Missing Persons: Nigeria’s Hidden Humanitarian Crisis

Every year, on August 30th, the world marks the International Day of the Disappeared, a day set aside to honour the countless people who have gone missing in the context of armed conflict, violence, migration or disaster.

Globally, the scale of the crisis is staggering. As of 2025, more than 284,000 people were officially registered as missing with the International Red Cross and Red Crescent Movement. Yet, humanitarian organisations stress that the true number of disappeared persons is far higher, running into millions.

Nigeria is no exception to this tragedy. A recent Daily Trust report captured figures from the International Committee of the Red Cross (ICRC), which revealed that more than 17,000 people are registered as missing in the country. Over 90 per cent of these cases are linked to armed conflict and insurgency in the North-East, as well as banditry and mass kidnappings in the North-West and North-Central regions.

The numbers are particularly higher in the North-East, with Borno State alone accounting for about 9,000 missing persons, while Adamawa has 3,000 and Yobe 2,500. Together, these three states recorded nearly 14,500 cases. The report also revealed that insurgency remains the major cause of disappearances in the region, leaving thousands of families trapped between hope and grief.

This data is deeply troubling for a country that prides itself on democratic principles. Missing persons represent a hidden humanitarian crisis that rarely receives adequate attention. Too often, the issue only surfaces during international commemorations, but in reality, thousands of Nigerians continue to be affected due to the relentless activities of insurgents, bandits, and other non-state actors. Natural disasters such as flooding also contribute to the crisis, while enforced disappearance- a situation where individuals are secretly abducted, detained, or imprisoned by state authorities, with government agencies refusing to acknowledge their fate or whereabouts adds another disturbing dimension.

For instance, Amnesty International has categorised the circumstances surrounding the 2019 disappearance of government critic Abubakar Idris, popularly known as Dadiyatta, as enforced disappearance. He was abducted by armed men shortly after arriving at his Kaduna residence, and six years later, his fate remains unknown. Similarly, the case of Kaduna-based mechanic Saidu Yusuf Gamana, allegedly taken by security agents since 2021, remains unresolved. His family, like many others, continues to wait in anguish, hoping for a reunion.

Beyond enforced disappearances, Nigeria has a troubling history of arbitrary arrests. There are several reports of individuals languishing in prisons or secret detention facilities, either because they cannot afford bail or because they are detained at the behest of powerful individuals. These practices not only violate constitutional rights but also deepen the anguish of families who are left in the dark.

Nigeria’s secret police, the Department of State Services (DSS), which has long faced accusations of enforced disappearance and unlawful detention, has since 2025 begun reassessing what it described as ‘prolonged inherited cases’ to ensure that individuals illegally detained are released with compensation. While this is a step in the right direction, it must be institutionalised and expanded to cover all cases of unlawful detention. The DSS must also entrench a system of transparency so that detained individuals are allowed access to their families and legal representation.

No doubt, the humanitarian consequences of missing persons are disturbing, as behind every missing individual lies a network of family members suffering from uncertainty and anguish. Even when victims are eventually found and reunited with their families, the ordeal is far from over. The healing process can take years, as victims and families grapple with physical and psychological scars from long-term separation or dehumanising conditions in detention.

The ICRC, which continues to document, trace and support families of missing persons, deserves commendation for its tireless work. However, Nigeria’s security agencies, particularly the police, must strengthen their investigative departments to bring closure to families. Even when investigations go cold, the police have a responsibility to review cases periodically and reopen them when necessary. Crucially, they must also keep families updated with periodic progress reports.

Judicial authorities also have a role to play. Chief Judges of states must accelerate prison visitation mechanisms to ensure accountability and justice for victims who have been left to languish for minor offences or due to their inability to meet bail conditions. Such oversight would help prevent arbitrary detentions and restore public confidence in the justice system.

Ultimately, Nigeria must confront this crisis with urgency. It requires stronger investigative capacity, judicial oversight, and accountability from security agencies. It also demands sustained public attention, not just symbolic recognition once a year. The media and civil society organisations must continue to bring adequate publicity to this crisis and hold appropriate authorities accountable.

Rufai Oseni And The Burden Of Objectivity

After reading my intervention on last week’s incident on Arise Morning Show, a friend, who is one of the leaders of public relations practice in Nigeria sent me a message.

