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IFC Invests $50 Million To Support Nigeria’s Industrial Growth In Lagos Free Zone

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Ibom Deep Seaport

IFC Invests $50 Million To Support Nigeria’s Industrial Growth In Lagos Free Zone

IFC invests $50 million to support Nigeria’s industrial growth in Lagos free zone. She noted that approximately 15 per cent of the investment was earmarked for climate-related initiatives.

The International Finance Corporation (IFC) has announced an equity investment of $50 million in the Lagos Free Zone Company (LFZ) to support Nigeria’s industrial growth and economic diversification.

Dahlia Khalifa, IFC regional director, Central Africa and Anglophone West Africa, made this known at an official signing on Friday in Lagos.

Ms Khalifa said the investment was to support the development and expansion of Nigeria’s first deep sea port based in the Lagos Free Zone.

She noted the investment was designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

The IFC director stated that the funds would support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.

She noted that the facility owned by Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, would provide an integrated industrial ecosystem.
This, she said, would drive efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.

Ms Khalifa noted that with Nigeria’s economy projected to grow by 3.7 per cent by 2026, investments in infrastructure were vital to ensuring sustainable growth.

“When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs while contributing significantly to Nigeria’s gross domestic product (GDP) upon completion.

“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria.
“Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.

“We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential,” she said.

Ms Khalifa added that the investment in Lagos Free Zone also reflected IFC’s commitment to sustainable development, with a focus on green infrastructure.

She noted that approximately 15 per cent of the investment was earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.

Commenting, Adesuwa Ladoja, managing director of the Lagos Free Zone Company, noted that IFC’s support represented a positive recognition of the vision to establish Lagos Free Zone as a world-class industrial hub.

She said the investment allowed the company to scale up existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.

Ms Ladoja said the Lagos Free Zone integrated with Lekki Deep Sea Port, facilitated ease of doing business in Nigeria, and supports the federal government’s drive for economic diversification.
“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.

IFC

IFC

“This investment aligns with Nigeria’s ongoing economic reforms and the IFC’s strategic frameworks, which prioritise economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.

“By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader,” Ms Ladoja said.

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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