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Dual listings playbook raises hard questions for OPay

When OPay Limited announced it was terminating its underwriting agreement and shelving its planned New York Stock Exchange (NYSE) initial public offering (IPO), the company was careful with its language.

A regulatory inquiry in a jurisdiction ‘immaterial’ to its core business had arisen.

Management expressed confidence the matter would be resolved satisfactorily in the near future.

After discussions with underwriters, the most prudent course, it said, was not to proceed at this time.

o: Exclusive: OPay halts $304m NYSE IPO over regulatory inquiry

The American Depositary Shares would not commence trading as scheduled. Operations in Nigeria and other markets remained unaffected, and the company’s long-term commitment to Nigeria was ‘unwavering.’

The statement answered the immediate question of why the much-anticipated $4 billion-valuation Wall Street debut had stalled.

It did not answer the deeper ones now circulating among investors, regulators and capital-market practitioners in Lagos: What really happened beyond the carefully worded press release?

Why did a company whose revenues, users and growth story are overwhelmingly Nigerian choose a primary foreign listing first?

And why does that choice look increasingly out of step with the dual-listing path successfully walked by Seplat Energy Plc, Airtel Africa Plc and Guaranty Trust Holding Company Plc?

Those three companies form the clearest modern playbook for Nigerian businesses seeking global capital without severing local roots. Their experiences raise uncomfortable questions about whether OPay’s original strategy and the sudden pause, reflects commercial prudence or a more complicated calculation about ownership, perception and market alignment.

The established path

In April 2014, Seplat Energy (then Seplat Petroleum Development Company) became the first Nigerian company to dual-list ordinary shares simultaneously on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). The IPO raised approximately $535 million and valued the company at about $1.9 billion.

A decade later, at a 10-year anniversary event, Temi Popoola, NGX Group chief executive described the transaction as one of the market’s major landmarks. ‘If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today,’ he said.

Seplat’s shares have delivered substantial returns to both Nigerian and international investors, and the company has repeatedly highlighted improved liquidity, brand credibility and access to capital as direct benefits of the dual structure.

Airtel Africa took a sequential approach. It completed its primary IPO on the London Stock Exchange in June 2019, raising about $750 million, then listed on the NGX weeks later. The Nigerian listing turned the pan-African telecoms group into one of the exchange’s largest stocks by market capitalisation.

The dual presence gave global investors a familiar London venue while allowing Nigerian institutions and retail investors to participate directly in a business for which Nigeria is a critical market.

GTCO followed in July 2025, becoming the first West African financial institution to list ordinary shares simultaneously on both the NGX and the LSE main market. The transaction included an international capital raise of roughly $105 million and cancelled earlier global depositary receipts (GDR). It signalled that even large Nigerian banks now view dual listing of ordinary shares, not just depositary receipts, as viable and advantageous.

In each case, the companies retained meaningful local ownership pathways, satisfied domestic regulators and policymakers, and still accessed deeper international pools of capital. The dual structure also mitigated some of the currency-translation and emerging-market discount risks that pure foreign listings can amplify.

OPay’s different calculation

OPay’s original plan, disclosed in its Form F-1 registration statement filed with the U.S. Securities and Exchange Commission, was different. It sought a primary listing of ADSs on the NYSE under the ticker OPAY, targeting a valuation in the region of $4 billion.

Board and shareholder approval had been obtained for a secondary listing on the NGX only after the U.S. listing was completed, and only subject to market conditions and Nigerian regulatory clearances. The company explicitly warned that shares on the two markets might not be immediately fungible, potentially fragmenting liquidity and creating price differentials.

That sequencing global first, local later, drew quiet criticism even before the latest regulatory hiccup. Nearly 90 percent of OPay’s revenue in the first half of 2026 was generated in Nigeria. Its agent network, customer base of tens of millions and brand recognition are Nigerian. Yet the primary listing venue chosen was New York, with the domestic opportunity treated as secondary and conditional.

David Adonri, vice chairman of Highcap Securities, has been among the most direct voices on this point. ‘The Nigerian capital market has attained a level of depth and sophistication where companies with strong domestic fundamentals can successfully raise capital locally. For a company like OPay, whose operations, customer base and revenue are substantially rooted in Nigeria, a domestic listing would provide stronger alignment between the business and the investors who best understand its market realities,’ he said.

