Economy
Vice-President Shettima Inaugurates 375 Refurbished Tractors In Borno
Vice-President Shettima Inaugurates 375 Refurbished Tractors In Borno
Vice-President Shettima inaugurates 375 refurbished tractors in Borno. He noted that the asset restoration programme fits squarely within the broader vision of Mr Tinubu’s administration.
Vice-President Kashim Shettima has inaugurated 375 tractors refurbished by the National Agency for Science and Engineering Infrastructure (NASENI), under the national asset restoration programme.
The programme, launched in Maiduguri, Borno on Sunday, is an initiative of NASENI aimed at boosting mechanised agriculture and enhancing food security in fulfillment of President Bola Tinubu’s Renewed Hope Agenda of reviving broken-down or non-functional tractors.
Each tractor has been comprehensively rehabilitated, including mechanical, electrical, hydraulic, and structural upgrades, making them ready for immediate deployment across farming communities.
While inaugurating the programme at the Borno State Agricultural Mechanisation (BOSAMAN) Farm Centre, Mr Shettima said, for so long, Nigeria had been profiled as a nation with poor maintenance culture.
“This dysfunction cuts across both the private and public sectors, and we owe it to ourselves to say enough is enough.
”Enough of investing our scarce resources in ideas and projects that get abandoned halfway through.
”Enough of allowing our critical assets to lie in waste while we budget, year after year, for the problems they were procured to solve.
”This is why I am excited about the purpose of this gathering,” the vice-president said.
He said that the initiative was a response to the nation’s cross-generational dilemma about what to do with abandoned and poorly maintained assets of the country.
According to him, it’s a powerful shift in how we think about value, sustainability, and innovation, adding, “I believe that’s what we’ve promised the nation.”
Mr Shettima revealed that available data shows that Nigeria currently holds over 26,000 units of broken-down but serviceable heavy-duty equipment and nearly 500,000 component scraps that can be restored or repurposed.
” This contrasts with the stark reality that we have only 7,000 to 12,000 functional tractors in a country that needs 2.4 million tractor units to meet our food production goals over the next decade.
“These figures are a reminder of what must be done, a reason to have a national inventory of value waiting to be unlocked.
”So, we must commend NASENI, through this Asset Restoration Programme, for stepping forward with this brilliant idea to mitigate a national tragedy,” he said.
He added that beyond the promise to refurbish hardware, NASENI had shown a great capacity to serve as a national nerve centre for technology transfer, homegrown engineering, and adaptive innovation.
”This is why we must support them. We have seen NASENI at work, playing critical roles in our interventions in compressed natural gas (CNG) retrofitting, renewable energy technologies, and agricultural mechanisation.
” We are reminded more than ever that we can’t create durable Nigerian solutions to Nigerian problems unless we localise global technologies, and relevant agencies must be supported to point us towards a stabler nation and promising future.”
Mr Shettima noted that the asset restoration programme fits squarely within the broader vision of Mr Tinubu’s administration: to build a productive, self-reliant, and diversified economy.
Earlier, Gov. Babagana Zulum of Borno noted that Nigeria required a minimum of 750,000 functional tractors to meet its agricultural needs. The governor , however, said less than 10 per cent of that number are currently operational across the country.
” The Food and Agriculture Organisation(FAO) recommends tractor density of 1.5 horsepower per hectare.
“Here in Borno, our mechanisation drive has faced serious setbacks, especially following the devastating floods of September 2024, which damaged a significant number of our agricultural machines.
“That is why today’s intervention could not have come at a better time. The decision by NASENI to select Borno as the pilot state for the National Asset Restoration Programme is both strategic and timely.
“‘It offers us a lifeline to revive damaged assets and restore the capacity of our farmers to cultivate efficiently.
”Through the tireless efforts of NASENI and its technical partner, MECA, these machines are being brought back to life, and we appreciate their commitment to making this vision a reality,” he said.
Mr Zulum assured that the Borno government is fully committed to ensuring that the restored assets are properly maintained and put to optimal use.
On his part, the executive vice chairman of NASENI, Khali Halilu, said the agency’s national survey revealed that Nigeria holds over 47,000 of broken down serviceable agricultural and law enforcement assets.
He added that the cost to replace them will exceed N14 trillion, adding, “but at NASENI, we asked a simple question. Why replace when we can restore them?
“With the right engineering, the right people and the right partnership, we can recover the assets for just 15 to 25 per cent of their replacement value and still achieve full functionality.

Vice-President Shettima
“That is over N10 trillion in national savings, while receiving productivity, job and security on the ground. That is the power of engineering and that is the promise of NASENI,” he said.
The minister of agriculture and food security, Abubakar Kyari, said the launching of the programme marked a defining moment in government’s efforts to bring productivity back to the core of public service delivery across sectors.
“It is about reviving hopes, reducing waste, unlocking dormant capacity and ensuring that public investment truly serves the needs of our citizens.
”This strategic focus on restoration rather than replacement is fully aligned with the Renewed Hope Agenda of His Excellency President Bola Tinubu, who also serves as the chairman of the Governing Board of NASANI,” Mr Kyari 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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