Economy
President Tinubu Lauds Finance, Works Ministries Over $1bn Lagos-Calabar Coastal Highway Deal
President Tinubu Lauds Finance, Works Ministries Over $1bn Lagos-Calabar Coastal Highway Deal
President Tinubu lauds finance, works ministries over $1bn Lagos-Calabar coastal highway deal. Mr Edun said the funds would be deployed responsibly and within agreed timelines.
President Bola Tinubu has praised the federal ministry of finance for successfully closing a $1.126 billion financing package for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Friday in Lagos.
Mr Tinubu also commended the ministries of funance and works, alongside the Debt Management Office, for their collaboration in concluding the landmark transaction.
“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded.
“Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country,” the president said.
Phase 1, Section 2 of the highway covers about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, key economic corridors expected to enhance national trade efficiency and logistics connectivity.
The successful close follows the earlier 747 million dollars financing secured for Phase 1, Section 1, underscoring the scalability and bankability of the Lagos–Calabar Coastal Highway project.
The financing was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
It marks ICIEC’s largest transaction since Nigeria’s institutional and regulatory reforms, reflecting growing investor confidence in the country’s reformed investment climate.
SkyKapital served as Lead Financial Adviser, coordinating transaction structuring, lender engagement and execution, while Earth Active (UK) provided Environmental and Social advisory services.
The advisory ensured compliance with the IFC Performance Standards, the Equator Principles and international environmental, social and governance best practices.
Hogan Lovells acted as International Legal Counsel, with Templars serving as Nigerian Legal Counsel on the transaction. Describing the development as a defining moment, minister of finance and coordinating minister of the economy, Wale Edun, said the funds would be deployed responsibly and within agreed timelines.
“The signing on Dec. 19, 2025, of the 1.126 billion dollars financing for Phase 1, Section 2 of the Lagos–Calabar Coastal Road marks a defining moment in Nigeria’s infrastructure journey.

President Tinubu
“Collectively, these transactions firmly establish the Lagos–Calabar Coastal Highway as one of the flagship projects of President Bola Ahmed Tinubu’s Renewed Hope agenda,” Mr Edun said.
He stated that the facility represents the first fully underwritten transaction of such magnitude for a Nigerian road infrastructure project.
Construction of the highway is being executed by Hitech Construction Company Limited, whose early delivery of key road sections has attracted commendation from lenders.
In line with the federal government’s commitment to transparency, a comprehensive Value-for-Money assessment was conducted by the Ministry of Works and independently reviewed by GIBB.
The successful close of Phase 1, Section 2 signals increased market confidence and Nigeria’s capacity to translate reform-driven infrastructure vision into delivery.
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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