Economy
US Became Net Exporter Of Crude To Nigeria For The First Time In February: EIA
US Became Net Exporter Of Crude To Nigeria For The First Time In February: EIA
US became net exporter of crude to Nigeria for the first time in February: EIA. The US Energy Information Administration (EIA) says the country became a net exporter of crude oil to Nigeria for the first time in February and March.
In a statement on Tuesday, the agency said the development was driven by a slowdown in crude demand on the US East Coast due to refinery maintenance, as well as increased demand for inputs from the Dangote Petroleum Refinery.
“The United States exported more crude oil to Nigeria than it received from Nigeria for the first time in February and March 2025,” EIA said.
“During this period, refinery maintenance on the U.S. East Coast drove down U.S. demand for crude oil imports, including imports from Nigeria, and the relatively new Dangote refinery in Nigeria drove up Nigeria’s demand for inputs, including crude oil it imported from the United States.
“This marks the first time that the United States was a net crude oil exporter to Nigeria, and structural changes to crude oil trade between the countries suggest this dynamic could occur more frequently.”
The data agency said Nigeria imported crude oil from the US in February, after the Dangote refinery began processing crude in January.
The statement added that Nigeria is more commonly regarded as a source for US crude oil imports.
“In nearly every year between 1973, when our country-level crude oil import data series began, and 2011, when an increase in domestic crude oil production reduced the need for light, sweet crude oil from Nigeria and other countries, Nigeria ranked among the top five sources of U.S. crude oil imports,” EIA said.
“More recently, Nigeria ranked ninth among U.S. crude oil import sources in 2024. U.S. gross exports of crude oil to Nigeria reached 111,000 barrels per day (b/d) in February 2025 and 169,000 b/d in March.
“Over the same period, U.S. gross crude oil imports from Nigeria fell, from 133,000 b/d in January to 54,000 b/d in February and 72,000 b/d in March.”
The agency said the declines were primarily due to maintenance at the Phillips 66 Bayway refinery in New Jersey, US, which reduced demand for crude oil imports.
“As the Bayway refinery returned to normal operations in April and the Dangote refinery experienced unplanned maintenance from early April through mid-May, U.S. crude oil imports from Nigeria increased and U.S. crude oil exports to Nigeria declined,” EIA said.
“The Dangote refinery is scheduled to reach full crude oil distillation capacity of 650,000 b/d this year; trade press reports indicate it is currently running at about 550,000 b/d.”
‘DANGOTE REFINERY TO CONTINUE IMPORTING CRUDE IF NNPC DOES NOT INCREASE DELIVERIES’
Furthermore, the agency said Dangote refinery would likely continue processing imports of crude oil if the Nigerian National Petroleum Company (NNPC) “does not increase crude oil deliveries beyond the 300,000 barrels per day (bpd) it currently delivers”.

US Became Net Exporter Of Crude To Nigeria For The First Time In February
“Revenue generated from crude oil sales to the Dangote refinery are denominated in naira, Nigeria’s domestic currency. Because the naira has weakened relative to the U.S. dollar, the NNPC has an economic incentive to sell its crude oil on international markets,” EIA said.
In addition, the data bureau said the NNPC’s capacity to increase deliveries may be constrained, as crude oil production by the company and its partners has generally declined.
The agency said crude output by the company dropped from a peak of 2.4 million bpd in 2005 to 1.3 million bpd in 2024.
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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