‘What’s your professional view about Rufai Oseni?’ They had asked. I replied as follows: ‘I think he’s bright, patriotic and objective. But he gets too emotional and descends into the arena, sometimes doing more than a journalist should do.’

My friend, who said they had known Mr Oseni personally for years, responded: ‘Really? He lacks every trait of a professional Journalist!’ They went further to suggest that the television anchor required training and so on.

I said nothing further for two reasons. One, I do not disagree that Mr Oseni, and any other professional, for that matter, requires continuous training and retraining. Didn’t someone say that the education of a man is never completed until he dies? In addition, I concluded that I would share my opinion on this issue in an article.

I’ll be upfront by admitting that while many Nigerians say Rufai Oseni is biased, I do not think so. I understand that many people, especially those on the receiving end of his sometimes vigorous and relentless ‘interrogation’ of issues and people, judge the Arise Morning Show anchor as partisan, arrogant, and unprofessional. But I do not see it that way. And I say that as someone who follows the show with passion.

Over the years, I have found that Oseni, alongside his colleagues, Dr Ruben Abati, Mrs Ayo Mairo-Ese and, occasionally, Mrs Vimbai Mutinhiri-Ekpenyong, hold their guests to the same demand of accountability, good governance and responsibility.

To extend my assessment of Oseni, I find him to be one of the most brilliant television journalists on Nigerian television today. He is commendably well-read, has an impressive command of facts and figures, and demonstrates an undeniable level of preparation that should be the minimum prerequisite for anyone with the unique privilege of presenting a morning show on national television.

Oseni would remember what a public official said months back. He would retrieve figures, point out contradictions and press on when guests try to evade questions. He is also obviously passionate about Nigeria. You see that passion in virtually every discussion. I cannot imagine that any country should demand less than these qualities from a journalist.

So why does Oseni come across as biased, even unprofessional, to many viewers?

First, we must acknowledge something about the format of the Arise Morning Show. The three main anchors on this show perform at least two distinct functions. Yes, they are journalists, but they are also analysts.

In the first 30 minutes or so, they do not merely tell us what happened; they interpret developments. They interrogate policies, positions and issues. Here, they can draw inferences from political conduct and tell viewers their personal views without equivocation. This also applies to segments like The Brief with Rotus Odiri, World Brief and Newspapers Review by Akinfemi Adesanya, Sports with Aron Akerejola or Ebi Iyomon and What’s Trending by Ojy Okpe.

This distinction between straight news reporting and other forms of broadcast journalism is standard and well recognised. The United Kingdom’s broadcast regulator, Ofcom, for instance, recognises, in Rule 5.9, that presenters outside news programmes, including presenters of personal-view programmes and chairs of discussion programmes, may express their own views on matters of political controversy or current public policy. This freedom, however, demands the adequate representation of alternative viewpoints. Presenters must also not use the advantage of their regular appearances to promote their views in a way that ‘compromises due impartiality.’

Therefore, there is nothing wrong with any anchor telling viewers exactly what they feel in these segments. Analysts who are afraid to reach and convey their conclusions do not deserve the title. If two positions contradict one another, or a policy is incoherent, an analyst should say so. If the conduct of people raises questions about integrity, consistency, competence and such, a journalist, while wearing the cap of an analyst, should be able to make that judgment, as long as it is based on verified or at least verifiable facts. It shouldn’t matter whose ox is gored.

The problem, however, starts when an analyst fails to completely surrender the chair to the journalist when the programme moves into interviews. Therein lies the rub.

The interviewer has a different responsibility from the analyst. He should not arrive at the interview determined to establish the accuracy of his own opinion. He has invited the guest or expert to answer questions and provide information to viewers, and so his role is defined. He should ask questions, interrogate the answers provided, introduce contradictory evidence where necessary, and make it easy for the audience to draw its own conclusion through the information the guest provides or clarifies. However, this doesn’t mean that the journalist should be timid.

Anyone, especially public officials who attend television interviews, should expect difficult questions. And to every question, they should expect a follow-up. When they evade questions, they must know that the interviewer will double down. When they contradict themselves, the interviewer should point it out, and when facts differ from their claims, the interviewer has a responsibility to call them out. That is ideal journalism.

