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CBA governor: Azerbaijan has no limit on foreign currency purchases

The Central Bank of Azerbaijan (CBA) has no specific target for the size of its foreign exchange reserves and has set no limit on currency purchases. The regulator may conduct foreign currency purchases worth approximately $1 billion by the end of 2026, CBA Governor Taleh Kazimov has said.

Kazimov made the remarks at a press conference on Thursday following the announcement of the parameters of the interest rate corridor.

According to the governor, the Central Bank makes its decisions based on market conditions and the potential impact of money issuance on inflation, regardless of the level of its foreign exchange reserves.

‘We have no target requiring our reserves to reach a certain level before we stop our foreign currency purchases. We expect our foreign exchange purchases to continue over the remaining two months of the year. We may purchase approximately $1 billion worth of foreign currency. However, we have no target to stop at a specific figure,’ he said.

Kazimov also discussed measures to increase activity in the interbank money market. He noted that banks had previously preferred to keep their surplus funds with the Central Bank rather than place them with other financial institutions.

‘Our objective is for banks to direct more of their surplus funds to one another instead of placing them with the Central Bank. When there is demand, placing funds in the interbank market should also support lending,’ Kazimov said.

He emphasized that, under a decision adopted on September 23, the interest rate paid by the Central Bank when attracting funds from banks had been reduced to 5%. The move has made transactions with other banks more attractive to financial institutions than placing their funds with the regulator.

‘All banks participate in the interbank market. However, each bank has its own liquidity needs: one may have excess funds, while another may have fewer available resources. Banks can participate both in the Central Bank’s operations and in the interbank market,’ he added.

Commenting on the potential inflationary impact of manat issuance associated with foreign currency purchases, Kazimov said the Central Bank had purchased $3.6 billion worth of foreign currency so far this year, issuing an equivalent amount of manats in return. However, the newly issued money does not immediately or directly affect the economy.

‘If these funds were used immediately in the economy, they could accelerate inflationary pressures. At present, however, we are not observing this,’ Kazimov noted.

According to the governor, lending is one of the main channels through which money issuance affects the economy. When demand for loans increases, banks can channel their available funds into the economy through lending. Consequently, the Central Bank assesses the potential inflationary impact whenever it issues additional manats.

‘We currently have no specific limit on foreign currency purchases. Whenever we issue money, we try to assess its potential impact on inflation. We will continue purchasing foreign currency as long as there is no inflationary risk,’ the CBA governor said.

Sterling Financial’s assets cross N5trn as nine-month profit jumps 37%

Sterling Financial Holdings Company Plc’s total assets crossed N5 trillion in the nine months ended September 2026, as profit before tax rose by 37.1 percent to N97.28 billion, reflecting growth in earnings, lending and customer deposits.

The group’s unaudited results for the period showed that total assets increased by 30.4 percent from the end of 2025 to N5.10 trillion, while gross earnings rose by 33.2 percent year-on-year to N454.94 billion.

Profit after tax grew by 21 percent to N75.37 billion, while non-interest income increased by 27.6 percent to N101.16 billion, supported by fee-based activities, commodities trading and joint enterprise investments across the group’s businesses.

The performance highlights the group’s expanding financial services operations and efforts to diversify its earnings beyond traditional banking.

Net loans and advances to customers increased by 28.8 percent to N1.82 trillion, while customer deposits rose by 28.7 percent to N3.84 trillion, indicating growth in both lending and deposit mobilisation.

Shareholders’ funds also increased by 38.8 percent to N595.2 billion, strengthening the group’s equity base. Sterling Financial recorded a post-tax return on average equity of 20 percent and a return on average assets of 2.22 percent.

The group’s diversification strategy is also beginning to contribute to earnings, with SterlingFi Wealth Management, now in its second year of operations, expanding its role within the financial services portfolio.

Commenting on the results, Yemi Odubiyi, group chief executive officer of Sterling Financial Holdings Company Plc, said the performance reflected the collective strength of the group’s businesses and progress towards building a diversified financial services group.

He described the crossing of the N5 trillion asset threshold as an important milestone, adding that SterlingFi’s emerging contribution demonstrated the potential of the group’s expanding financial services portfolio.

Odubiyi said the group would focus on translating its growth into sustainable shareholder value through disciplined capital allocation, effective governance and strategic oversight.

