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Quidax targets banks, asset managers as stablecoins reshape Nigeria’s financial services

Quidax, an African-founded cryptocurrency exchange, is positioning itself to provide the infrastructure and regulatory support for banks, asset managers and fintech companies seeking to introduce stablecoins and other digital assets to their customers as Nigeria’s financial services industry prepares for deeper institutional adoption of cryptocurrencies.

Buchi Okoro, co-founder and chief executive officer of Quidax, said the company expects growing interest from traditional financial institutions and businesses across different sectors seeking to integrate stablecoins into their products and services over the next five years.

The shift could expand the use of digital assets beyond individual traders and cryptocurrency investors, bringing stablecoins closer to mainstream financial services, including payments, cross-border transfers and the management of currency exposure.

Okoro said Quidax intends to become a trusted technology and infrastructure partner for institutions making the transition, with emphasis on regulatory compliance, market education and operational standards.

‘Over the next five years, our focus is on supporting the ecosystem around us. More and more institutions – banks, asset managers, fintechs and businesses across every sector – are considering how to bring stablecoins and digital assets to their own customers.

‘We want to be the trusted partner that helps them on that journey: educating the market, holding ourselves to the highest professional and compliance standards, and building the infrastructure that lets them serve their customers today and well into the future,’ he said.

Okoro spoke on Tuesday at The Exchange, an invitation-only event on stablecoins and digital assets hosted by Quidax in partnership with Tether, issuer of USDT, at the Lagos Continental Hotel. The gathering brought together regulators, financial technology executives, industry leaders and legal and audit professionals.

The proposed institutional expansion comes as Nigeria consolidates its position as one of the world’s largest cryptocurrency markets, with stablecoins increasingly used by individuals and businesses to move money across borders and manage exposure to currency fluctuations.

John Briggs, head of the Securities and Exchange Commission’s Lagos Zonal Office, representing the Commission’s director general, Emomotimi Agama, said Nigeria received more than $92.1 billion in on-chain value between July 2024 and June 2025, making it the largest recipient in Sub-Saharan Africa during the period.

Across the region, on-chain value received exceeded $205 billion, representing an increase of approximately 32 percent year-on-year, according to Chainalysis figures cited by Briggs.

He also said the 2026 Global Crypto Adoption Index ranked Nigeria third globally in overall cryptocurrency adoption and first in peer-to-peer activity and cross-border flows.

‘These are not abstract statistics. They are Nigerians who are traders, families, young entrepreneurs, using digital assets, and stablecoins in particular, to move value across borders and manage currency risk,’ Briggs said.

The figures highlight the commercial opportunity for financial institutions seeking to reach customers already using digital assets outside conventional banking channels. They also point to the growing importance of stablecoins in Nigeria’s payments and cross-border financial ecosystem.

However, moving institutional customers into digital assets will require more than access to cryptocurrency trading platforms. Banks and asset managers will need reliable infrastructure, clear compliance arrangements, transparent operations and safeguards that address custody, transaction monitoring and consumer protection.

Okoro said trust would determine whether digital assets could gain wider acceptance among businesses, regulators and customers, arguing that institutions operating in the sector must demonstrate accountability rather than rely solely on technological innovation.

Quidax, which received a provisional licence from the SEC, is seeking to use its regulatory standing to strengthen its position as an intermediary between traditional financial institutions and the digital asset ecosystem.

‘Trust is the new currency. In the physical world, people can walk into a branch, shake a hand and look someone in the eye. In the digital world, they cannot, so trust has to be earned in other ways: through regulation, transparency, and doing the right thing every single day. If your customers, your partners and your regulators cannot trust your business, nothing else you build will matter,’ he said.

For the SEC, the expansion of digital assets into mainstream financial services presents an opportunity to develop a regulated market while addressing the risks associated with a rapidly growing industry.

Briggs said the Commission was determined to ensure that Nigeria’s digital asset market developed on the foundation of trust, particularly as stablecoins become more important to financial transactions.

‘The question before us is not whether digital assets will shape the future of finance in Nigeria. They already do. The question is whether that future will be built on trust. The Commission is determined that it will,’ he said.