Adonri’s argument is not merely patriotic. Nigerian institutional investors like pension funds, insurance companies and asset managers, understand the agency-banking model, USSD transactions, naira cash flows and the competitive dynamics with rivals such as Moniepoint and PalmPay in ways that many Wall Street analysts do not.

A local primary or concurrent listing would also allow ordinary Nigerians who use the platform daily to become shareholders, potentially reducing churn and strengthening the social licence to operate.

The questions the pause intensifies

OPay’s decision to terminate the underwriting agreement has sharpened those questions rather than resolved them. The company insists the regulatory inquiry is confined to an immaterial foreign jurisdiction and has no bearing on its Nigerian operations, financial condition or regulatory standing.

Market participants are less easily reassured. OPay’s ownership structure, founded by Chinese billionaire Zhou Yahui and backed by SoftBank, has long attracted extra scrutiny in Western markets sensitive to data privacy, governance and capital flows involving Chinese-linked entities.

Whether the current inquiry is related to those sensitivities remains unconfirmed, precisely because the company has provided limited detail.

What is clear is that a pure or primary foreign listing exposes Nigerian-rooted companies to geopolitical and regulatory risks that dual-listed peers have partly diversified.

Seplat, Airtel Africa and GTCO maintain continuous engagement with both Nigerian and international regulators and investor bases. Their dual status also sends a political signal of commitment that pure offshore listings can struggle to match.

NGX Group leadership has been explicit about this dimension. In engagements with the Presidency earlier in 2026, Popoola specifically cited OPay and other fintechs as companies whose domestic or dual listings would broaden investment opportunities for Nigerians and keep more of the value created in the local economy inside the domestic capital market. ‘While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country,’ he has said in related contexts.

The pause now creates an unexpected window. With the NYSE process suspended, OPay could, in theory, revisit sequencing. A primary or concurrent NGX listing, followed by an international secondary listing once the regulatory matter is cleared, would align more closely with the Seplat-Airtel-GTCO playbook.

It would also address the perception problem that a company built on Nigerian consumers, infrastructure and regulatory accommodation is delivering its primary public-market upside first to foreign investors.

o: OPay: Nigerian listing plans echo NGX Group’s call for homegrown giants to list locally

What history suggests

History offers few clean precedents for major Nigerian operating companies achieving lasting success through pure foreign listings without a meaningful domestic presence.

Jumia, often cited as an African tech success on the NYSE, was never a pure Nigerian corporate and has not dual-listed on the NGX.

IHS Towers listed in New York with heavy Nigerian exposure but similarly remained outside the local exchange.

The companies that have sustained investor confidence across cycles while retaining strong Nigerian identities have almost all chosen some form of dual structure.

OPay’s management continues to emphasise that the current development should not be misconstrued as a reflection on its business performance or integrity. That may prove true.

Regulatory inquiries can be resolved. Markets can reopen. Yet the episode has already illustrated the risks of a strategy that prioritises foreign capital and visibility while treating the home market as an afterthought.

The dual-listing playbook refined by Seplat in 2014, extended by Airtel Africa in 2019 and reinforced by GTCO in 2025 remains available.

Whether OPay ultimately follows it, or continues to treat the NGX as a secondary consideration, will say as much about its long-term view of Nigeria as any press statement about unwavering commitment.

For now, the hard questions remain unanswered and the silence beyond the official statement is growing louder.

Meet the six executives shaping Nigeria’s petroleum regulation

President Bola Tinubu has nominated six executive directors to lead strategic departments of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The nomination combines three returning officials and three new nominees in a leadership structure covering finance, petroleum distribution, infrastructure development, economic regulation and corporate administration. They will serve five-year terms if approved by the Senate.

Ogbugo Kalu Ukoha, who is widely referred to as a ‘son of Aba’, oversees distribution systems, storage and retailing infrastructure, a role central to the movement of petroleum products from processing facilities and import terminals to consumers.

He earned his bachelor’s degree from the University of Nigeria, Nsukka, in 1991, where he studied Law, before moving on to the Nigerian Law School in 1999.

Ukoha has been the executive director overseeing distribution since October 2021, after he first assumed the position. Before this role, he was a director at ESCN Limited, a law publishing firm based in Abuja.

