Economy
Dangote Group, Indian Firm (EIL) Sign $350m Deal For Refinery Expansion
Dangote Group, Indian Firm (EIL) Sign $350m Deal For Refinery Expansion
Dangote Group, Indian firm (EIL) sign $350m deal for refinery expansion. The Engineers India Limited (EIL) says it has signed a $350 million contract agreement with Dangote refinery as project management consultant (PMC) and engineering, procurement and construction management (EPCM) consultant for the refinery’s expansion.
The EIL is an Indian engineering consultancy firm.
On October 26, Aliko Dangote, the founder of Dangote Group, said the Dangote refinery was expanding its production capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
In a recent statement, EIL said it partnered with the Dangote Group as the PMC and EPCM consultant for the 650,000 bpd refinery, commissioned in 2024.
“Believing in EIL’s Engineering and Project Management excellence, Dangote Group has once again joined hands with EIL in this endeavor and has signed a Contract Agreement of value more than US $ 350 Million to engage EIL as PMC and EPCM Consultant for this Project,” the statement reads.
As part of the expansion plans, the EIL said Dangote plans to add a second processing train, which will produce Euro VI grade fuels.

Refinery
The company said the refinery also plans to expand its polypropylene production from 830 kilo tonnes per annum (KTPA) to 2.4 million metric tonnes per annum (MMTPA) polypropylene by revamping the existing polypropylene unit (PPU) and installing additional PPU of 1.2 MMTPA.
Dangote refinery, according to the statement, also intends to scale-up production for a world scale “750 kTPA UOP’s Oleflex Unit to supplement propylene feed to PPU”.
“The latest expansion further reinforces Nigeria’s mission to become a regional hub for refined petroleum products and petrochemicals,” the statement reads.
Once completed, EIL said the expansion will position Dangote refinery as the world’s largest petroleum refinery, strengthening fuel production within Africa, reducing reliance on imports, and supporting regional energy security.
“This Contract is a strong affirmation of the trust reposed in EIL’s capabilities to deliver projects of exceptional scale and complexity,” the company said.
“As we move into this next phase, EIL will bring its decades of experience, multidisciplinary strengths, and global execution model to support Dangote in creating one of the world’s most advanced and fully integrated energy complexes.”
The Indian firm added that the proposed expansion to 1.4 million bpd is a project of global significance and will stand among the largest refinery complexes at a single location.
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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