The emerging institutional interest could create new opportunities for licensed exchanges and infrastructure providers, but the pace of adoption will depend on how effectively regulators and market participants address operational, compliance and consumer protection concerns.

For Quidax, the opportunity is to move beyond serving individual cryptocurrency users and become part of the underlying infrastructure through which banks, asset managers and businesses deliver digital asset services to their customers.

ýC’River: We’ve reduced domestic debt by N70bn – Gov. Otu

ýCross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity.

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ýOtu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.

He charged party leaders and campaign officials to take the administration’s achievements to the electorate, insisting that continuity was essential to consolidating the foundations already laid for sustainable development.

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ýReflecting on the circumstances surrounding his assumption of office in May 2023, the governor said the state was grappling with insecurity, a demoralised public service and underutilised public assets.

‘We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments,’ he said, describing the administration’s first phase as one of recovery and restoration.

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ýOn fiscal management, Otu said his government had reduced the inherited domestic debt of more than ?204 billion by over ?70 billion without taking fresh loans, bringing the outstanding debt to approximately ?132.3 billion as of March 2026.

He also disclosed that internally generated revenue increased from ?21.1 billion in 2022 to ?46.3 billion in 2024.

‘Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,’ he said, adding that improved revenue and financial discipline would strengthen investment in public services.

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ýThe governor identified the recovery of strategic public assets as another major achievement, citing the reclamation of Tinapa from the Asset Management Corporation of Nigeria (AMCON), the recovery of nearly ?1 billion from Etung Cocoa Estates and other public assets, and ongoing efforts to reclaim the state’s oil wells and secure its interests in the Bakassi axis and proposed Deep Seaport.

Obi in Bayelsa, urges Tinubu to return home to rest

Peter Obi, presidential candidate of the Nigeria Democratic Party (NDC), has advised President Bola Tinubu to go return home to rest, saying he lacked the energy to govern

Obi made the call on Friday during the commissioning of the NDC State Secretariat and campaign office in Yenagoa, stressing that Nigeria needs a president and capacity to address the nation’s daunting challenges.

He insisted that Nigeria can no longer afford a leadership that lacked the energy required for effective governance and that Tinubu should abandon his re-election ambition.

The former Anambra State governor criticised the All Progressives Congress (APC)-led Federal Government over poverty, hunger, unemployment, insecurity, poor healthcare and inadequate electricity supply in the country.

He described the prevailing socio-economic situation as troubling, saying millions of Nigerians were struggling to meet their basic needs while access to essential services such as healthcare, education and employment remain major challenges.

‘Today, we have a country that produces the highest number of poor people in the world. Today, we have a country where our people are hungry. Nigerians don’t know where the next meal will come from,’ he said.

Obi expressed worry that some Nigerians had resorted to seeking spiritual intervention instead of medical treatment because of inadequate healthcare facilities, adding that the absence of quality schools and employment opportunities had further worsened the situation.

He assured Nigerians that the NDC is offering an alternative political direction anchored on national unity, security, production, accountability and economic opportunities.

‘We are telling you that NDC is coming to build a new Nigeria that is possible. We want to move Nigeria from consumption to production. We will start by uniting the country,’ he said.

He pledged that an NDC administration would tackle insecurity, strengthen public institutions and ensure that Nigerians, irrespective of their ethnic or geographical backgrounds, feel a sense of belonging.

Condemned the persistent cases of kidnapping and attacks on communities being witnessed across the nation, he promised a more decisive security response if elected.

Obi also promised to make public education accessible, saying his administration would work with state governments to provide classrooms and ensure free basic education at the primary and secondary levels.

On power supply, he pledged that an NDC government would produce, transmit and distribute at least 10,000 megawatts of electricity compared to about 4,000 megawatts currently being generated.

He further promised to support industries and small businesses, create employment opportunities for young Nigerians and proposed the development of seaports across the South-South region.

According to him, the proposed ports would serve areas including Warri, Port Harcourt, Bayelsa and Calabar, pledging improved road infrastructure to connect the states and stimulate economic activities.

Obi also took a swipe at the Federal Government over the country’s borrowing, challenging Tinubu to explain how the funds obtained through loans have been utilised.