Mustapha Lamorde heads health, safety, environment and community. He brings more than two decades of experience in the oil and gas industry.

He earned his undergraduate degree in 2001 from the University of Jos, where he studied Geology and Mining. He studied further at Robert Gordon University, Scotland, where he earned his Master’s in Oil and Gas Engineering.

Lamorde began his career with Geoservices International as a drilling data engineer in the United Kingdom North Sea before joining Shell as a petroleum engineer.

He was with Shell for about 12 years, where he worked on exploration, drilling, development and production management operations for deepwater projects across different markets.

His experience in technical and operational aspects of petroleum production provides a foundation for his regulatory responsibilities, which include ensuring that midstream and downstream petroleum activities meet health, safety and environmental standards.

Abiodun Adeniji is among the pioneer executive directors of NMDPRA, having been part of the authority’s inaugural leadership following its establishment under the PIA.

He heads the finance and accounts directorate, which is responsible for the financial management and accountability systems supporting the regulator’s operations.

Adeniji’s nomination for another term places him in charge of maintaining the financial systems of an authority whose responsibilities have expanded alongside changes in the petroleum industry.

Ogechukwu Modie is the regulator’s new economic regulations and strategic planning executive director. She brings a decade of experience across finance, management consulting, and strategic communications.

She holds a bachelor’s degree in Economics from the University of Nigeria, Nsukka, and an MBA from Cranfield School of Management in the United Kingdom.

Her career spans positions at Agusto and Co, Heirs Alliance, Nextzon Business Services and Makeda Fund Managers, where she gained experience in corporate finance, strategy consulting, mergers and acquisitions and private equity.

Modie moved into the petroleum industry in 2015 when she became chief of staff to the then Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), a position that also involved supporting the Minister of State for Petroleum Resources.

She later served as senior special assistant to former President Muhammadu Buhari on Strategic Communications, leading the presidency’s Strategic Communications Unit.

Her nomination to head Economic Regulations and Strategic Planning brings her background in finance, policy development and institutional strategy to a directorate responsible for the economic and strategic dimensions of petroleum regulation.

Mobolaji Tajudeen Musa

Mobolaji Tajudeen Musa is the new executive director nominated to oversee Hydrocarbon Processing Plants, Installations and Transportation Infrastructure.

Musa joined NMDPRA as a non-executive director in February 2024. He maintained that position before his recent nomination as executive director. But before his role at the regulatory agency, he worked with MAEB Energy as a managing director, a position he has held since November 2020 to the present.

He earned his first degree in Chemistry at Lagos State University from 1984 to 1988, then pursued a postgraduate degree in Petroleum Engineering at the University of Ibadan.

His appointment comes as Nigeria’s refining landscape changes, especially as Dangote Petroleum Refinery and emerging modular refineries increase the need for effective technical regulation and infrastructure oversight.

Said Abutalib

Said Abutalib will head corporate services and administration as an executive director, supporting the authority’s institutional and administrative operations.

His appointment places him in charge of a directorate central to the regulator’s internal management and organisational administration.

The task ahead

The six nominees will oversee different but interconnected areas of Nigeria’s midstream and downstream petroleum industry.

Their responsibilities become increasingly important as domestic refining capacity expands and Africa’s most populous nation seeks to strengthen its position as a key supplier of refined petroleum products across the African continent.

Economic policy: Back to drawing board

There is a need for an honest recognition that Uganda’s overarching economic policy strategy is defective, thus a return to the drawing board. I will explain. But first, a caveat is in order.

I am not an economist! My reflections and impressions are shaped by my field of academic training and professional specialisation – the study of politics. Thus, I come at this from the lens of national economic strategy as a function of politics and power play.

It wasn’t very long that our 1986 rulers fully embraced the articles of faith of neoliberalism and what was then dubbed the ‘Washington Consensus’, an agenda propagated by Western financial institutions and buttressed especially by the treasury of the United States of America.

Despite a supposed leftist, Marxist ideological background that would mean a sceptical attitude towards faith in free markets, and even after for a while toying with alternatives to standard market practices, President Museveni and his NRM government dramatically imbibed the neoliberal agenda.

At its core, it was an unmodulated faith in the magic of the free market to deliver a poor country like Uganda to the promised land of material prosperity. Except that, not in 1986 and not in 2026, there is no compelling evidence that an economically poor, socially and technologically backward country anywhere in the world ever attained economic turnaround through the magic of the market.

