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Economy

Stock Market Records Mixed Performances As Investors Loses Billions Of Naira

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Stock Market

Stock Market Records Mixed Performances As Investors Loses Billions Of Naira

Stock market records mixed performances as investors loses billions of naira. On Monday, the stock market recorded mixed performances.

Specifically, the market capitalisation shed a marginal loss of N8 billion or 0.01 per cent to close at N66.343 trillion from N66.351 trillion recorded on Friday.

However, the All-Share Index dropped by 0.15 per cent or 155.96 points to close at 105,799.17 against 105,955.13 posted on Friday.

The difference in the performance indices was due to the listing of Sterling Financial Holding Company Plc’s 16,666,666,667 ordinary shares of 50k each at N4.50 per share through Private Placement on the exchange.

Meanwhile, the market breadth closed negative, with 35 losers and 18 gainers. On the losers’ chart, eTranzact International declined by 10 per cent to close at N5.85 per share, while Sunu Assurance dropped by 9.92 per cent to close at N4.63 per share.

Prestige Assurance lost 8.26 per cent to close at N1, and Sovereign Trust Insurance declined by 7.77 per cent to close at 95k. Similarly, Red Star Express fell by 7.76 per cent to close at N5.35 per share.

On the gainers’ chart, X Academy soared by 9.92 per cent to close at N2.88 per share, while Neimeth International Pharmaceutical gained by 8.43 per cent to close at N2.70 per share.

Tantalizer increased by 6.83 per cent to close at N3.13 per share, and Dangote Sugar soared by 4.71 per cent, to close at N36.70 per share. Also, Stanbic gained by 4.24 per cent, to close at N61.50 per share.

A total of 477.51 million shares worth N7.049 billion were exchanged across 13,520 transactions.

This is compared to 750.56 million shares worth N11.056 billion that were exchanged across 10,584 transactions recorded in the previous section.

Transactions in the shares of Jaiz Bank topped the activity chart with 197.42 million shares worth N606.15 million.

Zenith Bank followed with 25.976 million shares valued at N1.235 billion, while Sovereign Trust Insurance traded 19.26 million shares worth N18.525 million.

Stock Market

Stock Market

Prestige Assurance sold 18.542 million shares valued at N18.991 million, and Fidelity Bank transacted 15.895 million shares worth N27.047 million.

Stockbrokers at Atlass Portfolios Ltd. attributed the market performance to the additional listing rather than widespread sell-offs.

“Beyond the impact of the new listing, the market downturn was driven by profit-taking activities in key stocks across major market sectors,” he said.

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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