He raised questions over President Tinubu’s reluctance to visit Bayelsa State for political campaign in spite of the state’s contributions to the country’s oil revenues.

Obi said it was unfair for a president to benefit from the resources generated from the Niger Delta without adequately engaging with the people and addressing their development concerns.

He also criticised Tinubu’s foreign travels, promising that, if elected, his own international engagements would be strictly in Nigeria’s interest and that Nigerians would be kept informed of his whereabouts.

Making a direct appeal for a change of leadership, Obi said: ‘The man is tired. He needs to go home. Tinubu must go and rest. We want him to go and rest.’

He added that Nigeria needs a government that is both accessible and accountable instead of one that is allegedly run around family interests.

Earlier, Henry Seriake Dickson, founder of the NDC and Senator representing Bayelsa West Senatorial District in the Senate, urged Bayelsans to give Obi and all the party’s candidates in the state overwhelming electoral support.

The former governor of Bayelsa State accused the APC of failing to deliver on its promises to the people and criticised the ruling party for what he described as the poor political treatment of some individuals who had served in government.

He called on party members and supporters to mobilise across communities in Bayelsa State to secure support for the NDC candidates.

Dickson also cautioned supporters against intimidation and electoral violence, urging them to remain peaceful but resolute in defending their voting rights.

He said elections should be won through votes rather than the deployment of security personnel to intimidate voters.

‘We don’t do politics with violence. No weapon, no bullet. Overwhelm them with the sheer force in your community. Vote and you declare and you follow up,’ he told supporters.

Dickson said he had worked with Obi for about 25 years, describing their political relationship as one built on longstanding cooperation.

He urged the people to listen to Obi and support the party’s campaign, promising to join the mobilisation efforts across communities in the state.

From Italy to Croatia, a warming climate threatens prized white truffles

ALBA, Italy – Guided by the beam of a flashlight, Tino Marolo follows his dog Stella through the darkness of a Piedmont woodland, searching for one of Italy’s most prized culinary treasures hidden beneath the soil.

In the hills around Alba, home to the world’s most famous white truffles, hunters known as ‘trifolau’ traditionally begin their season on October 1. But increasingly, they are confronting a challenge above ground: climate change.

Months of heat and drought have raised concerns about the future of the prized white truffle, a fungus that depends on cool, moist soils and a delicate relationship with tree roots.

‘The entire month of October was affected by the lack of rain in July and August and the high temperatures, so it was characterized by poor production and poor truffle shelf life,’ said Antonio Degiacomi, president of Italy’s National Centre for Truffle Studies.

According to Degiacomi, dry and compacted soils have also produced smaller truffles this season.

The difficult harvest comes as Alba and the surrounding Langhe hills welcome visitors for the International White Truffle Fair, one of Italy’s best-known food events, which opened on October 10 and runs until December 6.

A changing harvest

For Axel Iberti, president of the fair, the season began slowly, with smaller truffles emerging after a hot, dry summer. More recent rains have improved conditions, helping larger specimens appear.

Despite tighter supplies, demand remains strong. Prices at Alba’s truffle market are running about 20 percent to 30 percent higher than last year, Iberti said, while hotels and other accommodations have largely sold out during the fair period.

The concerns extend beyond this year’s crop.

‘This year certainly stands out from a trend we all know has been going on for five or six years now,’ Degiacomi said, citing hotter summers and increasingly erratic rainfall patterns.

Back in the woods, Marolo says uncertainty has always been part of the hunt.

‘You certainly come home empty-handed more often than you do with a truffle,’ he said. ‘It’s really the thrill of saying: I don’t know what I’m going to find.’

The same warning signs

Similar concerns are emerging elsewhere in Europe’s truffle-producing regions, suggesting a challenge extending beyond any single forest or region.

Across the Adriatic in Croatia, truffle hunters and scientists describe many of the same challenges, from shrinking harvests to declining habitat suitability.

In oak forests outside Zagreb, truffle hunter Petar Alebic says years of drought have made the prized fungi harder to find.

‘Each year for the past seven or eight years has been worse than the last,’ Alebic said. ‘Due to the drought, unfortunately, truffles are becoming smaller and scarcer.’