No doubt, the market is a very powerful tool that drives economic activity and shapes individual or firm incentives, but on their own, markets, however free, have never transformed societies. There is something more, in fact, many ingredients, that go into a grand strategy of national economic transformation.

A great deal of the problem is to conflate markets with capitalism, and to assume that unfettered capitalist pursuit of profit under conditions of unregulated markets means there will be economic growth and prosperity for all. Not quite.

In the case of Uganda, as I argued last week, under the neoliberal regime of economics over the last three decades, we got some modest economic growth but not much to write home about in attaining a turnaround.

In the main, we are still stuck in the colonially created structure as a raw material exporting economy, and an importer of expensive finished goods we are unable to produce domestically precisely because we lack the skills and sophistication to do so.

There has been a smattering of industrial parks here and there, the production of tiles, textiles and marble in Kapeka and Karamoja, but not much significant progress in real industrialisation as to move the needle in expanding the overall size of our economy.

The policy choices taken in 1989/1990 have proved sticky and hard to reverse despite recent haphazard attempts at returning to the basics, including reviving the national airliner and recapitalising the national development bank.

The cavalier disposal of Uganda Commercial Bank was arguably the biggest blunder of all. It handed the nation’s countrywide retail and small business banking needs to foreign capitalist interests that are unlikely to have a long-term vested interest in Uganda’s national development ambitions.

There is big rhetorical talk of a $500b economy in, God knows, how long from now and the quest for integrating all Ugandans in the formal economy. But the rulers must make hard choices and bold decisions, the first of which is to divest from the purveyors of free market fundamentalism.

President Museveni has been on record conceding that the only thing he regrets was to have listened to external actors. Unless Uganda, and indeed all of Africa, reasserts policy sovereignty and pursues policies and programmes that reflect local thinking and appreciation of what we want as a people, big talk and lofty ideas will lead nowhere.

There are lessons from elsewhere to look to. For a while now, a popular phrase in development economics is the notion of ‘capitalism with Chinese characteristics’ to denote a distinct approach the Chinese took to their breathtaking march from a pitifully poor country only a few decades ago to a global economic and military superpower of our times.

Before China, the so-called Asian Tigers (Malaysia, Singapore, South Korea, and Taiwan) pulled off their own route to transformation from third- to first-world nations, doing so by not listening to some received wisdom from Western experts or the policy dictates of the World Bank and the International Monetary Fund. In fact, quite the contrary, they pulled off their economic ‘miracle’ by defying those Western financial bullies.

If Uganda under the NRM has the revolutionary credentials its supporters trumpet, undertaking an autonomous and homegrown economic strategy would be the definitive reflection. This hasn’t been. Thus, the ramblings by a one Ian Otega, suggesting the NRM and Museveni are comparable to China and Mao Zedong and that there is a Deng Xiaoping in the offing, are either crass intellectual dishonesty or blithely ignorance.

Whet your wanderlust with these Pinoy globe-trotters

It was a September to remember as I had the privilege of meeting and celebrating milestones with some of the most well-traveled Filipinos who take globe-trotting to an entirely different level. They’ve elevated the usual leisure travel into a career, a record-chasing extreme sport of sort, and even a means of livelihood.

Coincidentally, September 26th of each year marks Map The Planet Day in honor of the Portuguese explorer Ferdinand Magellan and the first true circumnavigation of the earth. It’s a day global travel communities celebrate. September 27th on the other hand, is World Tourism Day, a date marked by the United Nations World Tourism Organization to highlight the value of global travel.

Meeting The Philippine Global Explorers

On September 26, 2026, during the celebration of Travelers Day in the Philippines, I finally met the key movers and members of The Philippine Global Explorers (PGE), somehow formalizing my membership in this elite organization of Filipino travelers.

As we celebrated Map The Planet Day, it was a thrill to share stories with hyper-active travelers who have a shared passion for adventure and connection.

With close to 200 official members (and hundreds more in the broader community), PGE is a community of travelers who support each other in exploring the world and harness collective experiences in service of the wider community. Its members include Filipinos who have visited all 193 sovereign member states of the United Nations-a feat completed by less than 700 people around the world, including six Filipinos or of Filipino descent.

