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UN Inaugurates New Forum To Help Many Debtor Countries

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UN Inaugurates New Forum To Help Many Debtor Countries

UN inaugurates new forum to help many debtor countries. The new forum is being supported by the UN and emerging as a key part of the Sevilla Commitment outcome document.

A new mechanism has been introduced, offering debt-distressed countries a way to coordinate their actions and amplify their voice in the global financial system.

The mechanism, the ‘Borrowers’ Forum’, was inaugurated on Wednesday at the UN’s pivotal sustainable development conference in Sevilla, Spain. The inauguration comes at a time of rising debt distress across the developing world.
The new forum is being supported by the UN and emerging as a key part of the Sevilla Commitment outcome document.

Rebeca Grynspan, secretary-general of the UN Trade and Development, said developing nations often faced creditors as a united bloc while negotiating alone.
According to her, voice is not just the ability to speak, it’s the power to shape outcomes.

“Today, 3.4 billion people live in countries that pay more in debt service than they do on health or education,” said Ms Grynspan.

She said that the forum, one of 11 recommendations by the UN secretary-general’s expert group on debt, would allow countries to share experiences and receive technical and legal advice.

“It will also allow countries to promote responsible lending and borrowing standards, and build collective negotiating strength. Its inauguration will address long-standing calls from the Global South for more inclusive decision-making in a debt system dominated by creditor interests,” Ms Grynspan added.

Global South finance and foreign ministers hailed the Borrowers’ Forum’ as a milestone in efforts to reform the international debt architecture.

UN special envoy on financing the 2030 Agenda, Mahmoud Mohieldin, said the forum was a direct response to a system that has kept debtor countries isolated for too long.
“This is about voice, about fairness, and about preventing the next debt crisis before it begins,” he said.

The commitment, known in Spanish as the Compromiso de Sevilla, was adopted by consensus at the conference and includes a cluster of commitments on sovereign debt reform, alongside support for borrower-led initiatives.

However, civil society groups have sharply criticised the adopted outcome in Sevilla, calling it a missed opportunity to deliver meaningful reform of a global debt system that is crippling many developing nations.

UN Inaugurates New Forum To Help Many Debtor Countries

UN Inaugurates New Forum To Help Many Debtor Countries

Jason Braganza of the African Forum and Network on Debt and Development stated that the final outcome document, adopted on the first day, known as the Sevilla Agreement, fell far short of what was needed.

“This document did not start with much ambition and still managed to be watered down. Nearly half of African countries are facing a debt crisis; instead of investing in health, education and clean water, they’re paying creditors,” he said.

Mr Braganza, however, praised the leadership of the African Group and the Alliance of Small Island States, which fought for a UN Framework Convention on sovereign debt.

He also welcomed a small breakthrough in the form of a new intergovernmental process that could lay the groundwork for future reform.

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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