Economy
Investment: Palm Oil A Lucrative Agribusiness Opportunity In Challenging Times
Investment: Palm Oil A Lucrative Agribusiness Opportunity In Challenging Times
Investment: Palm oil a lucrative agribusiness opportunity in challenging times. Investment in palm oil is becoming increasingly inevitable amid prevailing economic challenges, as the product remains a daily household necessity across the country.
The increasing number of hotels, eateries, and other hospitality businesses expanding across cities and rural communities has further heightened demand for palm oil.
Beyond household consumption, palm oil investment offers a viable pathway to sustainable economic growth for individuals willing to venture into the sector.
The commodity is not only used for cooking but also serves as a key raw material in the production of cosmetics, soaps and other industrial products, making it a highly sought-after item.
Industry players note that palm oil investment can be highly lucrative due to its constant demand and wide application.
Investors also stand to contribute to employment generation, as storage, transportation and distribution of palm oil require additional labour, particularly to meet the needs of restaurants, canteens and food vendors that depend heavily on the product.
In addition to direct sales, palm oil storage and distribution present opportunities for investors to earn extra income alongside other business ventures.
As an edible commodity consumed nationwide and an essential input for manufacturing, palm oil remains a dependable investment option.
Palm oil has continued to become one of the most important commodities in the food preparation chain as stakeholders say entry into the business can yield quick returns due to its steady market demand.
Speaking with media Weekend , an academic who also engages in farming as a business, Dr Innocent Ogbonna, advised prospective investors to strategically time their investments by purchasing and storing palm oil during periods of surplus.
“Palm oil is usually in surplus from December to April, while prices often peak between July and September,” he said. “An investor who puts in about N300,000 can make as much as N500,000 within four months.”
He, however, cautioned that palm oil investment is labour-intensive, requiring both time and financial commitment, particularly in handling and storage.
Experts also emphasise proper storage conditions, noting that palm oil should be kept in a cool, dark place, away from heat sources such as ovens, refrigerators or freezers, to preserve its quality.

Palm Oil
Another respondent, Mrs Ojo Agnes, a palm oil trader from Edo State based in Lagos, urged prospective investors to carefully study suitable storage facilities to ensure the oil lasts for an extended period.
Mrs Ojo, who trades at the Oke-Arin market on Lagos Island, further advised would-be investors to secure adequate startup and working capital, as well as sufficient storage space.
According to her, the palm oil business requires proper sanitation and ample space due to the nature of the product.
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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