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Alebic estimates this year’s harvest is about 30 percent below normal and increasingly supplements his income with truffle-hunting tours for tourists.

Scientists studying truffles in Croatia report similar findings. Croatia is home to about a dozen truffle species, according to mycologist Armin Mesic of the Rudjer Boskovic Institute. The most prized, the white truffle, can fetch as much as 4,000 euros ($4,500) per kilogram.

‘Drought, a lack of rainfall and high temperatures have a significant impact on both the quantity and quality of truffles,’ Mesic said.

‘Quantities are declining, as is the geographical area where white truffles grow,’ he added.

Part of the solution

Yet experts in Piedmont reject the idea that the white truffle is doomed.

‘I don’t think we’re facing extinction; we’re facing a challenge,’ Degiacomi said.

Researchers are studying ways to help truffle habitats adapt, including improved forest management and experimental irrigation during prolonged droughts.

‘We’re trying to do what nature does, and do it artificially,’ Degiacomi said.

In Alba, the response increasingly centers on restoring and protecting forests.

Iberti has expanded the fair’s focus beyond tourism to include environmental education and conservation efforts.

‘The truffle is the sum, but it’s also the vector,’ Iberti said. ‘People come to Alba and the Langhe to discover everything the territory has to offer.’

Working with municipalities, truffle hunters and landowners, communities have begun creating new public truffle grounds and planting trees that could eventually support truffle growth.

‘The forest is an act of love and faith for the next two or three generations,’ Iberti said.

Advocates say reforestation can help lower soil temperatures, retain moisture and reduce erosion, although it can take more than a decade before newly planted trees become suitable hosts for truffles.

Science looks underground

Researchers are also investigating the role of soil microorganisms and looking for tree varieties better suited to hotter and drier conditions.

Attempts to cultivate the prized white truffle continue, but reliable commercial production remains elusive. Unlike black truffles, which can be cultivated, white truffles have largely resisted large-scale production.

As autumn progresses, the size of this year’s harvest will become clearer, along with its effect on prices and supplies reaching restaurants and markets.

For now, however, the ancient partnership between hunters, dogs and forests endures.

One evening in the woods, Stella eventually stops and begins to dig.

The dog has found a truffle.

Whether future generations will continue to enjoy such moments may depend on a mix of science, conservation and adaptation to a warmer climate.

2027: Bauchi APM re-strategises for electoral victory

Ahead of the 2027 general elections and in a bold move to reposition for total victory, the ruling Allied Peoples Movement (APM) in Bauchi State, on Sunday, held a high-powered strategic meeting aimed at harmonisation of its leadership.

The meeting, which was held at the Old Banquet Hall, Government House, Bauchi, followed last week’s dissolution of the State Working Committee of the party, leading to the constitution of a Caretaker Committee expected to produce a new harmonised SWC at the end of November 2026.

The meeting, which was presided over by the National Leader of the APM and Bauchi State Governor, Sen Bala Abdulkadir Mohammed, brought together critical stakeholders from across the 20 LGAs of the state.

Also in attendance were all APM candidates for the 2027 general elections, the Caretaker Committee leadership of the APM in Bauchi State, former State Working Committee members of both the Allied Peoples Movement and the Peoples Democratic Party (PDP), Local Government Chairmen, and other party faithful.

The Governor, his Deputy, Rt Hon Mohammed Auwal Jatau, and other top government functionaries were in attendance.

Addressing the gathering, the National Organising Secretary of the APM and Director-General, APM Campaign Council, Alh Hamza Koshe Akuyam, said the stakeholders’ meeting was convened specifically to discuss harmonisation between the former leadership of the APM and the collapsed PDP structure that has now joined the party.

He stressed that it was with a view to establishing a united common front that will galvanise support for the victory of all APM candidates in the forthcoming general elections.

Akuyam commended Governor Bala Mohammed for his continuous support and deepened stakeholding in the party, and appealed to all relevant stakeholders to close ranks and unite for the overall victory of the APM.

He stressed that unity, discipline and collective sacrifice remain the only path to reclaiming Bauchi and delivering good governance to the people.

Bala Mohammed, in his remarks, stressed the importance of unity and commitment by all stakeholders in order to ensure that the APM won all the elective offices in the 2027 general elections.

