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Economy

Deputy Speaker Kalu Reveals Why Nigeria’s Vast Mineral Resources Remain Untapped

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Deputy Speaker

Deputy Speaker Kalu Reveals Why Nigeria’s Vast Mineral Resources Remain Untapped

Deputy speaker Kalu reveals why Nigeria’s vast mineral resources remain untapped. Nigeria is home to a wealth of untapped mineral resources, yet the country continues to rely on imports for refined mineral products. Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has called for urgent reforms in education and infrastructure to bridge this gap.

Speaking at the 37th Convocation Ceremony and 50th Anniversary of the University of Calabar, Hon. Kalu stressed the need for a shift towards a more practical, skills-based education system.

Addressing an audience at the University of Calabar, Deputy Speaker Kalu pointed out that Nigeria’s education system has focused too much on theory while neglecting industries that could transform the economy. He highlighted the country’s vast mineral wealth, citing major deposits across different regions from gold and lithium to tin and coal.

Kalu: “Nigeria is abundantly blessed with solid minerals, yet for decades, our education system has focused more on theoretical disciplines than on harnessing the country’s vast natural wealth. Few universities dedicate faculties to mining, mineral processing, or extractive metallurgy. Research into value addition, refining, and sustainable mining practices remains minimal.”

Despite these vast resources, Nigeria remains a net importer of many refined mineral products. According to Kalu, the mining sector contributed only 0.3% to Nigeria’s GDP in the third quarter of 2022—an increase from 0.2% in 2021 but still far below its potential.

He detailed the distribution of Nigeria’s rich mineral deposits:

North Central: Tin, columbite, tantalite, barite

North West: Gold, granite, limestone

North East: Gypsum, kaolin, bentonite

South West: Bitumen, feldspar, lithium

South East: Lead, zinc, coal, oil, and gas

South South: Limestone, clay, rare earth elements

To harness these resources, Kalu is advocating for universities to establish specialized faculties in mining, collaborate with industry leaders, and offer hands-on training in mineral processing. Beyond education, the Deputy Speaker also emphasized the urgent need to improve Nigeria’s power infrastructure, arguing that industrialization cannot thrive without a stable electricity supply.

Deputy Speaker

Deputy Speaker

Kalu: “No economy whether maritime, digital, or industrial can thrive in darkness. Reliable electricity is the backbone of development, yet communities remain trapped in cycles of blackouts. The Electricity Act of 2023 was a watershed moment, but more needs to be done to ensure its full implementation.”

He urged investments in gas distribution infrastructure and sustainable energy solutions to power industries across the country.

With the right policies, investments, and an education system aligned with national resources, Kalu believes Nigeria can unlock its full potential and achieve economic prosperity.

But will these proposed changes be implemented? Only time will tell.

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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