Economy
FEC Approves Electricity Policy (NIEP) To Address Infrastructure Deficits, Regulatory Bottlenecks
FEC Approves Electricity Policy (NIEP) To Address Infrastructure Deficits, Regulatory Bottlenecks
FEC approves electricity policy (NIEP) to address infrastructure deficits, regulatory bottlenecks. The federal executive council (FEC) says it has officially ratified and adopted a comprehensive roadmap for the Nigerian Electricity Supply Industry (NESI) through the approval of the National Integrated Electricity Policy (NIEP).
In a statement on Monday, Bolaji Tunji, special adviser on strategic communications and media relations to the minister of power, said the policy was approved during the FEC meeting earlier today.
Tunji said the NIEP, which had been prepared since December 2024 and submitted to President Bola Tinubu, was a holistic framework designed to align Nigeria’s electricity sector with national development goals and international best practices. He added that it is in line with section 3(3) of the revised Electricity Act, 2023.
Quoting Adebayo Adelabu, minister of power, Tunji noted that the policy implementation had already begun and would now gain traction following presidential ratification, with its impact expected to be felt across the power sector soon.
“This roadmap addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework that provides clear guidelines for sustainable power generation, transmission, and distribution,” Adelabu said.
“The policy also prioritizes renewable energy integration, energy efficiency, and improved governance of the power sector.”
‘NIEP ADDRESSES LONG-STANDING ISSUES’
Describing the passage of the Electricity Act, 2023, as a pivotal moment, Adelabu said it marked the beginning of transformative change within NESI, laying the foundation for exponential socio-economic development.
“This NIEP is a detailed roadmap that will guide all stakeholders, federal and state governments, market participants, investors, and citizens, through this period of energy transition,” he said.
Adelabu said the policy was developed through collaborative efforts with stakeholders across the public and private sectors, including civil society organisations, academia, industry leaders, donor agencies, development partners, and consumer advocacy groups.
“The NIEP addresses long-standing issues such as infrastructure deficits, inadequate capital investment, and regulatory bottlenecks.
“It replaces the outdated National Electric Power Policy of 2001, which has long outlived its relevance.”
He added that the policy supports the growth of state electricity markets and encourages a decentralised but coordinated approach to electricity management and resource planning.
Adelabu, who called it a “living document,” noted that the NIEP would evolve in response to the dynamic needs of the industry while promoting innovation, collaboration, and consumer protection.

FEC Approves Electricity Policy (NIEP)
The minister said the policy is structured across eight chapters, which comprehensively address the historical perspective of the Nigerian electricity sector.
“The policy features electricity market design, value chain analysis, stakeholders’ roles and responsibilities, climate change and low carbon economy initiatives, gender equality and social inclusion,” he said.
Adelabu also said it includes local content development, research and development (R&D), commercial, legal and regulatory frameworks.
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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