He assured that, as National Leader of the APM, he is committed to ensuring victory at all levels, saying that, as it is, the APM has a huge electoral advantage over other political parties in the state and across the country.

Stakeholders at the meeting unanimously resolved to work as one family, assuring that the APM is now stronger, more united and ready to win across all levels in 2027.

Inside Nyabongo I’s first 30 days as Tooro King

One month after ascending the throne of Tooro Kingdom, Omukama (King) Edward Rukidi Nyabongo I has embarked on a series of engagements aimed at reconnecting the palace with his subjects, strengthening cultural institutions, and outlining his vision for the kingdom.

Since his coronation on September 29, 2026, as the 15th ruler of Tooro Kingdom, following the death of Omukama Oyo Nyimba Kabamba Iguru Rukidi IV on August 27, Nyabongo I has held meetings with government officials, religious leaders, members of the royal family, cultural leaders and other stakeholders.

His first month has also been characterised by public appearances, visits to places of worship, and administrative decisions to shape the direction of his reign.

On October 29, the king marked one month on the throne, having already undertaken several engagements, including opening the Kingdom Supreme Council, locally known as Orukurato, on October 27.

The King has also named and confirmed key members of his royal establishment, including Omujwera Musuuga Charles Kamurasi, Bateebe Ms Ochora Grace Kiijanangoma and Deputy Musuuga Mr Kato Rwakatale.

The government had earlier formally recognised his kingship through a gazette issued on October 16. Nyabongo received the gazette on October 22 from the State Minister for Gender and Culture, Ms Mary Kamuli Kuteesa.

A reign anchored on development and cultural preservation

In his maiden speech during the coronation ceremony, in the presence of President Yoweri Museveni, Nyabongo outlined a reign focused on complementing government development programmes, promoting social values and mobilising communities to improve their livelihoods.

He acknowledged that although the Constitution does not allow cultural institutions to assume government administrative responsibilities, Tooro Kingdom has an important role in guiding its people, preserving cultural values and helping communities benefit from government programmes.

‘As a kingdom, we have a big role to preserve our culture of Tooro, our norms and traditions, and how our people conduct themselves in public. The kingdom also has another responsibility to advise all those concerned about the goodness of our people,’ he said.

He pledged to use the kingdom’s structures to sensitise communities about government programmes, particularly those intended to improve household incomes and fight poverty.

One day after his coronation, on October 1, Nyabongo launched the measles-rubella vaccination exercise at Karuziika Palace in Fort Portal City, urging parents and guardians to ensure their children receive the vaccines.

He said protecting children’s health was essential to building a healthy kingdom and nation.

Religious outreach and concerns about social values

One of the defining features of Nyabongo’s first month has been his engagement with religious institutions across Tooro.

He has attended prayers organised by different religious denominations, including the Anglican, Catholic, Muslim, Seventh-day Adventist and Pentecostal communities.

During these engagements, his messages have largely centred on responsible parenting, HIV/AIDS prevention, cultural preservation, unity and the need to nurture children into responsible citizens.

At Virika Cathedral on October 18, the king expressed concern about what he described as declining parental responsibility in raising children and passing on cultural values.

He said statistics presented to him indicated that some children were out of school, teenage pregnancies remained a concern, while some boys were engaging in marijuana and other drug use.

‘Parents, I am asking you to let us go back to see that we nurture our children on traditional values; we teach them our Tooro culture. For us, when we were growing up, those bad cultures that our children are embracing were not there; even when they were there, they were at a low rate. People would not hear them,’ he said.

Nyabongo also expressed concern about HIV/AIDS prevalence in Fort Portal, describing the statistics presented to him as worrying.

He called on parents and religious leaders to intensify education among young people about the dangers of early sexual activity and encourage them to make responsible decisions.

‘Let our young people avoid sexual acts because those behaviours are where AIDS comes from; it’s bad to see young girls; for them, they fear getting pregnant; other than getting HIV/AIDs, it pains a lot. You should fear both of them. Let us teach and nurture our child as they grow to be patient until the rightful time,’ he said.

