Economy
NARTO: Risk Of Losing N300 Billion If FG Bans 60,000- Litres Capacity Tankers From Roads
NARTO: Risk Of Losing N300 Billion If FG Bans 60,000- Litres Capacity Tankers From Roads
Risk of losing N300 billion if FG bans 60,000- litres capacity tankers from roads. Mr Othman said the cause of the accidents was not 60,000-litres capacity of the tankers but could be the condition of the roads, state of vehicles and the drivers.
The National Association of Road Transport Owners (NARTO), has expressed fear over Federal Government’s plan to ban 60,000 litres capacity tankers from Nigerian riads following the rising cases of accidents involving fuel tankers.
NARTO President, Yusuf Othman during an interview in Abuja on Sunday, said such a move would cause a loss of N300 billion worth of investments by tanker owners.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is considering placing a ban on 60,000 litres capacity petroleum tankers, due to incessant accidents/deaths involving them in the country.
The NMDPRA proposed a restriction of petroleum tankers capacity to a maximum of 45,000 litres to reduce accidents, explosion and fatalities.
Apart from determining appropriate truck carrying capacity, the NMDPRA had put in place other safety measures, including installation of anti-spill safety valves in tanker trucks, public sensitisation against scooping at accident scenes and regular stakeholders’ meeting, among others.
The regulator is of the view that the noncompliance with the established safety measures led to the recurrence of these accidents.
Mr Othman, however, said the cause of the accidents was not the usage of 60,000 litres tanker capacity, but attributable to the condition of the roads, state of vehicles and the drivers.
He said that 2,000 trucks with 60,000 litres capacity worth N150m each, amounting to N300 billion investments were involved in the transportation of petroleum products nationwide.
Mr Othman explained that some of theo investments were being financed by commercial banks, while some were personal investments of the tanker owners.
He saud, “Every truck owner is an investor and every investment is done with a view to get a return. We have about 2,000 trucks worth about N150 million each, which is about N300 billion. It will not be fair for them to go down the drain; we are trying to see if there is a win-win situation.
“We all are not happy with the recent development that led to loss of lives and we pray that it will not be repeated. It’s a monumental loss, as well as a monumental loss of investments.
“However, as much as we appreciate the concern of the public and government in this respect, we believe that the 60,000 litres tanker capacity is not the cause of the accidents because the weight is on the back axle. In such an accident, people rush to start scooping and in the process of doing that explosion occurs.”
He appealed to the Federal Government to consider a buy-back policy to help the investors, if it wishes to phase out completely the usage of 60,000 litres tanker capacity in the distribution of petroleum products.
Speaking on safety regulations and measures, he said the association ensured compliance by the members and ensured that only licensed drivers who were physically and mentally okay with good health and vision plied the road.
He further said that the association trained and retrained tanker drivers on regular basis, and also ensure that the trucks were inspected twice a year to be road worthy.
He maintained that the habit of scooping the petroleum products at accident scenes resulted in the monumental loss of lives, hence general public enlightenment became very apt.

NARTO
He stated, “If the capacity is reduced to 45,000, the truck cannot have a balance; reducing from 60,000 to 50,000 litres capacity could be fine, but not 45,000 litres capacity. All the 60,000 litres trucks are new, that is why they are able to carry 60,000 litres of petroleum products. Old trucks cannot carry 60,000 litres of products and are phased out because they don’t make any economic sense.
We support the government and also want the government to support our private investments. We are still talking with the Federal Government, and I believe we will resolve the matter amicably.
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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