Economy
TETFund Partners NEITI On Data, Information Sharing
TETFund Partners NEITI On Data, Information Sharing
TETFund partners NEITI on data, information sharing. He said TETFund was focused on expanding and improving its revenue collection framework.
The Tertiary Education Trust Fund (TETFund) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have signed a Memorandum of Understanding (MoU) to enhance data and information sharing.
The duo said the partnership is aimed at improving remittances to the Fund and promoting greater transparency in the extractive sector.
Speaking during the signing in Abuja on Monday, TETFund executive secretary, Sonny Echono, said the partnership would deepen accountability, particularly within the oil, gas, and other extractive industries.
“This will ensure accountability, particularly in the oil and gas and other extractive industry sectors, it will ensure that taxes that are due to be remitted to the education tax fund are made.
“Even those that fail to pay are recovered, to boost revenue, to ensure that we are able to fulfill the purpose of Mr President of restoring our institutions in the shortest possible time.
“Being able to have a framework that will enable us to get accurate up-to-date data on what these should be, is something we have been working very hard on.
“It will culminate into a very firm agreement between the two agencies today,” Mr Echono said.
The executive secretary explained that TETFund was not only focused on prudent expenditure but also on expanding and improving its revenue collection framework.
“We are also ensuring how we generate, how we expand the incidents, how do we improve the efficiency of collection of revenue,” he said.
He said that the establishment of a dedicated department of revenue and investment, approved by TETFund’s Board of Trustees, had significantly enhanced revenue performance.
“That has also been one of the reasons why you are seeing very significant improvements in revenue, all across our zonal offices, we have officers located there now who are working with the Federal Inland Revenue Service.
“Their staff deployed in their zonal offices to basically go to every entity that is supposed to be paying tax for the companies registered and eligible to pay tax.
“Confirming if they are paying, verifying whether they are paying the right amount and so on. But there are some that are more difficult, more complicated, like these organisations that are offshore,” he said.
Also speaking, NEITI executive secretary, Orji Ogbonnaya Orji, described the agreement as both “timely and significant,” emphasising its role in ensuring that revenues from natural resources are transparently managed and effectively utilised.
“NEITI and TETFund are united by a common goal, to ensure that revenues earned from Nigeria’s natural resources are not only transparently managed but also efficiently deployed to promote development, and advance our national aspirations,” he said.
Mr Orji explained that substantial revenue accrued to TETFund over the past five years, amounting to approximately ₦1.024 trillion between 2019 and 2023, most of it from the extractive sector.
He, however, clarified that money under accruals was not the same as remittances.
“In 2022, the total revenue accruals to TETFund stood at ₦322.99 billion.”In 2023, that figure rose significantly to ₦571.01 billion, the highest annual inflow to date.
“From 2019 to 2021, NEITI audit data shows that total accruals to TETFund amounted to ₦644.19 billion, of which ₦624.32 billion was disbursed.
“This means that within the last five years alone (2019–2023), total revenue accruals to TETFund from Education Tax reached approximately ₦1.024 trillion, highlighting the centrality of the extractive sector in financing Nigeria’s tertiary education,” he said.

TETFund Partners NEITI
According to him, these funds are drawn from the profits of companies in oil, gas, mining, manufacturing, telecommunications, banking, and other sectors, many of which fall within NEITI’s audit purview.
He said under the MoU, NEITI would work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data.
“NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.
“Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions,” he 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.
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