Cancer treatment facility among development pledges

Beyond cultural and social concerns, Nyabongo I has also made development commitments, including a pledge to establish a cancer treatment facility in Tooro, saying the facility would be constructed in memory of his predecessor, the late Omukama Oyo, and would be named King Oyo.

Omukama Nyabongo I, in his last address to his subjects, said he has organized a birthday run, where he will be marking 57 years on December 19, with funds raised expected to support the establishment of the cancer treatment facility.

“Oyo died of cancer, and his cousin and as a kingdom we are organizing birthday run for Omuakama on 19th December and all the money from that run will go towards the establishment of cancer institute, and urge you all who can make to come and run, support to see our cause of cancer institute has been realized,” He said.

The Bishop of Fort Portal Catholic Diocese, Robert K. Muhiirwa, during the church prayers at Virika, asked Omukama to use his influence to rally government support for a specialised cancer treatment facility in Tooro.

‘Let us talk one voice, not be disunited as you [King] have been talking; if we all speak one voice over this issue, it will become easy for us, but if we take different paths, it will be hard. I request that you use your authority and we collaborate to see what we want [cancer facility] to become a reality,’ Bishop Muhiirwa said.

On October 7, Nyabongo opened the 16th annual Water, Sanitation and Hygiene (WASH) Civil Society Organisations Forum in Fort Portal City, where he pledged to use the kingdom’s cultural structures to mobilise communities towards improved sanitation, protection of water sources and climate change response.

‘The kingdom’s cultural structures are powerful tools for community mobilisation. We will use them to support your work, to encourage our people to adopt good hygiene practices and to protect our natural resources,’ he said.

Sports and youth development

On October 24, he presided over the finals of the fifth edition of the Tooro Kingdom MTN Masaza Cup, held at Kichwamba Technical College playground.

He handed over the trophy to Burahya County and a dummy cheque of Shs 15 million, which defeated Mwenge South 3-0 in a penalty shootout after a 1-1 draw in normal time.

The king also handed over the trophy and cash prizes at the second edition of the kingdom’s netball competition, which was won by Mwenge South.

He assured his subjects that discussions with the tournament’s main sponsor, MTN, were ongoing to sustain its support and potentially increase funding in subsequent editions.

He further revealed that the kingdom was exploring possibilities of expanding the competition beyond football and netball to accommodate more sporting disciplines, giving young people wider opportunities to showcase their talents.

Meetings with royal family and other stakeholders

Deputy Musuuga Kato Rwakatale says the king has held several meetings since his coronation, engaging different groups, including government ministries, individuals and clan leaders, both within and outside Tooro.

One of the latest engagements was a meeting with Isaazi ly’Abantu Bakuru ba Tooro on Thursday, October 29. The delegation was led by the Minister of Tourism and Antiquities, retired Colonel Tom Butiime.

Another significant engagement was a meeting with members of the Babiito royal clan on October 22, chaired by Omujwera Musuuga Charles Kamurasi.

During the meeting, Nyabongo pledged to work closely with the royal clan and seek its advice before making key decisions, acknowledging that a king cannot reign alone without the support and guidance of his family.

He particularly recognised the experience and contribution of senior members of the clan, including Musuuga Charles Kamurasi.

Administrative reforms and accountability

On the administrative front, Nyabongo moved quickly after his coronation to establish an advisory team of 11 members and appoint Calvin Armstrong Rwomwire Akiiki as acting Prime Minister for a six-month transition period.

However, during the opening of the first Kingdom Supreme Council sitting on October 27, the king directed the acting Prime Minister to present an accountability report detailing the kingdom’s activities, achievements and outstanding matters.

He gave Rwomiire until November 12 to submit the report to the Supreme Council for scrutiny.

The council will then have seven days to examine the report and submit its findings to the king before November 19. The king’s office will also take seven days to review the findings before an extraordinary Supreme Council meeting scheduled for November 27, when he is expected to announce the way forward.

‘That is the reason why I appointed Calvin Armstrong as acting Prime Minister, to help manage the transition period. His appointment was not meant to start a new administration during this period. Now, I want a report from the acting Prime Minister detailing what has been done and what has not been done,’ he said.

He said the accountability process would help the kingdom establish its current position and determine priorities under the new administration.