He added that Sterling Financial would continue to support its businesses in pursuing sustainable growth while maintaining financial resilience and prudent risk management.

The group said it remained focused on strengthening its earnings base, optimising capital deployment and providing strategic oversight across its businesses to support sustainable performance and long-term shareholder value.

We’re going beyond project completion to measuring their economic impact – LASG

The Lagos State Government says it is taking steps to assess how the projects it has completed across the state are impacting the people, the economy, and strengthening governance.

This was highlighted at the 2026 Project Implementation Monitoring Unit (PIMU) (in the Office of the Chief of Staff) Management and Stakeholders’ Retreat, held from October 22 to 24 at Epe, under the theme, ‘The THEMES+ Agenda: From Vision to Impact: Strengthening Project Management for Measurable Outcomes’.

Speaking at the opening of the retreat, Tayo Ayode, the chief of staff to the governor, represented by Semi Kadri, the permanent secretary, Office of the Chief of Staff, charged participants drawn from various ministries, departments and agencies (MDAs) to strengthen project monitoring, enforce accountability and ensure that government projects are delivered within approved budgets, timelines and quality standards.

Ayinde emphasised that the success of the THEMES+ Agenda must be measured not by the number of projects initiated or resources committed, but by the quality of projects delivered, their timely completion and their lasting impact on residents.

He further urged the participants to move beyond routine progress reporting by identifying implementation delays, resolving bottlenecks, ensuring compliance with quality standards and providing reliable information to support timely management decisions. He also called for stronger coordination across departments and effective implementation of agreed corrective actions.

Highlighting the government’s partnership with the PMI, established through a Memorandum of Understanding in July 2024, the chief of staff noted that the collaboration was designed to strengthen project management capacity across 45 project-executing Ministries, Departments and Agencies (MDAs), improve resource utilisation and promote compliance with approved project standards.

He stressed that government projects must deliver tangible benefits, with roads improving connectivity, schools providing better learning environments and healthcare facilities enhancing access to quality care.

In his welcome address, Olusegun Sanwo-Olu, the executive assistant to the governor on Project Implementation and Monitoring, disclosed that more than 1,000 public officers had benefited from project management training and professional development through the State Government’s partnership with PMI.

He noted that the reform was particularly significant as Lagos State approaches an administrative transition in May 2027, stressing the need to preserve institutional knowledge, maintain credible project records and establish structured handover processes to prevent project abandonment, duplication and waste of public resources.

He also highlighted Lagos State’s admission into the PMI Global Executive Council in October 2025, making it the first African government to attain the recognition, and the establishment of the Lagos State Public Service Project Management Community of Practice to promote collaboration, peer learning and continuous professional development across MDAs.

Sanwo-Olu called on permanent secretaries, accounting officers, project sponsors and implementing MDAs to take collective responsibility for effective project delivery in line with the THEMES+ Agenda and the Lagos State Development Plan 2052.

The stakeholders’ retreat was attended by top government officials, select permanent secretaries across key MDAs in the state.

Rice output down 18% in Q3 as harvest area shrinks

THE country’s rice output tumbled by nearly 18 percent in the third quarter on the back of a shrinking harvest area, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed that paddy rice production fell by 17.8 percent to 3.08 million metric tons (MMT) in the July to September period, from last year’s 3.75 MMT.

The harvest area also contracted by 17.6 percent to 755,369 metric tons (MT) from the 916,772 MT recorded in the same period last year.

PSA data also indicated that palay production in irrigated and rainfed farms posted year-on-year declines in the reference month.

The production in irrigated farms slid by 15.82 percent, reaching 2.35 MMT from the previous year’s 2.8 MMT. Rainfed farms produced 733,571 MT, 23.45 percent lower than the 958,322 MT recorded in 2025.

Of the volume produced, paddy rice output from Cagayan Valley led among the regions with 375,396 MT. This was followed by Central Luzon, the country’s rice granary, with 270,795 MT.

Aside from El Niño ravaging plantations, the surge in input prices could dent this year’s local rice output by 1 MMT, according to the Department of Agriculture (DA).

Rice production stood 19.67 MMT in 2025, based on PSA data.

Agriculture Secretary Francisco Tiu Laurel Jr. attributed the DA’s outlook mainly to strained productivity caused by soaring fertilizer prices, which was triggered by the global oil crisis following the Middle East war.

