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Economy

AfDB To Launch SAPZ Phase 1 Project In Kaduna, Cross River April 8, 2025

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AfDB To Launch SAPZ Phase 1 Project

AfDB To Launch SAPZ Phase 1 Project In Kaduna, Cross River April 8, 2025

AfDB to launch SAPZ phase 1 project in Kaduna, Cross River April 8, 2025. The African Development Bank (AfDB) says it will launch phase one of the $538 million special agro-industrial processing zone (SAPZ) programme in Kaduna on April 8.

In a statement on Sunday, the bank said a groundbreaking ceremony will also be held to kickstart the programme in Cross River on April 10.

“Nigeria is set to revolutionize its agricultural landscape as construction begins on the landmark Special Agro-Industrial Processing Zones (SAPZ) project—a flagship initiative of the African Development Bank Group’s Feed Africa strategy,” the statement reads.

“Kaduna and Cross River States will lead this agricultural transformation, marking a pivotal shift in Nigeria’s approach to agribusiness and food security.

“The federal government of Nigeria, in strategic partnership with the African Development Bank Group and key international partners—the Islamic Development Bank, International Fund for Agricultural Development, and Africa Grow Together Fund—will inaugurate Phase 1 Implementation of the SAPZ programme.
“This represents a bold step toward comprehensive agro-industrial development across the nation.”

SHETTIMA, ADESINA TO LAUNCH CONSTRUCTION

According to the statement, Vice-President Kashim Shettima and Akinwumi Adesina, the AfDB president, will lead the initiative, officially launching construction in Kaduna and Cross River.

“With an unprecedented investment of $538 million, SAPZ Phase 1 stands as African Development Bank’s largest programme in any African country to date,” the statement said.

“The official groundbreaking ceremonies are scheduled for April 8 in Kaduna State and April 10 in Cross River State—a timely intervention as Nigeria confronts mounting food insecurity challenges and seeks economic diversification.”

The statement also said the initiative embodies President Bola Tinubu’s commitment to boosting food security, creating sustainable employment, and revitalising peri-urban economies through innovative public-private partnerships.

“Leading private sector partners will spearhead the design, development, and operation of these zones, establishing a blueprint for sustainable agro-industrial growth,” it said.

“The launch will catalyse momentum for SAPZ Phase 2, with 28 additional states already positioned to join this agricultural renaissance.
“Recall that the bank raised an unprecedented $2.2 billion commitment at the recent Africa investment forum in Rabat, Morocco for the Nigeria Phase 2 SAPZ. Lessons learnt from Phase 1 will lead to a faster implementation of this next phase.”

In December 2021, the AfDB announced that its board approved a $210 million loan to co-finance phase one of Nigeria’s SAPZ programme.
The amount comprised $160 million from the AfDB and $50 million from the Africa Growing Together Fund.

AfDB To Launch SAPZ Phase 1 Project

AfDB To Launch SAPZ Phase 1 Project

However, in February, the bank expressed disappointment about the SAPZ implementation, describing the overall performance of the first phase of the programme as “problematic.”

According to the statement, Adesina said the programme is aimed at transforming Nigeria into a global agribusiness leader by strategically leveraging co-financing and private sector expertise.

“The Special Agro-Industrial Processing Zone is about developing new economic zones across Africa close to where farmers are,” he said.
“These zones have enabling infrastructure—power, water, roads, irrigation—and today, we’re investing over $3 billion in more than 11 countries.”

He emphasised that transformation without agricultural transformation is incomplete “because agriculture touches the lives of people at the grassroots level”.

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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