He added that his reign would promote accountability to the people, government and development partners.

Subjects express optimism

A month into his reign, some subjects say they are already seeing a difference in the way the palace relates to ordinary people.

Omujwera Musuuga Charles Kamurasi said Nyabongo had demonstrated goodwill towards his subjects, particularly through what he described as an open-door policy that allows people to access the palace and hold discussions with the king.

He said several people had also visited the palace to present gifts in appreciation of the new king’s leadership.

‘Omukama, what I have seen with him is that he has goodwill for his people, and what I can predict is that the future of Tooro under his reign is good; he is a leader, he wants unity, and that is what the Batooro want,’ Kamurasi said.

He described the kingdom as undergoing fundamental change, adding that the king’s participation in prayers across different religious institutions demonstrated his commitment to God and respect for different faiths.

Another person, who requested anonymity, said discussions with the king had convinced him that Nyabongo had several development projects in the pipeline that could benefit the kingdom if implemented.

‘This time we have a mature king who has reasoning beyond most of us, his approach to things is different, and he has many plans for the kingdom. If what we discussed is implemented, everyone in Tooro will benefit, and I have seen many people visiting him,’ he said.

Mr Asiimwe Asaph, a resident of Fort Portal City, said he had not witnessed such enthusiasm among the Batooro in the past 30 years as he had seen following Nyabongo’s installation.

He attributed the excitement to what he described as improved access to the king, saying people could now visit the palace, meet him and discuss issues affecting them.

‘For the first time, people visit the palace and find him there. I have not heard anyone complaining that he has not seen the king. People have taken pictures and held discussions with him. This is the king we all wanted, not a king who does not want to give people the time he is leading,’ Asiimwe said.

He also commended the king for respecting different religious denominations and using religious platforms to address issues such as HIV/AIDS prevention, responsible parenting and teenage pregnancy.

Oyebanji re-appoints Olatona as Ekiti internal revenue boss

Ekiti Governor, Biodun Oyebanji, has approved the reappointment of the Executive Chairman of the Ekiti State Internal Revenue Service, Olaniran Olatona, for another four-year term.

The Chief Press Secretary to the governor, Yinka Oyebode, in a statement on Sunday, said the reappointment took effect from November 1, 2026.

He added that, ‘A formal request for the confirmation of Olatona’s appointment will be transmitted to the Ekiti State House of Assembly by the Governor this week.’

The statement reads, ‘ Olatona, an accomplished professional and public servant, is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He hails from Okemesi-Ekiti.

He was first appointed Executive Chairman of the State Internal Revenue Service in November 2022. Under his leadership, the State’s Internally Generated Revenue (IGR) has recorded remarkable growth of over 60 per cent, thereby strengthening the Government’s capacity to finance public services and deliver on its development agenda.’

In a related development, Governor Oyebanji has announced the appointment of a financial management expert and former Commissioner for Finance in the State, Ishola Akingbade, as Chairman of the Ekiti State Security Trust Fund.

The governor’s spokesman explained that Akingbade, a seasoned administrator and tax expert, is a Chartered Accountant and Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN).

He also holds a Master of Business Administration (MBA) in Financial Management and hails from Ilukuno-Ekiti, in Ijero Local Government Area of the State.

‘His appointment takes immediate effect,’ the statement reads.

Three dead five rescued as two-storey building collapses in Osun

Three people lost their lives in the early hours of Saturday in Owode-Ede Ede North Local Government Area of Osun State after a two-storey building collapsed.

The Nation learnt that the building which had shops and stores was located at Zone 8 Oke Alaafia Community and went down around 11:30 PM on Friday.

It was gathered that a resident notified a security operative and men of the Federal Fire Service for rescue.

A resident named Juliet disclosed that eight people were trapped inside the building when it collapsed but were later rescued by men of the Federal Fire Service.

When contacted the Public Relations Officer of the Federal Fire Service Olamide Ojo confirmed the incident noting that ‘the incident involved a two-storey shopping complex used for commercial purposes. The building had six shops on the upper floor six shops on the middle floor and two stores on the ground floor covering an area of about 50m by 100m.’