‘Technically, we’re seeing about 1 MMT of palay less than last year. [Soaring] fertilizer prices were the biggest factor. The rising fuel prices really affected productivity this year,’ he recently told reporters.

‘What happens is farmers would apply less fertilizer, so there’d be less productivity. Some also lost their intention to plant, because it’s too expensive and they don’t have enough money to invest.’

If the DA’s forecast materializes, output could plunge to 18.67 MMT, the lowest level in 10 years or since the 17.63 MMT in 2016.

Hilton Colombo hosts 33rd Original Oktoberfest ’26 in partnership with SampathCards and Visa

Sri Lanka’s most iconic celebration of Bavarian culture returns bigger, bolder and more spirited than ever, as Hilton Colombo, presents the 33rd edition of ‘The Original Oktoberfest’ in partnership with SampathCards and Visa, from 29 October to 7 November 2026.

Bringing together the authentic spirit of Bavaria with world-class Hilton hospitality, exclusive SampathCards privileges and the convenience of Visa, this year’s celebration promises an unforgettable experience where tradition, entertainment and rewarding moments come together.

Hilton Colombo’s ‘The Original Oktoberfest’ has become a hallmark event on Sri Lanka’s social calendar since its inaugural celebration in 1993. At its heart is the festive energy of the original Oompah Bavarian Band from Munich, traditional servers in authentic German attire, and an array of cultural highlights. The 2026 edition will continue that tradition through Bavarian-themed buffet, live entertainment, games, activations and the vibrant atmosphere that has made Oktoberfest a much-anticipated annual occasion.

Adding further value to the experience, SampathCards will offer an exclusive discount of up to 15% on event passes, further enhancing the overall event experience.

Sampath Bank PLC Chief Business Intelligence Officer Darshin Pathinayake said: ‘At Sampath Bank, we believe the value of a card extends beyond the transaction. It is also about the experiences, moments and opportunities it brings to our customers. Our partnership with Hilton Colombo and Visa allows us to bring that philosophy to life through Oktoberfest, giving Sampath Cardholders added value as they enjoy one of Colombo’s most anticipated celebrations.’

Hilton Colombo Director – Food and Beverage Kapila Mohotti said: ‘Oktoberfest at Hilton Colombo is a celebration that has become part of the fabric of Colombo’s social calendar, and we are delighted to welcome it back for its 33rd year. Our continued partnership with SampathCards, together with Visa, enables us to create an experience that combines the authenticity of Oktoberfest with the level of Hilton hospitality and value our guests have come to expect. We look forward to welcoming our guests to another memorable celebration this year.’

Visa’s involvement further enhances the partnership, bringing its global payment expertise to an experience built around bringing people together.

Visa Country Manager, Sri Lanka and Maldives Avanthi Colombage said: ‘Year after year, Oktoberfest has become a much-loved tradition in Colombo, and we are proud to have been part of this journey. At Visa, we believe in turning everyday moments into extraordinary experiences and partnerships like this strengthen that promise. Being part of events that contribute to Sri Lanka’s cultural calendar is something we value deeply, and we look forward to another memorable celebration this year.’

As OT security matures, Philippine organizations must address emerging risks

Operational technology (OT) systems keep critical industrial processes, equipment, and infrastructure running. As organizations in the Philippines continue to digitize their operations and connect OT with IT, cloud platforms, and other technologies, these environments are becoming more connected and exposed to cyber threats.

The good news is that organizations are taking OT security more seriously. The 2026 Fortinet State of Operational Technology and Cybersecurity Report, based on a global survey of more than 700 OT professionals, shows that organizations are reassessing their security maturity, improving visibility, and giving OT risk greater attention at the leadership level.

However, while OT security continues to mature, this does not mean the risks are going away. In fact, organizations are gaining a more realistic understanding of where their defenses still need work.

The report highlights several areas that shape OT security posture-from leadership and maturity to visibility, threat detection, and resilience. Together, these findings offer a clearer picture of where organizations are making progress and where gaps remain. These are insights that Philippine organizations can take note of as they strengthen their own OT security strategies.