And this is where many of those who criticise Oseni miss the point. Tough or relentless questioning is not necessarily evidence of bias, just as interruption is not necessarily rude. Sometimes, an interviewer has no choice but to interrupt a guest who is apparently avoiding a question, taking too much airtime, or getting unacceptably promotional.

On balance, however, adversarial journalism is not argumentative journalism. The line between interrogating a guest’s argument and arguing with them in an interview is very thin, and interviewers should avoid it.

This is where I think Mr Oseni occasionally gets into trouble with guests and viewers. Sometimes, he appears so emotional and determined to demonstrate his correctness that the question gets too long, and his supplementary question becomes an explanation. The explanation itself develops into an argument, and before long, viewers are left with two people struggling to establish a superior position instead of seeing a journalist extract information from a guest. They become confused instead of educated and better informed. At such times, this spectacle becomes embarrassingly unedifying.

And, unfortunately, things need not get to this point because Oseni is usually armed with enough information. In my opinion, the better prepared an interviewer is, the less he sometimes needs to say. An interviewer should only put the fact to the guest, no matter how inconvenient, ask his question and then find the grace to listen. If the guest prevaricates, repeat your question; if he contradicts himself, ask him to reconcile his position. If he fails, allow him. You have made your point, and the audience, which is never stupid, already sees it. Interviews should not degenerate into shouting matches and altercations simply because an interviewer wants his opinion to win the day. His desire to prove his own opinion should, in fact, be unseen in an interview.

Despite all of these, it will be difficult to sustain the charge of political bias against Oseni. A journalist’s strong views or aggressive questioning should not amount to allegiance to an opposing view and vice versa. To judge an interview’s objectivity, the most useful test should be consistency.

Does the interviewer subject claims to equivalent scrutiny regardless of who makes them? Does he interrogate attempted evasions from politicians he is presumed to favour with the same intensity with which he engages those he is presumed to dislike? Does he treat evidence with the same seriousness without regard to political tendencies? These are fair questions for Oseni, his colleagues on the Arise Morning Show, and every journalist.

On these questions, I do not recall any persuasive evidence of Rufai Oseni using his platform to advance the electoral fortunes of one political tendency over another. On the contrary, he repeatedly demands that government must deliver to the people, and that candidates must not just make promises, but spell out the methodology for attaining campaign promises. I see a man with a very strong passion for seeing Nigeria work, but who sometimes allows his convictions to become too visible and dominate his interviews with people who disagree with his views. That contradicts the journalist’s role, but it is no proof of bias.

But the average viewer may miss this distinction, and that is where professional restraint becomes critical. Journalism is most effective when it is credible, and credibility largely depends on perception. When many viewers assume they already know an interviewer’s position before a guest even starts to answer questions, the journalist has created a problem for himself, even when that perception is misplaced and unfair.

So, the journalist needs restraint. He also needs proper characterisation of roles when he wears more than one cap, as we have on the Arise Morning Show.

God forbid that Nigerian television lacks interviewers with knowledge and courage, but a journalist must resist the temptation to complete the argument for the guest or force personal opinions down the throats of his viewers. When a journalist crosses that thin line, he risks creating the impression of partisanship even though he is not necessarily partisan.

Adedokun is a writer, book coach and public relations consultant

Abiodun: Governors, Not Tinubu, Should Account For Subsidy Gains

Ogun State Governor, Dapo Abiodun, has said state governors, rather than President Bola Tinubu, should be held responsible for explaining how funds accruing from the removal of petrol subsidy are being spent.

Abiodun said the removal of the subsidy had increased allocations to state governments, making governors better positioned to account for how the additional revenue was being utilised.

The governor spoke at a rally organised by the All Progressives Congress (APC) in Ogun.

He was reacting to criticism from opposition politicians over the management of funds saved from the removal of the petrol subsidy. According to Abiodun, it was inappropriate to demand that Tinubu account for the gains from the policy when state governments receive increased allocations from the Federation Account.

He said governors had been using the additional funds to finance infrastructure and other development projects across their states.

