Economy
Nigeria, LNG Arete Dign $27.3m Deal To Boost Gas Supply
Nigeria, LNG Arete Dign $27.3m Deal To Boost Gas Supply
Nigeria, LNG Arete sign $27.3m deal to boost gas supply. Mr Oluwagbemi said the project would employ over 100 Nigerians.
The Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd., on Friday, signed a Memorandum of Understanding (MoU) on a $27.3 million gas plant project to boost CNG infrastructure investment, expansion and availability.
The programme director/chief executive officer, P-CNGi, Michael Oluwagbemi, said the partnership aimed at constructing a Liquefied Natural Gas (LNG) plant with a processing capacity of seven million standard cubic feet per day (MMSCFD).
The P-CNGi (investing six million dollars) is co-investing alongside the LNG Arete (investing $12 million) and the Midstream Downstream Gas Infrastructure Fund, under the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Mr Oluwagbemi said the project, which would employ over 100 Nigerians, would accelerate CNG infrastructure development in the north, securing a 25 per cent equity stake in LNG Arete’s seven MSCFD mini LNG facility located in Ajaokuta, Kogi state.
According to him, the project, which will become operational in the next 12 to 16 months, will establish a critical supply hub for CNG across Northern Nigeria, and beyond.
He said it would ensure stable cost-competitive CNG supply for industry and residential users in the north which was underserved.
Mr Oluwagbemi said due to increasing demands to access gas for transportation and industrialisation, the President was determined to bring affordable transportation programmes by leveraging abundant gas resources and boost steady supply to the end users.
“Gas is cheaper, it is safer, and more reliable.
“Of course, the previous administration and this administration have been committed to moving gas from the region where it is primarily produced today, which is the southern part of the country, to the rest of the country.
“That is why the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have been investing in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline.
“From the producing fields, the project will focus on a liquefaction plant and implant storage at Ajaokuta, and eventual pipeline trucks which will be able to move gas over further distances across the north of Nigeria,’’ he assured.
He said the LNG which would be transformed to CNG could be utilised by our power plants, as well as our vehicles and other industries, boosting industrialisation.
The P-CNGi boss said many industries across the north, ranging from textile, agriculture, processing to manufacturing, would benefit hugely from the project.
“The logistics, of course, of moving goods and food items from the north down to the south, especially, processed and manufactured products, will also be cheaper because of this project.

LNG Arete Dign
“And even more importantly, is that even when the north gets piped by natural gas in a few years’ time, this plant is still going to be very critical to enable LNG trucks that run more efficiently on LNG, even better than CNG.
“Those LNG trucks will begin to move Nigerian products from Nigeria to Ghana, and to Senegal, ensuring Nigerian products are very competitive and creating jobs,’’ he said.
Also speaking, Hajara Pitan, project director, LNG Arete, expressed appreciation to President Bola Tinubu, the management of P-CNGi and other enablers that ensured the reality of the agreement.
“A major reason for the lack of development of the gas sector has been the fact that infrastructure and gas is expensive, but with the mini LNG technology, we’re able to participate as Nigerians in this sector in a major way.
“Our aim is clear in LNG Arete to support the Federal Government in deepening gas utilisation across Nigeria, and especially in the underserved regions of northern Nigeria.
“LNG is liquefied natural gas, and so what that means is that we take gas from where it originates, we liquefy it by reducing the quantity and allow it to move around more easily,’’ she said.
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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