OT Security Responsibility Still a Leadership Concern

OT security remains a senior leadership responsibility, with 60% of respondents identifying the CISO and CIO as primarily responsible, down from 69% in 2025. This does not indicate less executive attention. Some organizations are now distributing OT risk ownership across other senior leaders as they formalize their security strategies and governance. Meanwhile, 81% of organizations where OT security is not yet under the CISO plan to make the transition within the next year.

This leadership focus also comes with greater pressure to demonstrate the value of security investments. Cost reduction and avoidance were the top cybersecurity metrics tracked and reported by respondents, followed by productivity gains. For organizations, this means balancing security investments with the need to maintain efficient, resilient, and uninterrupted operations.

OT Security Maturity Is Being Reassessed

One of the notable findings in the 2026 report is how organizations are reassessing their OT security maturity. As IT and OT teams gain more resources, deploy additional solutions, and improve visibility, they are also developing a clearer understanding of where their defenses remain exposed. This is reflected in the numbers: the share of respondents at Level 4 for cybersecurity process maturity fell from 49% in 2025 to 17% in 2026, while Level 0 increased from 1% to 5%, Level 1 from 5% to 17%, and Level 2 from 13% to 27%.

At first glance, these figures may appear to signal a decline. However, the report describes the shift as a positive recalibration, as organizations gain the experience and visibility to identify previously unseen gaps. Recognizing these gaps is an important step toward building a stronger OT security foundation.

Greater Visibility Is Changing the OT Risk Picture

Visibility plays a critical role in understanding and managing OT risk, and organizations are making progress in this area. Fourteen percent of respondents reported full visibility into their OT systems, up from 5% in 2025. Still, nearly a quarter (23%) could see only about half of their OT environment.

Greater visibility can also give organizations a clearer view of their exposure. Seventy-one percent of respondents reported between one and nine intrusions, up from 47% in 2025, suggesting that organizations are becoming better at detecting activity that may have previously gone unnoticed. At the same time, longer attacker dwell times are becoming more common, with more incidents lasting weeks or months. This gives attackers more time to monitor systems, access sensitive information, or disrupt operations. The focus, therefore, should be on turning greater visibility into quicker detection and response.

Regulation and Modernization Are Reshaping OT Security

OT security is also being shaped by two forces: regulatory pressure and modernization. In fact, 89% of respondents anticipate more regulations within five years or less. At the same time, more organizations are modernizing their industrial control systems, with 40% reporting ICS systems less than five years old. These shifts point to a need for organizations to consider security alongside compliance and modernization, rather than treating it as a separate requirement.

Building More Resilient OT Environments

Organizations can take practical steps to strengthen their OT security, from segmenting IT and OT networks and securing remote access to integrating OT into security operations and incident response. OT-specific threat intelligence and a more unified security approach can also help teams manage these environments more effectively.

For Philippine organizations, these practices offer a way to strengthen security as their OT environments continue to evolve. Ultimately, protecting OT requires more than individual solutions. It calls for people, processes, and technology to work together so organizations can manage cyber risks while keeping essential operations running.

Putin woos African leaders

President Vladimir Putin told African leaders on Wednesday that Russia was their best partner, what he cast as a colonial West of still trying to exploit the continent’s resources and using debt to hold back development.

Putin was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries, and will hold ?one-on-one talks with many of the 22 individual African leaders attending on issues such as trade, security, arms and ?grain.

The event, first held in 2019, is part of a concerted push for Russian political, economic and military influence on a continent where paramilitary fighters from Russia’s Africa Corps remain active.

Russian state media and cultural institutions ?are also trying to expand their footprint in Africa, and Russian state companies are trying to expand their interests in areas from ?mining to power generation.

Wooing African leaders and others from the Global South has also been part of Moscow’s strategy to counterbalance pressure on the world stage from the West over Russia’s war in Ukraine.

‘Africa is increasingly asserting itself as one of the key players in the global economy and ?politics,’ Putin said.

‘However, the emergence of a multipolar world is, of course, no easy task; it faces resistance from countries ?that are not prepared to accept this reality: those who are accustomed to thinking in terms of their colonial past and to enriching themselves .’

Putin, whom Western critics accuse of trying to leverage Africa’s colonial past to Moscow’s benefit, did not name the countries he had in mind.

Coleman joins Ajido as Philippines flag-bearers

The Philippines will have not just one, but two flag-bearers – Jamesray Mishael Ajido and fellow swimmer Riannah Chantelle Coleman – during the parade of athletes in the Opening Ceremony of the Fourth Youth Olympic Games (YOG) on Oct. 31 in Dakar.