Since it was founded in 1999, PGE continues to advocate for sustainable and responsible travel, forge collaborative partnerships with industry stakeholders, and espouse easier visa access for Philippine passport holders.

16 years of rich travel experiences from The Poor Traveler

Many years ago, Yosh Dimen and I were work colleagues. Even in the nascent years of social media and blogging in the Philippines, Yosh was already active in many platforms.

Eventually, Yosh left the corporate life and together with his now-husband Vins Carlos, founded The Poor Traveler-a blog, YouTube Channel, podcast, and online community for travel planning-helping their audience avoid mistakes and get information on must-tries and worth-it experiences with authentic and honest feedback, commentary and content.

Worth it or rethink it?

With about 70 countries and territories visited, Yosh and Vins gamely shared their thoughts on some practices of many Filipino travelers.

Travel is still a luxury. If going to other places will impact the budget for necessities and other vital expenses such as tuition and utilities, rethink that travel plan.

Rethink your eligibility for a visa. While Japan and South Korea are in the bucket lists of most Filipino travelers, these countries require a visa. Visa applications typically require bank and financial information, travel history, and may consider employment tenure. Assess whether or not you have all the requirements for a visa and if not, prepare for these before lodging an application. These include opening a bank account and sustaining account activity and building a travel history, starting with countries that offer visa-free access for Philippine passport holders.

Packing cubes are a must to keep things organized and actually saves space. It’s worth it to invest in good quality packing cubes in various sizes. A luggage strap and TSA lock are also worth adding as it helps secure your luggage and bags, especially if you leave these at a hotel concierge or baggage locker.

Rethink carry-on baggage. Even as you maximize the allowed baggage limit, know the weight even before reaching the airport. It’s a risk and a hassle to repack and remove contents of hand-carried baggage at the airport.

Rethink random decisions. Find the balance between planning an itinerary and spontaneity. Having a rough itinerary or plan will help save time and cover more ground. At the very least, do research and learn the basics such as holidays and closing times for attractions and establishments.

Rethink ignoring user-generated reviews. Sometimes, online bookings don’t mention all the information such as check-in times and where to pick-up keys. Read reviews and comments for specific instructions and other details.

Rethink timings in an itinerary. Allot ample time for getting from one place to another. Check timings and travel distances for traveling by plane, bus, train or other modes of transportation.

It’s worth it to slow the travel pace a bit and take in a place. Instead of the mad rush of taking photos and rushing to the next attraction or destination, take a few minutes to relax, feel a place and appreciate it

Rethink the budget. Add a contingency for any incidental expenses or price fluctuations. There is no room for rigidity in travel, and you must make room for flexibility.

An app that’s apt for travelers on a budget

From online content, The Poor Traveler is in the final stages of developing an app that will help in travel planning-from timely reminders on applying for a visa, make the final bookings for accommodation, and even e-travel filings.

‘There are so many questions and we personally answer each one. Because we tend to give lengthy explanations, we thought it best to put all this information in an app that you can use even without a data connection,’ said Yosh.

‘Today, AI queries tend to give suggestions that may be outdated. We want to give information based on our actual personal experience.’

‘It’s a simplified version of the TPT website-very user-friendly with travel guides and sample itineraries. You can also build your own itinerary based on our travel guide,’ Vins added.

Now on final testing, the TPT app is set to launch before year-end on both Google Play and App Store.

Beyond law, into AI: John Ivan Busulwa building the future of insurance

At seven years old, John Ivan Busulwa had already chosen his profession: he wanted to be a lawyer.

His interest in law began with an admiration for the way lawyers dressed and confidently presented their arguments.

Despite excelling in the sciences at O -Level, where he scored Aggregate 13 with distinctions, he chose arts at A-Level because he wanted to study law.

He joined Makerere University School of Law, where he pursued a Bachelor of Laws, and subsequently Law Development Centre (LDC), where he undertook postgraduate training.

Knowledge beyond law school

Busulwa’s interest in fields beyond law began while he was still at university. In his second year at Makerere, he picked interest in venture capital while trying to raise money for a startup.

‘When I approached a lawyer for guidance, he initially ignored me and later told me not to disturb him because he was busy. I decided to teach myself,’ Busulwa recalls.

He began reading about venture capital every day.

