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Economy

NUPRC Boss Assures Investors Of Transparent Oil, Gas Licensing Round

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NUPRC Releases New Guidelines

NUPRC Boss Assures Investors Of Transparent Oil, Gas Licensing Round

NUPRC boss assures investors of transparent oil, gas licensing round. The NUPRC boss emphasised that the bid process will fully comply with the Petroleum Industry Act (PIA) and remain open to public and institutional scrutiny.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has assured prospective investors of a transparent, merit-based, and competitive process for Nigeria’s 2025 Oil and Gas Licensing Round.

The commission said that only applicants with strong technical and financial credentials, professionalism, and credible plans would proceed to the critical stage of the bidding process.

The NUPRC’s chief executive, Oritsemeyiwa Eyesan, gave the assurance on Wednesday during a pre-bid webinar organised by the commission.

The commission inaugurated Nigeria’s 2025 Licensing Bid Round on December 1, 2025, offering 50 oil and gas blocks across frontier, onshore, shallow-water, and deepwater terrains to potential investors.

The basins included the Niger Delta basin, with 35 blocks; Benin (Frontier), with three blocks; Anambra (Frontier), with four blocks; Benue (Frontier), with four blocks; and Chad (Frontier), with four blocks on offer.

Ms Eyesan explained that the licensing process would follow five stages: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference, with only bidders that meet strong technical and financial criteria progressing.

She said the licensing round represented a deliberate effort by Nigeria to reposition its upstream petroleum sector for long-term investment, transparency, and value creation amid increasing global competition for capital.

MS Eyesan said that energy security and supply resilience had become key global economic and geopolitical priorities, while investment capital was increasingly selective and disciplined.

“Our national priority is clear: to attract capital, grow reserves, and improve production in a responsible and sustainable manner.
“A structured and transparent licensing round is essential to achieving these objectives.

NUPRC Releases New Guidelines

NUPRC

“The NUPRC is legally mandated to conduct licensing rounds in a periodic, open, transparent, and fully competitive manner, and the entire 2025 process will be governed strictly by published rules,” she said.

She disclosed that 50 oil and gas blocks across Nigeria’s major basins are on offer in the 2025 licensing round, providing investors with access to high-potential assets within a stable, rules-based regulatory framework.

Ms Eyesan further revealed that, with the approval of President Bola Tinubu, signature bonuses for the 2025 round have been set within a range designed to lower entry barriers and prioritise technical capability, credible work programmes, financial strength, and speed to production.

The NUPRC boss emphasised that the bid process will fully comply with the Petroleum Industry Act (PIA) and remain open to public and institutional scrutiny through the Nigeria Extractive Industries Transparency Initiative (NEITI) and other oversight agencies.

She added that all licensing materials have been available on the commission’s bid portal since December 1, 2025, and that dedicated help channels are available to assist applicants.

According to Ms Eyesan, the 2025 Licensing Round is not merely a bidding exercise but a signal of a reimagined upstream sector anchored in the rule of law, driven by data, and aligned with global investment realities.

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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