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Economy

Tinubu Government Releases N2.3 Billion Promotion Arrears To ASUU

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ASUU Warns Of Looming Crisis

Tinubu Government Releases N2.3 Billion Promotion Arrears To ASUU

Tinubu Government releases N2.3 billion promotion arrears to ASUU. Mr Alausa commended Mr Tinubu for his unwavering dedication to the education sector.

The federal government has released N2.3 billion representing Batch 8 and promotion arrears to federal universities across the country.

The federal government has also reaffirmed its unwavering commitment to revitalising tertiary education sector through decisive fiscal interventions, policy reforms, and sustained dialogue with the Academic Staff Union of Universities (ASUU) and other university-based unions.
The minister of education, Tunji Alausa, disclosed this on Wednesday while providing updates on the government’s ongoing engagements with ASUU and other tertiary institution unions.
Mr Alausa emphasised that President Bola Tinubu remained resolute in his determination to resolve all lingering welfare and funding challenges in a transparent, fair, and sustainable manner.
He said the released funds, processed through the Office of the Accountant-General of the Federation (OAGF), underscored the Tinubu administration’s commitment to clearing inherited backlogs and improving the welfare of academic and non-academic staff in tertiary institutions.
“A total of ₦2.311 billion has been released through the Office of the Accountant-General of the Federation to universities.
“Benefiting institutions should begin to receive payment alerts anytime from now,” the minister announced.
He also revealed that the federal government, through the ministry of finance and the OAGF, was finalising the release of third-party non-statutory deductions and pension remittances to NUPEMCO, expected to be completed in the coming days.

He also disclosed that the Earned Academic Allowance (EAA) would be fully mainstreamed into university staff salaries beginning from 2026, ensuring prompt, predictable, and sustainable payments going forward.

He further stated that funds had been released under the Needs Assessment of Nigerian universities project, with corresponding budgetary provisions to sustain the initiative.
The minister reaffirmed that these measures demonstrated the federal government’s strong commitment to improving academic staff welfare and addressing long-standing challenges that have persisted for decades.

“Within the last 26 months, the federal government has paid a significant portion of outstanding obligations while maintaining open communication with all academic and non-academic unions of tertiary institutions,” he stated.

Mr Alausa assured that the government’s engagements with ASUU and other unions were being conducted “truthfully and in good faith”.
He emphasised that while the government was committed to improving staff welfare, it would only enter into agreements that were realistic and financially sustainable.

Mr Alausa explained that the Yayale Ahmed negotiating committee continued to serve as a bridge between the federal government and tertiary institutions’ unions, ensuring that all the pending welfare-related issues were addressed through honest and mutually respectful dialogue.

ASUU Warns Of Looming Crisis

ASUU

The minister stressed that the federal government would not engage in unsustainable fiscal practices.

“Our priority is to ensure that all matters are addressed responsibly and in the best interest of our education system.

“All commitments must align with approved budgetary provisions to guarantee long-term stability,” he said.
Mr Alausa commended Mr Tinubu for his unwavering dedication to the education sector, noting that several challenges that had persisted for decades were now being addressed decisively under his administration.

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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