‘They said they want to return the subsidy. Are they mad? They were asking our leader to explain what he did with subsidy removal gains,’ Abiodun said in Yoruba.

‘It is we (governors) that should make such explanations because it is we, state governors, that collect the money.

‘Besides, what have we been using to build roads, schools, provide good housing and incentives for farmers? Isn’t it from subsidy?’

The governor’s comments come amid renewed political arguments over the economic impact of the removal of petrol subsidy and how the resulting increase in government revenue has been distributed and spent.

Abiodun also used the occasion to attack opposition parties ahead of the 2027 general elections, expressing confidence that the APC would defeat its political rivals.

‘Go and tell your people that all of them are not up to one. We will defeat them mercilessly,’ he said.

The controversy over the utilisation of funds associated with subsidy removal has featured prominently in the political debate in recent weeks.

Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has repeatedly criticised the Tinubu administration over what he described as a failure to account for the savings generated by the removal of the subsidy.

Atiku has also vowed to restore the petrol subsidy if elected president in 2027, arguing that the government has not adequately explained how the savings from its removal have been utilised.

Tinubu, however, rejected the proposal, describing it as evidence of what he called ‘serious ignorance of governance and economy.’

The President also argued that some state governments were struggling to pay workers’ salaries and pensions before he assumed office, linking the improvement in states’ finances to the reforms introduced by his administration.

On August 19, Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, said the removal of the petrol subsidy had enabled the federation to mobilise N15.8 trillion between June 2023 and December 2025.

The figure has since featured in the broader debate over the fiscal impact of the subsidy removal and the extent to which the additional revenue has translated into improved public services and infrastructure.

Atlanta 1996 Heroes Reunite For Novelty Match Nov 8

The 1996 Olympic gold medalists are set to reunite for a novelty match tagged ‘Legend Football Match,’ which is one of the lined-up activities celebrating their historic triumph in Atlanta, where they became the first African nation to win Olympic gold in men’s football.

Guided by Dutchman Jo Bonfrère, the squad stunned the world by defeating football giants Brazil in the semi-final and Argentina in the final, rewriting history and elevating Nigeria’s global football reputation.

The match is scheduled for November 8, 2026, at Onikan Stadium, Lagos, during the CANEX WKND 2026. It is organised by Afreximbank in partnership with TopTier Sports Management.

Temwa Gondwe, Director of Creatives and Diaspora at Afreximbank, described the 1996 squad as ‘an epitome of resilience,’ noting that their story continues to inspire new generations.

‘The 1996 Super Eagles did more than win Olympic gold; they re-wrote the global narrative, proving to the world that African talent is an unstoppable force. Today, the intersection of sports, entertainment, and culture is the heartbeat of Africa’s creative economy,’ he said.

Gondwe added that the Legends Game is not only a celebration of past glory but also a strategic platform to discuss the future commercialisation and empowerment of African athletes and creatives worldwide.

Chichi Nwoko, founder and CEO of TopTier Sports Management and What Media Group, praised the dedication of the squad, explaining that the novelty match was organised to honour their efforts.

Customs Busts N50m Tramadol Shipment In Kwara

The Nigeria Customs Service (NCS), Kwara Area Command, said it has intercepted 3,396 packets of 100mg tramadol valued at N50.946 million in the state.

The consignment was intercepted along the Okuta axis during an operation driven by actionable intelligence and sustained patrols.

The Acting Area Controller of the command, Deputy Comptroller Najeem Akanmu Ogundeyi, disclosed this on Thursday in Il?rin.

Ogundeyi said the seizure underscored the command’s resolve to prevent Kwara from becoming a transit corridor for illicit cross-border trade.

He said the movement of controlled pharmaceutical substances through unapproved routes posed serious risks to public health and national security.

According to him, the latest operation also showed how smugglers were ‘diversifying their activities beyond conventional goods to include controlled drugs, petroleum products, foreign food items and uncustomed vehicles’.

The Tramadol seizure formed part of eight major interceptions recorded across different operational corridors of the command, with a combined Duty Paid Value of N604.33 million.

Other seizures included 6,705 cartons of foreign spaghetti valued at N201.15 million, 270 bags of foreign parboiled rice worth N25.245 million and 6,875 litres of Premium Motor Spirit valued at N2.75 million.