The International Olympic Committee (IOC) has been advocating on a male and a female athlete to bear their countries’ colors during the ceremony.

Philippine Olympic Committee president Abraham ‘Bambol’ Tolentino has earlier named Ajido as the lone flag-bearer and added Coleman because both athletes will be in Senegal in time for the opening ceremony at the Abdoulaye Wade Stadium in Diamniadio.

Joining Ajido and Coleman on an arduous 29-hour flight from Manila via Istanbul to Dakar on Wednesday night is a group including wushu athlete Angel Polo and their coaches.

The other athletes – artistic gymnastics’ Tchelzy Maayo and Hillarion Palles III, cycling’s Maritanya Krog, athletics’ Pi Durden Wangkay and Naomi Marjorie Caesar and windsurfing’s Jade Justine Justiniane will be flying to Dakar on Nov. 4.

Yuletide: Travellers face 200% airfare hike as ticket demand surges

For millions of Nigerians travelling to the South-East for the annual Yuletide pilgrimage, home is more than just a holiday, it is a sacred cultural tradition of family reunion and community bonding.

However, getting back to the East has increasingly turned into a financial and logistical nightmare.

As the festive season reaches its peak, flight ticket prices to destinations like Owerri, Enugu, Asaba, Anambra, Port Harcourt, and even Uyo have surged by as much as 200 percent.

This has left travellers grappling with skyrocketing costs, limited seat availability, and the stark dilemma of choosing between exorbitant airfares or risking the notoriously unsafe road trips to the East.

BusinessDay findings into booking engines across local carriers reveal that one-way economy tickets from Lagos to key destinations like Enugu, Asaba, Anambra, and Uyo cost over N300,000 for travel dates between December 19 and December 31, compared to standard off-peak rates that ranged between N105,000 and N135,000 earlier in the year.

The sharpest rate hikes affect high-demand trunk corridors into the South-East. Passengers booking Lagos to Enugu or Anambra on major carriers such as Air Peace, United Nigeria Airlines, Ibom Air, and Enugu Air for the peak window of December 20 to 24 are seeing standard economy tickets priced between N325,000 and N395,000 per seat.

Neighbouring airports like Asaba and Benin are experiencing similar pressures, with carriers like Aero Contractors, Arik Air, and ValueJet listing fares between N250,000 and N380,000 per seat.

Further south, flights connecting Lagos to Port Harcourt and Akwa Ibom (Uyo) on Ibom Air and XEjet range from N280,000 to N365,000.

Travellers who attempted to outsmart the seasonal price spike by booking weeks in advance are finding little financial relief.

Susan Ajiogu, a passenger travelling on the Lagos-Asaba route, recounted her experience after securing her December flight well ahead of time.

‘I booked my Christmas ticket for the Lagos-Asaba route during mid-October, and even at that period, prices were already close to N300,000, which to me was far too high for an early booker,’ Ajiogu explained.

She observed that the traditional advantage of early reservations has virtually disappeared.

‘Before now, if you booked early, you would get a ticket at the price of N150,000 to N180,000, but that is no longer the case. Things have really changed, and it appears the Christmas season is when most airlines want to rake in as much money as they can,’ she said.

Soaring ticket prices have multiplied the financial burden for families travelling together, turning routine holiday trips into massive capital outlays.

Okechukwu Kelechi, a Nigerian businessman, shared the heavy toll of taking his family home to Rivers State for the holidays.

‘For one-way economy class tickets, I spent over N1.7 million for myself, my wife, and my three kids to travel to Port Harcourt by air,’ Kelechi stated.

He noted that while road travel remains a fraction of the cost, escalating security concerns on major highways leave him with no viable alternative.

‘I almost shelved the plan for road transport, but I am deeply worried about the current insecurity, bad roads, and other hazards on the highways. If the roads were good, it shouldn’t take me up to N350,000 to travel with my entire family by road. Yet, that same N350,000 is what I am forced to pay for each person to fly for Christmas,’ Kelechi said.

Industry operators and analysts attribute this increase in price to a combination of seasonal demand, constrained fleet capacity, infrastructural challenges, and persistent foreign exchange pressures affecting operational costs such as Jet A1 fuel and engine maintenance.

