Hope Agenda of President Bola Tinubu.

She emphasised that the project marked a significant milestone in the commitment to economic growth, infrastructure development, and sustainable investment in the Federal Capital Territory.

“The Kugbo international market is a testament to what can be achieved when public and private sectors collaborate with purpose. It is more than a trading hub.

It is a thriving ecosystem designed to support businesses, empower entrepreneurs, create jobs, and attract both local and international investors.

“It is our hope that this market will become a vibrant centre of commerce, where ideas are exchanged, cultures are celebrated, and livelihoods are uplifted,” she said.

Ms Mahmoud commended the management of the AICL for its dedication to driving economic development through impactful investments.

She encouraged stakeholders — traders, service providers, investors, and consumers to take full advantage of the opportunities the market offers.

Earlier, the Group Managing Director and Chief Executive Officer AICL, Maureen Tamuno, explained that the market was developed through Mesotho Group Limited, under a Build, Operate and Transfer (BOT) arrangement.

Ms Tamuno identified Small and Medium Enterprises (SMEs) as the backbone of any prosperous economy, adding that they created jobs that drove sustainable economic growth.

FCT Minister Mariya Inaugurates Kugbo International Market

FCT Minister Mariya Inaugurates Kugbo International Market

She, however, acknowledged the challenges affecting entrepreneurs, ranging from  inadequate access to capital to affordable business spaces.

She assured business men and women of FCT Administration’s support in addressing the problem of unavailability of business spaces.

The managing director said that the shops would be given to hardworking traders from all the six area councils of the FCT.

She stated, “These shops are more than just a business’ physical space;  they symbolise renewed hope and economic independence for all the beneficiaries.”

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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