Customs also intercepted a 2025 Toyota Highlander with a DPV of N214 million and a 2018 Dodge Charger SXT valued at N77.59 million, alongside used clothing and 14 bags of Basmati rice.

Ogundeyi, who assumed duty on December 17, 2025, said the enforcement of cross-border trade laws should not be interpreted as opposition to food availability or legitimate commerce.

BRICS Summit: Shettima Embarks On Fresh Trip Amid Tinubu’s Leave Abroad

Vice-President Kashim Shettima is expected to join other world leaders in New Delhi, India, for the 18th BRICS Leaders’ Summit, which is billed for this weekend.

The spokesman to the Vice President, Stanley Nkwocha, in a statement, said Nigeria is to use the summit to consolidate bilateral relations with key international partners, expand economic cooperation and advance its strategic interests.

‘The engagement will provide Nigeria with another platform to strengthen partnerships in trade and investment, energy, agriculture, solid minerals, technology, and innovation, while promoting greater cooperation among countries of the Global South.’ the statement said.

Shettima will represent President Bola Ahmed Tinubu, who is currently on vacation in Europe. India’s 2026 BRICS Chairship is anchored on the theme, ‘Building for Resilience, Innovation, Cooperation and Sustainability,’ with deliberations expected to cover political and security cooperation, economic and financial partnerships, as well as cultural and people-to-people exchanges.

While in New Delhi, Shettima will join leaders of BRICS member and partner nations, alongside other invited dignitaries, at plenary and high-level sessions examining global economic growth, multilateral cooperation, and shared development priorities.

Shettima will also hold bilateral engagements with leaders and senior officials of participating countries, with discussions expected to focus on opportunities for deeper economic and diplomatic cooperation with Nigeria.

Nigeria, a BRICS partner country since January 2025, is opening another channel for the country to deepen South-South cooperation and engage some of the world’s emerging economies on trade, investment, development finance and reform of global governance institutions.

According to the statement, ‘The country’s participation is consistent with President Tinubu’s drive to strengthen the country’s international economic partnerships, attract investment and expand markets for Nigerian products, particularly in agriculture, energy, minerals and other non-oil sectors.’

The summit comes as BRICS marks 20 years since its establishment and as the grouping seeks greater practical cooperation among its expanding network of member and partner countries.

Shettima will return to Nigeria after participating at the event.

As of the time, Tinubu departed the country, Shettima was in Angola for the 21st Extraordinary Session of the Assembly of Heads of State and Government of the African Union.

The opposition had criticised the absence of both leaders in the country. However, the Vice-President returned to Nigeria less than 48 hours after the President’s departure.

NCDC begins headquarters remodelling

North Central Development Commission (NCDC) has begun remodelling and renovation of one of the office structures donated to the commission by the Nasarawa State Government to provide additional office space and a more conducive working environment for its growing workforce at its headquarters in Lafia.

The Managing Director and Chief Executive Officer of the agency, Dr. Cyril Tsenyil, said this while handing over the facility to the contractor, Messrs Geodata Construction Nigeria Ltd., after inspecting the building alongside the Executive Director Projects, Princess Atika Ajanah.

Tsenyil described the remodelling and renovation as critical to the operational success of the commission, noting that the provision of adequate office facilities was essential to enable workers to effectively discharge their responsibilities and advance the mandate of the NCDC.

He urged the contractor to abide by the specifications and terms of the contract and ensure the project is delivered within the stipulated timeframe and to the required standard.

The NCDC boss expressed profound appreciation to the Governor of Nasarawa State, Abdullahi Sule, for his magnanimity and continued support to the commission, particularly for donating the facility in addition to another building, which the state government renovated and which is currently being used by the agency for its operations.

Tsenyil said since its establishment, the commission had been undertaking foundational activities, including extensive consultations and engagements with key stakeholders across the Northcentral, aimed at securing their buy-in and obtaining their inputs into the development of a comprehensive blueprint for regional development.

He said the series of engagements would culminate in the maiden North Central Development Summit scheduled to hold in Abuja on September 14 and 15.

According to him, the summit is expected to provide a broad framework and strategic direction for coordinated and sustainable development across the Northcentral.