Olumide Ohunayo, industry analyst and Director of Research at Zenith Travels, emphasised that standard market dynamics are driving the surge, exacerbated by capacity limits.

‘The forces of demand and supply come into play, and the only way to counter that force is to either increase supply, by airlines acquiring more aircraft, or through government subsidies,’ Ohunayo noted.

He pointed out that because the federal government owns no commercial airline, private carriers must evaluate whether short-term wet-leasing is commercially viable, especially given operational constraints.

‘Most airports in the South-East and South-South do not operate 24-hour services, which severely limits how effectively airlines can utilise leased aircraft during the Christmas rush.’

Ohunayo added that cultural obligations and security anxieties combine to make demand virtually price-inelastic on southern corridors.

‘Culturally, people will travel for Christmas and attend planned family celebrations regardless of the cost of transportation. People will not allow the economic situation or insecurity to deter them from celebrating with their communities,’ he said.

‘Because air transport is currently seen as the only secure option, those who can afford it are willing to pay whatever it takes to reach their destinations, with some even pooling resources to charter private aircraft. While routes heading to the North may not experience drastic price changes during this period, fares for the South-East and South-South will remain elevated,’ he added.

Adding another layer of complexity to this year’s holiday surge is the heightened political activity across the country, which is competing directly with commercial aviation infrastructure.

John Ojikutu (retd.), an aviation security expert and CEO of Centurion Aviation Security and Safety Consult, highlighted that the festive period coincides with election campaign preparations, sharpening competition for available airframes.

‘There are multiple dimensions to these current airfares; chief among them, alongside the traditional Christmas peak, is the election cycle where private aircraft charter operators are competing directly with commercial domestic airlines,’ Ojikutu explained.

Ojikutu revealed that the operational fleet size of scheduled commercial operators remains drastically outmatched by private aircraft, intensifying price competition across the board.

‘The demand for both scheduled domestic airlines and private charter aircraft will remain exceptionally high from now through February or March, driven by regular holiday travellers, incoming international passengers, and politicians.

‘We must not forget that there are about 240 private aircraft operating in the country compared to only about 80 active aircraft managed by domestic commercial operators. During this Christmas and political campaign window, passenger movement will be intense in both directions across these fleets, driving prices to highly competitive levels,’ he noted.

Because festive travel in Nigeria is overwhelmingly one-way, with aircraft flying full loads out of Lagos to the East and South while returning practically empty, airlines rely heavily on dynamic pricing algorithms to recover the operating costs of those low-occupancy return legs. Consequently, lower-fare ticket buckets sell out quickly, leaving only the highest flexible economy tiers available as Christmas week approaches.

In contrast, business-heavy routes display far more moderate fare adjustments during the same period.

Tickets from Lagos to Abuja across multiple airlines, including Air Peace, ValueJet, Xejet, and Enugu Air, remain relatively accessible, fluctuating between N135,000 and N284,500.

With corporate offices closing and federal civil servants wrapping up business ahead of the holidays, outbound commercial demand to the Federal Capital Territory slows significantly, preventing the steep price escalation observed on homecoming corridors.

South Sudan dismisses rebel link to charcoal trade as Ugandan traders count losses

As country awaits final position from legislature and executive on use and trade of charcoal, following Speaker Jacob Oboth Oboth’s pronouncement before Parliament two weeks ago, South Sudanese authorities have dismissed claims that harvesting of forest products in their territory is facilitating illegal rebel activities.

On several occasions, authorities in Uganda have defended enforcement on claims that South Sudan authorities accuse them of empowering illegal armed groups in Central Equatorial State areas of Yei, Morobo and Kajo-Keji counties through forest product business.

However authorities in Kajo-Keji County say trade was authorised and contracted by South Sudan government.

“This company known as Royal Merchant Trading Company was contracted by government of South Sudan to clear area around Moroto training Centre for cantonment. That’s why company is welcoming foreigners who have come to register and buy charcoal, logs and timber; they will be given opportunity to buy from registered company, this is because county government has knowledge of company,” said Peter Jackson Golo, Administrator of Kerwa Boma in Kajo-Keji County.

Golo says allegations that charcoal trade is aiding rebels are false.

“The claims I am hearing from Uganda are not true, this specific area is under government control not rebels and we want to refute this claim,” he said.