She further explained that preliminary investigation revealed that the collapse was caused by structural defects and the use of substandard materials.

During the rescue operation five trapped victims were successfully rescued alive and evacuated to Idera Specialist Hospital Ede for urgent medical attention. Three victims were recovered suspected dead and handed over to the Nigeria Police Force A Division Ede.’

Ojo added that the operation was conducted in collaboration with Osun State Fire Service Ede Station.

‘The search and rescue operation was completed and the appliance with men returned to station at about 09:26 AM on 31st October 2026. Estimated property loss was put at ?100 million while property worth approximately ?150 million was saved.’

She commiserated with the affected families and urged the public to ensure compliance with building standards and to promptly report emergencies.

FG expresses support for SMEs in communication sector

The Federal government has expressed commitment to the continuous support of Small and Medium Enterprises (SMEs), particularly in the communication sector of the country.

Speaking at the Weekend in Abuja, the Special Adviser to the President on Economic Matters, Tope Fasua, reaffirmed that the Tinubu administration has continued its economic rescue by empowering SMEs, especially those in the communication sector.

‘The last time I was travelling out of the country, I bought a very expensive eSIM at Abuja Airport, and I was going to Bangkok. The eSIM worked in London, but it didn’t work in Bangkok. I didn’t get much value for it, but I’m hoping that Esdiac is better. I think it’s much cheaper than what I got’.

He commended the indigenous firm for building a system that reduces the cost of making calls around the globe, assuring Esdiac of government support.

Also speaking, the Founder of Esdiac, Mr. Austin Ugbebor, and the Lead Infrastructure and Security Engineer, Daramola Olugbenga, said the Esdiac Media Parley and Stakeholders Engagement is proof that world-class telecom products can be built and sustained in Nigeria.

Olugbenga explained that Esdiac was designed from the ground up as a statement of local capability, leveraging existing global technologies but building a proprietary, highly scalable backbone.

‘From Esdiac, we have done it and we are still doing it with Nigerians. This is a big statement that we can do it,’.

He stated that the system was initially dimensioned for one million concurrent calls, with architecture that prevents mid-call drops despite network fluctuations.

‘We built in a very scalable manner. So even if there is a network fluctuation, the call will not drop mid-conversation. Once a call starts, it will run to the end’.

At the heart of the local-content pitch is data sovereignty. Both speakers stressed that Esdiac complies with the Nigeria Data Protection Act and NCC regulations, storing and processing all Nigerian user data in Nigeria.

On his part, Ugbebor said, ‘We authenticate your access into the platform using the SIM and we ride on our own backbone, which is mainly here in Nigeria and also in the US. We are very careful that data here are not transmitted outside the country.’

He noted that as a paid product licensed by both the NCC in Nigeria and the FCC in the United States, Esdiac cannot share user information with third parties without user approval or a court order, and users have the right to request data held about them.

N70,000 transport allowance: JNPSNC tackles TUC, insists rejection won’t stop implementation

Joint National Public Service Negotiating Council (JNPSNC) has dismissed the Trade Union Congress (TUC)’s rejection of the N70,000 monthly transportation allowance for public servants, insisting that the opposition will not affect the implementation of the agreement reached with the Federal Government.

The council said the agreement, which provides for the payment of the allowance for six months beginning from November 2026, followed extensive negotiations involving the Federal Government, Nigeria Labour Congress (NLC), JNPSNC and Joint Health Sector Unions (JOHESU).

In a statement signed by its National Secretary, Trade Union Side, Comrade Olowoye Gbenga, the council disclosed that the meeting held on October 27 and presided over by the Minister of Labour and Employment, Dr Mohammed Maigari Dingyadi, lasted more than six hours before an agreement was reached.

Reacting to TUC’s rejection of the transportation allowance, JNPSNC acknowledged the Congress’s right to express its views on labour matters but maintained that it was not part of the negotiations that produced the agreement.

‘The rejection of any of the items by any Trade Union is inconsequential to the implementation of the agreement, especially the payment of N70,000 transportation allowance,’ the council declared.

It said the agreement was reached through constructive engagement and exhaustive negotiations, stressing that workers’ interests, irrespective of their union affiliations, should take precedence over disagreements among labour.