The Executive Director of Projects, Princess Atika Ajanah, said the remodelled building would accommodate five directorates of the commission and provide office space for over 100 workers.

She said the main reception of the commission would also be located at the remodelled facility, while a new entrance gate would be built to improve access to the complex.

Ajanah said the Projects Directorate would monitor the execution of the project to ensure compliance with approved specifications and quality standards.

She said the project had duration of 15 to 16 weeks, expressing confidence that the completed facility would improve the working environment and operational capacity of the commission.

The representative of Geodata Construction Nigeria Ltd., Jim Jibril, assured the managing director that the company would deliver a quality project in accordance with the specifications, standards and terms of the contract.

He pledged the commitment of the company in ensuring the project is executed professionally and delivered within the agreed timeframe.

Central bank reserves need bigger buffers and sharper judgement: AIIB

Reserve managers should stop trying to forecast markets and focus instead on preserving confidence, protecting capital and keeping their options open, Asian Infrastructure Investment Bank (AIIB) Treasurer Domenico Nardelli told delegates at the Reserve Management Conference 2026 in Colombo yesterday.

Nardelli was special guest speaker at the inaugural session of the conference, themed ‘Building Buffers: Strategies for Reserve Management Amidst Heightened Uncertainties’ and organised by the Central Bank of Sri Lanka. The event runs from 10 to 12 September, 2026.

Speaking after Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe, Nardelli said AIIB, though a treasury rather than a central bank, faces many of the same pressures reserve managers do. He structured his address around four themes: volatility, liquidity, the dollar’s role alongside gold, and artificial intelligence.

Volatility hidden beneath a calm surface

The VIX index, the standard gauge of US equity volatility, shows no structural rise once crisis periods such as the COVID-19 pandemic and the ‘Liberation Day’ tariff shock are excluded, Nardelli said. Fixed income tells a different story. The five-year US Treasury note yield sold off almost a full percentage point over six months, and the 30-year Treasury swung by several basis points within two days in mid-August, a move Nardelli illustrated with a chart drawn from a recent Financial Times report.

He added that investor concentration in technology and artificial intelligence stocks has produced sharp equity gains followed by sharp corrections, given how capital-intensive those sectors are. His conclusion: even the safe assets at the core of official portfolios are now more exposed to sudden swings.

Case for bigger, costlier buffers

Nardelli split liquidity into two ideas: how easily an asset trades at a tight price, and how large a buffer an institution should hold. Shorter-dated government Bonds remain more liquid than longer corporate debt, he said, and liquidity in government Bonds and equities remains reasonable overall, though it has thinned in longer tenors. He noted that the mid-August Treasury swings occurred while the US Treasury Secretary was himself arguing that market liquidity was poor.

AAA-rated multilateral development banks such as AIIB hold large liquidity buffers partly because rating agencies monitor them closely on cash-flow and market-shock resilience, Nardelli said. Central banks and corporate treasuries work to similar, looser parametres but tend to under-size their buffers, constrained by the financing cost of holding cash they may not need.

His view: the current climate calls for holding more liquidity than institutions have been used to, because a liquidity policy is always one shock away from being tested, and shocks now arrive fast. He cited accelerated outflows, cyber incidents and geopolitical conflict as recurring triggers.

To make the point, Nardelli described two Florentine banking houses that lent heavily to an English king in the 1300s to finance a war with France, expecting a short campaign and prompt repayment.

The war instead became known as the Hundred Years’ War, and when the king defaulted, both houses collapsed in quick succession, contributing to a prolonged downturn around Florence. He drew a direct line to the 2023 collapse of Silicon Valley Bank: in both cases, an unexpected event left the institution without enough cash to reassure clients.

No liquidity buffer would have stopped either collapse outright, Nardelli acknowledged, since neither a sovereign default nor a bank run can be fully insured against. But larger reserves make institutions stronger and buy time to act once a crisis hits.

He argued the cost of holding extra liquidity is better understood as insurance than as a drag on profits, and said his own AIIB portfolio runs more conservatively than internal or rating agency benchmarks require.

