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Economy

Government Vows To End Estimated Billing In Lagos

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Sanwo-Olu

Government Vows To End Estimated Billing In Lagos

Government vows to end estimated billing In Lagos. The Lagos state government has promised to bring an end to estimated electricity billing  to relieve residents suffering  inflated electricity charges.

The government also promised  to tackle other challenges plaguing the state’s energy sector.
Gov. Babajide Sanwo-Olu made the promise at the Lagos Commodities and Futures Exchange meeting held at the Muson Centre, Onikan, Lagos, on Friday.

The meeting had the theme: “Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in the Lagos Electricity Market Using the Capital Market”.

The governor was represented by his deputy, Dr Obafemi Hamzat.
Mr Sanwo-Olu re-affirmed his administration’s commitment to ensuring that Lagos would become a model for electricity market transformation in Africa.

He emphasised the importance of creating a competitive, reliable and investor-friendly electricity market.

According to him, the essence is to make sure that everybody has power and reduces the amount of money spent on generators.
“By so doing, the environment is clean.  It is a win-win situation for all,” he said.

The governor said that, to achieve the goal, the state government was implementing policies to encourage private sector participation.

He added that the state would improve regulatory oversight and build investor confidence in the Lagos electricity market.

Mr Sanwo-Olu added that the government was committed to creating an enabling environment which would encourage investments in power infrastructure and renewable energy solutions.

The governor said that, with the Lagos State Electricity Law in place, the government was  taking decisive steps to decentralise power generation in order to achieve transformation in the sector.

He added that such would boost private sector participation and foster a more dynamic and efficient energy marketplace.
“We will introduce new meters to eliminate estimated billing and provide accurate electricity charges.

“We will leverage the capital market to finance large-scale energy projects through instruments such as energy bonds, power purchase agreements, and electricity derivatives,” he said.

Mr Sanwo-Olu urged financial institutions, investors, policymakers and other stakeholders to work collaboratively in leveraging the capital market for energy sector growth.

He said: “By implementing these strategies, our aim is to build a competitive, reliable and sustainable electricity marketplace that serves the needs of the people and businesses.”

Earlier, Biodun Ogunleye, the state commissioner for energy and mineral resources, unveiled plans to revolutionise the state’s energy sector.

Mr Ogunleye said that the Clean Lagos Electricity Market initiative was designed to eradicate blackouts across the state.
Mr Ogunleye outlined a multi-step approach, including establishment of robust market institutions, to achieve the goal.

The commissioner noted the need to deploy cutting-edge tools, enhance value chain delivery capacity and attract new investments.

According to him, a key component of the strategy is construction of five energy hubs  aimed at significantly boosting power  capacity.

Mr Ogunleye emphasised the importance of collaboration among the government, the private sector, individuals and other stakeholders to ensure equitable power distribution across geographical areas and demographics.

“The state government is committed to ensuring that power capacity goes up drastically in the state as the government is building a total of five energy hubs.

“We, therefore, call on the private sector, individuals and  other stakeholders to support the government in its bid to create and ensure that power supply is well-distributed irrespective of geographical areas,” he said.

Lagos

Lagos

Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), said the collaboration among capital market operators, government agencies and development finance institutions was crucial for unlocking the full potential of market-based financing for the power sector.

He was represented by the organisation’s executive commissioner, operations, Bola Ajomale.

He urged regulators, policymakers, investors, market operators and other stakeholders to deepen  collaboration and leverage the capital market as a catalyst for transforming Nigeria’s electricity sector.

Mr Agama gave the assurance that SEC would continue to implement policies which would foster a stable and efficient market, ensuring that investors and issuers would operate in a well-regulated and secure environment.

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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