Economy
NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
NUPRC seeks dialogue to resolve Dangote, PENGASSAN dispute. Mr Komolafe stated, ” We want to track every barrel of crude loaded in a tanker.”
The Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has called for dialogue between Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Mr Komolafe made the call in a statement on Sunday, adding that the step was necessary to to resolve ongoing dispute.
He also urged the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), and parties involved to find common ground to resolve their differences without disrupting energy supply nationwide.
The unions have been locked in labour disputes with Dangote Refinery over its recent sacking of workers and alleged labour rights violations.
He stated, “Regardless of the fact that the issues involved are purely midstream and downstream affairs, our take is that parties should refrain from what will cause disruption in energy supply in the country. We believe that parties can actually sit down, discuss and reach an amicable solution for the good of the country.”
Mr Komolafe also highlighted the significant reduction in the monetary value of oil losses, attributing the improvement to new strategies implemented by the NUPRC.
On the successes recorded in combating crude oil losses, Mr Komolafe said the express directive of President Bola Tinubu to eliminate oil losses and curb theft using both kinetic and non-kinetic approaches had yielded positive results.
He emphasised the importance of protecting the integrity of Nigeria’s oil and gas sector, noting that negative narratives could deter potential investors.
The NUPRC boss said that Mr Tinubu’s directives to security agencies and the commission had reduced crude oil losses by about 90 per cent between 2021 – when the commission was established – and 2025.
For the non-kinetic method, he said that the commission had introduced two regulations designed to complement the efforts of the general security, namely – the upstream measurement regulation and the advanced cargo declaration regulation.
He described the regulations as pioneering initiatives in Nigeria’s over 70 years of exploration and development.

NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
“For the first time, Nigeria now has regulations that track crude oil loaded from its terminals to the discharge point. The commission has intuitively put these two regulations in place, and the regulations are designed in a way to be implemented in two phases.
“We have implemented the first phase and that is what we are trying to speak to, as it relates to the Federal Executive Council approval in respect of the Engineering Metering Audit,” he said.
Mr Komolafe further said that it was long overdue to carry out an engineering integrity assessment of all the metering facilities that had been operating for decades.
According to him, in the past, international oil companies were the ones informing Nigerians of the quantities of oil exported.
He said, “We want to change that trajectory. In fact, our objective is to ensure that we get that done on a real-time basis. This is where we are going to against the production report.
The first phase, which is the establishment of a statutory regulatory framework, has been achieved in accordance with the provisions of the Petroleum Industry Act (PIA). The first phase is to look at carrying out the integrity of the metering devices. That exercise was conducted in almost 700 points in the upstream.”
On the Advanced Cargo Declaration regulation, the NUPRC boss said that the objective was to ensure that every molecule of crude loaded from Nigeria’s terminals was tracked digitally.
He stated, “We want to track every barrel of crude loaded in a tanker. If a tanker loads one million barrels of crude, and ends up discharging 1.2mb, the system will instantly flag that the tanker is discharging above the permitted volume.”
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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