Dollar’s dominance intact, but diversification accelerating

Nardelli addressed growing commentary, including recent coverage in the Financial Times and The Economist, questioning whether US Treasuries still deserve their status as the world’s risk-free benchmark. He listed genuine concerns: the loss of the United States’ top AAA credit rating, rapid growth in US government debt alongside rising debt levels in Europe, higher debt-servicing costs from elevated rates, and the possibility that traditional large buyers of Treasuries may now repatriate holdings as their own rates rise.

Even so, he pushed back on talk of the dollar’s decline. The dollar remained the leading reserve currency, US Treasury markets remained among the deepest and most liquid in the world, and the global financial system stayed anchored in dollar liquidity. Its share of global official foreign exchange reserves stood at 57% in the first quarter of 2026, according to the IMF, out of roughly $ 13 trillion in total official reserves worldwide.

Investors are not abandoning dollar assets, Nardelli said, but pushing for more diversification by asset type and jurisdiction, driven by geopolitical conflict, tariff risk and climate exposure to specific locations. That diversification carries its own cost: tailoring products and systems to individual jurisdictions raises operational complexity and maintenance costs, a trade-off he said reserve managers need to weigh against diversification’s resilience and return benefits.

Cautious view on gold

Gold rallied sharply after the COVID-19 pandemic following a flat decade between 2010 and 2020, and has surged further over the past two years past $ 4,500 per ounce, Nardelli said. Its appeal is straightforward: no credit risk, reasonable liquidity, and protection against inflation, offsetting its traditional drawback of paying no interest. Geopolitical uncertainty is now reinforcing that appeal, he said, and he does not rule out fresh highs.

AIIB nonetheless holds no gold. Nardelli recalled a 2024 meeting with a Middle Eastern central bank invested in AIIB that held 50% of its own assets in gold, a proportion that struck him as high at the time but has since paid off on gold’s long-term chart.

Zooming into shorter-term price action changes the picture: gold fell almost 30% in the first half of 2026 and is only now recovering towards $ 5,000. For a treasury manager whose gains and losses feed straight into an institution’s bottom line, he said, that scale of swing is hard to sit comfortably with.

As an alternative, Nardelli pointed to bonds issued by multilateral development banks, mostly in US dollars, which offer credit diversification rather than currency diversification. Spreads on AIIB and other MDB dollar bonds against comparable Treasuries have tightened steadily over the past two to three years, alongside larger-than-usual order books across recent offerings, both signs of rising demand.

AI already saving hours, tokenisation raising new questions

Tokenisation of assets and blockchain-based payment systems will likely do more to diversify global investment than any shift out of the dollar into alternative currencies, Nardelli said, by making it cheaper and faster to move money across markets, easing access to leverage, and opening cross-border markets to more investors.

That progress leaves an open question for supervisors: how to regulate a market growing more fragmented, with platforms often incorporated in different jurisdictions from the investors who use them.

On artificial intelligence, Nardelli expects efficiency gains in portfolio management to match those seen elsewhere.

AIIB has built in-house language models trained on its treasury data, letting him ask detailed questions, such as the bank’s exposure to French banks within its roughly $ 30 billion portfolio, or the impact of shifting $ 1 billion into three-year Belgian and Norwegian government bonds, and get answers within seconds. The same query took his team several hours’ only months earlier.

He expects further gains from AI tools that turn research and market intelligence directly into investment decisions, arguing that reserve managers today face information overload and need better ways to filter critical signals from noise. Human judgement will remain irreplaceable, he said, but AI will increasingly assist in decision-making.

Nardelli closed with three points for the room: liquidity remains a central line of defence, diversification by asset type and jurisdiction will keep expanding, and technology will make reserve management steadily more efficient.

Akufo-Addo’s Last Mirth

Following revelations and confessions originating from the stalled National Cathedral project, former President Akufo-Addo can have the last laugh.

And it came to pass that a national cathedral was conceptualised, its features standing it as one of the largest of its kind in the world. Besides the spiritual dimension, it was intended to serve as a tourist attraction.

It was stalled at its foundation stage, victim of the abrasive propaganda of the National Democratic Congress (NDC) in the run-up to the 2024 elections.

All manner of monikers were heaped upon the project by politicians who colluded with a pack of willing clergymen to give the project a bad name and hang it.