‘I made it a point to read something new about venture capital every single day for three years,’ he says.

That curiosity introduced him to the world of investment and business finance, where he learnt about deal structuring, drafting term sheets and partnership agreements, private equity and financial modelling.

The experience also changed his understanding of what a lawyer could become.

By then, he had begun thinking beyond conventional legal practice. He wanted to create something that could make a difference to many people at once.

‘I felt law was often reactive, with lawyers and regulators stepping in only after technologies and industries had developed. I wanted to be on the field, building the technologies and creating the impact I wanted to see,’ he says.

He eventually pursued formal finance certifications to complement what he had learnt independently.

‘I enrolled with the Corporate Finance Institute and earned certifications in Financial Modelling and Valuation and Financial Planning and Wealth Management. By the time I joined the LDC, I knew a lot about venture capital,’ Busulwa explains.

Starting up

While still at university, Busulwa and his longtime friend, Matthew Mwesigwa, built Shopline, a platform designed to help small businesses sell online. The venture failed as the two struggled to balance developing the product with their studies.

However, they pressed on.

In their third term at LDC, Busulwa and Mwesigwa began building Credtics, a financial technology platform that uses artificial intelligence (AI) to help microfinance institutions automate their credit processes.

The company has since developed an AI model specifically for insurance companies. Busulwa says the model can reduce claims processing time from about seven minutes to five.

The AI reviews claims documents, including handwritten ones, and checks them against the insurer’s policies and the claimant’s details before generating a verdict and a detailed report.

‘It flags inconsistencies, potential fraud, overcharging, double billing and issues involving documents such as driving licences. It is designed to work with a company’s existing technology rather than requiring it to rebuild its systems,’ Busulwa explains.

The company has not yet secured a paying insurance client, but several insurance companies are running trials. Busulwa says the results so far have been encouraging, with interest from insurers in Uganda, elsewhere in East Africa and in Asia.

Restoring trust in insurance

Busulwa is concerned about trust in insurance, particularly in Uganda, where insurance penetration remains low. He believes the claims process is one of the key moments that shape a customer’s relationship with an insurer.

‘If claims are processed quickly, fairly and accurately, trust grows,’ he says.

His legal background remains useful in this work. It enables him to assess legal risks alongside technological ones, while his finance training helps him understand the commercial implications of the systems he is building.

Busulwa believes professionals become more valuable when they can connect seemingly unrelated fields.

‘A lawyer who understands technology and finance can bring something different to a room filled with lawyers, engineers and finance professionals,’ he argues.

Shift in perspective

His move into technology gained momentum in 2025, when he received a scholarship to pursue a Master of Science in Engineering, Science and Entrepreneurship Excellence at the University of Notre Dame in the United States.

The transition from law to a programme combining engineering, science, technology and entrepreneurship was challenging, he says, but that challenge was part of what attracted him to it. Busulwa believes tackling difficult things can create a competitive advantage because most people naturally avoid them.

‘My experience at Notre Dame expanded my sense of what was possible. My master’s research focused on commercialising bio-based stretch fabric and involved interviews with senior executives from companies such as Nike and Under Armour,’ he says.

He adds that interacting with people building successful companies broadened his perspective.

Guidance that shaped him

Busulwa attributes his ambition to a culture of accountability instilled by his parents, Stephen and Gorret Kayiwa. Every year, he says, the three set goals and later review their progress, a practice that keeps him focused on what he hopes to achieve.

A formative moment came in Senior Three, after he performed poorly.

‘My parents told me that education was the strongest gift I had and I was wasting it. The conversation changed how I viewed my abilities,’ he recalls.

Another turning point came when Busulwa was about 19. He walked from Makerere to Kololo to seek an opportunity from Awel Uwihanganye, who would later become his mentor. The meeting eventually led to a job at the LeO Africa Institute, where he received mentorship over the years.

‘The networks I built there later opened another door. A fellow, Maria Nakalanda, told me about the Notre Dame programme, so I applied and got the opportunity,’ he explains.

Delayed gratification

Building Credtics has come with trade-offs. Busulwa says he often goes to bed at about 2am and wakes up at 6am, spending his evenings learning, developing products, contacting potential clients and pitching the platform.

Future

Five years from now, Busulwa sees Credtics operating on a larger scale, helping insurance companies automate claims processing and financial institutions streamline operations across industries and countries. His goal is to develop technology that saves clients time and helps them make more money.