Isaac Akot Dobo, Field Operations Manager for Royal Merchant General Trading Company Limited, says they were contracted to clear area without pay and government told them to harvest forest product in return.

“We were contracted by government of South Sudan to do clearance of area around Moroto in Kajo-Keji for military training, all legal procedures were done with government of South Sudan. When it comes to charcoal business, government offered us contract to clear place called Moroto as training Centre, so government said she doesn’t have money and trees we are going to clear from ground, we burn it and then we sell to get our money so as company, these over 250 charcoal traders from Uganda are our clients, they came to us, we registered them and they buy our charcoal. Some charcoal also comes from communities, so they also buy from communities. In case of any problem from South Sudan side, company is responsible,” Dobo said.

He says for trader to get bag of charcoal, you need to clear landlord, government and finally get charcoal. For clearance one spends Shs 8,000 while bag costs Shs 22,000.

“Over 100,000 bags of charcoal of our clients are stranded here in bush, sacks are rotting yet they have sunk millions of shillings, therefore my humble request to government of Uganda is for them to allow these traders take their charcoal to market,” he said.

Managing Director of Royal Merchant Trading Company Abraham Mariel says company was contracted by South Sudan government to clear forested areas and subsequently signed Memorandum of Understanding with Ugandan traders to harvest and trade forest products.

But following ban in Uganda, hundreds of bags belonging to Ugandan traders are stranded in Liwolo Payam, Kajo-Keji County.

Traders say suspension is making them count losses, fail to pay loans, feed families and pay school fees.

Trader Salam Ovizio said: “Mr President, Gen Muhoozi, I want tell you we are a moving corpse as we talk because we no longer eat, we no longer have any access to money to sustain our families, we have been respecting this directive since 2023 however we have been single parents we are facing a lot of challenges, I don’t have feed my family and pay their school fees, we even crossed to South Sudan to trade but still we have been stopped. Currently I have 2000 bags charcoal stranded here in South Sudan.”

Another trader Lawrence Ndawula said: “We are currently in deep pain because of this directive, we borrowed loans and can no longer pay back because money has been converted into charcoal yet we can’t take to market – for me alone, I have 4000 bags worth 80 million. This is money that I borrowed as loan.”

Zaitun Bako said she has 2,500 bags worth Shs 60 million: “I have 2000 bags of charcoal at assemble point, 500 bags which is still in bush, these are all money, we left our children home and for over 5 months we haven’t seen them because we are looking for survival, my message to president is that you can’t talk about social economic transformation when your citizens are poor, you’re impoverishing us more with this your directive, how do you feel killing someone’s capital in such way, we need your pardon such that we take our produce to market.”

Team leader of affected traders Dorcus Okello said about 200 Ugandan traders are affected, with 100,000 bags worth Shs 6 billion stuck and rotting.

“Apparently this business has been put on halt some two months back, it was on 2nd of August since then as business community who have their commodities in another country, we have been trying our level best to negotiate, Division commander in Gulu promised us and requested we write letter giving details of those affected of which we did, however to our dismay, nothing has happened, we are over 250 affected traders with 100,000 bags of charcoal worth Shs 6 billion affected,” Okello said.

According to Okello, trade was conducted after obtaining clearance from relevant authorities in both countries, including revenue authorities.

“We pay taxes, we buy charcoal from South Sudan and pay government of South Sudan, we go to Uganda and pay taxes, we pay revenue to district of entrance and then Uganda Revenue Authority where we are exited to market,” she said.

She says each truck pays Shs 1.3 million to URA.

“We want to be helped; most of us are single mothers, widows, widowers, loan holders among others. When getting clearance from URA, we pay Shs 4000 per bag and truck loads 300 bags which translates to 1.2 million, our appeal to government is they should give us window period of 3 months for us to get our charcoal out of South Sudan and take to market,” she said.

State Minister for Sports Peter Ogwang says impounded charcoal has become concern and needs to be disposed of.

“The issue of charcoal has become continuous, however cabinet took decision after members from northern Uganda complained to president about massive environmental depletion in Northern Uganda, again now we are seeing clash back, for now I know people in Koboko can’t afford use of gas and electricity, as we wait for government position – let’s also protect environment,” Ogwang said.

Traders say if government does not intervene, they will incur huge losses after investing heavily in trade they say was legal and cleared by both countries.