They succeeded in having their way, the corruption tag festooned around the neck of the project too visible to be ignored by voters. The regime change agenda worked, but time has let out the contents of its belly.

Audited reports by world-class PricewaterhouseCoopers (PwC) absolved management of the project of corruption. A further auditing scrutiny was ordered, this too to no avail in establishing even an iota of corruption.

With nothing to stand on as grounds to smear the trustees and even the then New Patriotic Party (NPP) government of corruption, a flimsy charge by the Attorney General was that a house of God should not be built the way the project under review is. Whatever that means?

Another weak excuse was that the project should not have been sited where it is.

The foregone are indicators about the politicisation of the project and how hard the bad guys sought to drown the image of the respected personalities at its helm.

God’s war will be fought by Him alone, not by humans. This is being manifested by the matters arising thereof.

While Mahama Ayariga said the project should not be stalled, his party having stood against it earlier, the wicked agenda of the NDC is too clear.

The bombshell however originated from one of the two trustees who seemingly expressed regret about the non-execution of the project, having resigned from his trusteeship position on the board.

Archbishop Duncan-Williams, who resigned, has absolved the project of the corruption charge on a hindsight.

The project was stopped not because of corruption, but the non-commitment of Christians to have it completed.

This variation from the corruption suspicion he expressed in his letter of resignation is rich and mind-boggling, given his position on the Christianity space in the country.

He referred to selfish Ghanaians who are concerned about themselves and not the Dominion.

What he did not do during his presentation was apologise over his earlier stance when he smelled corruption. Such expression of remorse would have been good.

Pastor Otabil, another member of the board of trustees of the project, recently rebuked Ghanaians for allowing partisan politics to derail the $97 million National Cathedral project.

See why former President Akufo-Addo can open a bottle of champagne and drink to the good health of the proposed National Cathedral? Laughing last is best.

Police Arrest 4 Over Alleged N21m Photographic Equipment Theft

The Akwa Ibom State Police Command has arrested four suspects over the alleged theft of photographic equipment worth N21 million from studios in the state.

The Police Public Relations Officer, DSP Timfon John, disclosed this in a statement issued on Thursday in Uyo, saying one of the suspects, identified as Nicholas Olamide, confessed to his involvement in the theft and led investigators to other suspects and locations where some of the stolen items were recovered.

John said the owner of one of the affected studios, identified as Aniekan, reported that his photo studio was burgled by unknown persons who gained access through the roof.

She said the stolen items included a Canon 6D Mark II camera, Nikon D850 camera, Sony A7 Mark II camera, AD200 studio light, AD600 studio light, Shaker studio light and a box of memory cards, valued at N13.14 million.

‘Acting swiftly on the complaint, Police operatives commenced discreet investigation and intelligence-led follow-up, which culminated in the arrest, on 7th September 2026, of one Nicholas Olamide, ‘M’, a native of Ibogi, Ile-Ife, Osun State, who resides in Eket, Akwa Ibom State,’ she stated.

According to her, Olamide allegedly confessed during interrogation and subsequently led investigators to Abasiakan Ikpembe of Abak Local Government Area and Edward Francis, ‘M’, of Afaha Ube Street, Uyo.

‘His disclosures led the operatives to Abasiakan Ikpembe of Abak Local Government Area and Edward Francis, ‘M’, of Afaha Ube Street, Uyo, where several of the stolen items, alongside other articles reasonably suspected to have been stolen, were recovered,’ John stated.

The police spokesperson said further investigation showed that Olamide was allegedly involved in other burglary and stealing incidents in Uyo and other parts of Akwa Ibom.

She said he allegedly burgled a photo studio at No. 135 Aka Road, Uyo, between July 28 and August 5, 2026, and stole photographic equipment and accessories estimated at N8 million.

The stolen items included an Itel A80 mobile phone, tripods, LED light tripod, bracket, Godox AD200 and AD600 studio lights, Godox speedlight, Godox triggers, Sony A7 camera, Sony 50mm lens, Gimbal R3 Mini, photo lights, make-up bag, AD600 bag, speedlight bag, 700GB drive and AD600 chargers.

John added that the suspect allegedly stole a Canon camera and lens belonging to one Richard from a photo studio at Aka Estate, Ikot Ekpene Local Government Area, on August 25.