QUICK NOTES

Trade-offs: ‘My social life is limited. I do not go out much and I have a few friends. I am grateful that they understand,’ he says. ‘I invest my own money in building our technology and in my learning. I could have spent money on other things.’

Education timeline

January 29, 2024. Attained Bachelor of Laws (LLB), Makerere University

June 19, 2026. Postgraduate Diploma from Law Development Centre

May 17, 2026. Master’s from University of Notre Dame

Professional certifications: Financial Modelling and Valuation Analyst (FMVA) and Financial Planning and Wealth Management Professional from Corporate Finance Institute.

Commissioning of Shs61b Wadelai irrigation scheme deferred

Farmers in Pakwach District will wait a little longer after the commissioning of the Wadelai Irrigation Scheme was again extended by one month due to defects and unfinished work.

On October 30, State Minister for Water, Aisha Sekindi, issued a one-month ultimatum to Ambitious Construction Company Limited to finish the works on the Shs 61 billion scheme, which was scheduled to be completed by 2019.

However, records from the Office of the Prime Minister indicate that at least Shs64 billion has been injected into the project as of January, 2026.

Construction of the Wadelai Irrigation Scheme, located in Wadelai and Ragem sub-counties, started in 2017 but stalled due to land acquisition issues, compensation disputes and construction challenges.

The initial work was undertaken by Coil Limited, working jointly with Nasr General Contracting Company that withdrew their services in 2023 after failing to stick to the contractual timeframe.

Acting on President Yoweri Museveni’s guidance, the government subsequently engaged Ambitious Construction Company Limited to undertake the remaining works and rehabilitate sections of the infrastructure that had been poorly constructed.

The new contractor resumed work in November 2025, with the revised scope covering the headworks, critical sections of the spillway, main canal and completion of primary, secondary, tertiary and quadrant canals.

On Friday, Ms Sekindi, who visited the scheme to assess progress and establish whether the outstanding works had been completed to the required standards, said she was encouraged by improvements made since the government engaged a new contractor but insisted that the remaining concerns must be addressed before the facility is officially commissioned.

However, she directed the contractor to rectify the identified shortcomings within one month, after which she will return for another assessment.

“Those remaining issues have been given only one month to be corrected. I will come back and conduct a second assessment, and when I am convinced that everything is in order, I will commission the project,” Ms Sekindi said.

The scheme was designed to support year-round agricultural production, improve household incomes and strengthen food security among more than 3,000 farmers in the area.

Government records put the scheme’s original contract sum at approximately Shs54.8 billion, which was later revised to about Shs61 billion following changes in the project design.

The incomplete infrastructure also created problems for neighbouring communities, with water from the canals flooding homes and gardens.

The Wadelai Irrigation Scheme draws water from River Ora and is funded by the Government of Uganda and the African Development and Nordic Development Fund under the Farm Income Enhancement and Forest Conservation Programme phase II (FIEFOC-2).

Engineer Dinesh Kara, the project manager at Ambitious Construction Company Limited, who was present during the minister’s inspection, said some of the works had not yet been completed because of procurement challenges, as most of the materials are imported.

Although the scheme is yet to be officially commissioned, it is already supporting approximately 2,500 farmers, who say access to irrigation water has transformed their agricultural activities.

For Mr Lawrence Kertho, a farmer and landowner at the scheme site, irrigation has provided an opportunity to earn considerably more from farming than from leasing out his land.

“Before joining the scheme, we were getting very little because outside the scheme we sometimes planted only once a year. Here, after harvesting, you immediately begin cultivating again, and that has improved our incomes,” Kertho said.

However, he identified poor drainage and unclear land boundaries as some of the challenges affecting farmers.

He said waterlogging has affected some plots, while the removal of trees previously used to mark boundaries has contributed to disagreements among farmers.

Mr Kertho also raised concerns over the continued use of recycled seeds, saying repeated planting of the same varieties has affected yields.

Another beneficiary, Comfort Masendi, said the scheme had enabled her to increase production by allowing her to cultivate rice and vegetables throughout the year.

Ms Masendi also cited limited access to reliable markets, saying farmers sometimes sell their produce cheaply to local buyers, appealing to the government to support farmers with improved seed varieties to increase production and improve the quality of their harvests.

