Economy
President Tinubu Orders Reactivation Of Dormant Oil Fields: Oil Production
President Tinubu Orders Reactivation Of Dormant Oil Fields: Oil Production
President Tinubu orders reactivation of dormant oil fields: Oil Production. President Bola Tinubu has directed all holders of dormant oil assets across the country to immediately reactivate them to ramp up dwindling crude oil production and crude oil revenue.
The directive was conveyed to oil and gas operators by the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, on Tuesday, at the ongoing 2025 Nigeria Oil and Gas Energy Week in Abuja.
According to the minister, reactivation of the oil assets towards productivity will not only lead to growth in the oil sector but also sustain investments in capacity building.
He said the government was determined to maximise oil production by ensuring that only serious investors retain access to Nigeria’s hydrocarbon resources.
The Federal Government had set a crude oil production target of 2.1 million barrels per day, and roughly N84.67 trillion crude oil revenue in its 2025 budget. This is based on an oil price of $75 per barrel.
However, the country has been struggling with its oil production, with output hovering around 1.4 million barrels per day.
Crude oil and condensate production climbed to 1.63 million barrels per day in May from 1.61mbpd in April. “To sustain growth in our oil industry, we must first sustain our investment in capacity building.
The recent wave of asset divestments and the subsequent increase in production volumes underscore a critical truth: we have the indigenous capacity to grow this industry.
“I emphasised this point while declaring open the #NOGEnergyWeek, where I posed a central question to operators: What is the solution to ramping up production?

Tinubu
“This is not just a rhetorical challenge, it is a call to action, one that speaks to our collective responsibility in meeting both domestic energy needs and international commitments.
“In my address, I urged all operators to ensure every asset under them is active and productive.
This is not a suggestion but a directive from President Bola Ahmed Tinubu, and it must be treated with the urgency and gravity it deserves,” Lokpobiri 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.
-
Crime9 months agoKogi Assembly Considers Law To Regulate Rent, Establish Control Board: Tenancy Law
-
News10 months agoAtiku Reveals Why He Failed To Pick Wike As Running Mate In 2023
-
Crime12 months agoFederal High Court Jails 2 For Vandalizing Transformer, Telecom Mast In Kogi
-
Akwa Ibom1 year agoThe Apostolic Church Gets New Territorial Chairman, Exco
-
News12 months agoThe Apostolic Church Gets New National President, Executive
-
Akwa Ibom1 year agoUmo Eno Commences Payment Of 80,000 Naira Minimum Wage With Arrears
-
News11 months agoSenator Natasha Returns To Senate With Husband Amid Seat Dispute
-
Economy9 months agoKiyosaki: Is Tinubu’s Government Afraid Of Ibrahim Traore?