Pakwach District LC5 Chairperson Shaban Ofoi welcomed the minister’s decision to withhold commissioning until the outstanding works are completed, saying residents have waited long enough for the project to function as intended.

Mr Ofoi urged the technical team supervising the works to ensure that all the concerns identified during the inspection are addressed within the one-month deadline.

He also called for additional agricultural machinery, saying the single tractor currently available is inadequate to serve farmers across the scheme.

The district chairperson further called for the completion of the proposed weather station, saying reliable weather information would help farmers and scheme managers plan irrigation activities and regulate the amount of water released into their fields.

Jonam County MP Marshall Alenyo called on the government to extend electricity to the area, saying the absence of power continues to affect residents despite the presence of a major agricultural investment.

He also urged improvements to the access road connecting Pakwach to the scheme and better access to other essential services, including police services.

Beyond the Ebola scare

Nigerians heaved a sigh of relief after Professor Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, announced during the week that the recent Ebola scare had eased following the medical evacuation of the index patient to Switzerland for further treatment. On October 20, 2026, the government announced that a woman who had arrived from Uganda had been diagnosed with Ebola Bundibugyo virus disease in Abuja. The World Health Organisation (WHO) has also stated that Nigeria has no active Ebola case within its borders but cautioned that the country cannot yet be officially declared Ebola-free. According to WHO protocols, Nigeria must successfully complete a 42-day monitoring period without recording any new confirmed or probable case before it can attain Ebola-free status.

Before the discovery of the recent index case in Abuja, there was widespread concern that Nigerian authorities had become complacent, even as the virus continued to pose a major public health threat in Africa. Reports from East and Central Africa had consistently highlighted the spread of Ebola, particularly the Bundibugyo strain. Yet, preventive measures at Nigeria’s points of entry appeared weak and poorly enforced. An investigation by Daily Trust found that travellers arriving at major airports were required to complete health declaration forms, but the documents were often not properly scrutinised by officials.

Passengers reported that their QR codes were not scanned, their temperatures were not checked, and no meaningful health screening was conducted to identify Ebola symptoms or other signs of infectious diseases. In some cases, travellers said there were no visible health officials actively monitoring arrivals, raising questions about the effectiveness of the surveillance process. The situation was compounded by concerns about porous land borders, where monitoring was believed to be even less effective. These lapses fuelled public scepticism about Nigeria’s readiness to prevent, detect and contain an Ebola outbreak, prompting many Nigerians to question whether the country could respond effectively if the virus gained a foothold within its borders.

Ebola, one of the deadliest infectious diseases known to humanity, should never be treated with levity or complacency. The situation in the Democratic Republic of the Congo (DRC) demonstrates the devastating consequences of uncontrolled transmission. As of late October 2026, the DRC had recorded more than 10,000 confirmed cases and nearly 4,900 deaths, making it one of the largest Ebola outbreaks on record. During the devastating West African Ebola epidemic of 2014-2016, which affected countries such as Liberia, Sierra Leone and Guinea, thousands of lives were lost and health systems were overwhelmed.

There are reports that the Federal Government had set aside N10 billion for Ebola preparedness and emergency response, but the recent experience has shown that funding alone cannot guarantee protection against a dangerous disease. The fight against Ebola is not won through budgetary allocations on paper but through the effective and transparent deployment of resources to strengthen border screening, equip isolation facilities, train health personnel, provide protective equipment and sustain public awareness campaigns. The Daily Trust report noted that there was no clear breakdown of how the N10 billion allocated for Ebola preparedness had been spent, even as concerns about the country’s readiness persisted. The successful containment of the imported case should not obscure the need for accountability. If any part of the fund was deployed during the outbreak response, Nigerians deserve a full explanation of how it was utilised.

Also, Nigeria must not wait for another Ebola outbreak before taking decisive, long-term action against a disease that has repeatedly threatened lives and overwhelmed health systems across Africa. As the continent’s most populous nation, with extensive internal and international travel networks, Nigeria could suffer enormous human and economic losses if Ebola gains a foothold within its borders.

Rather than focusing solely on emergency responses after cases emerge, Nigeria should invest heavily in prevention, scientific innovation and medical research. The government must adequately fund the nation’s research institutes, universities and public health agencies to accelerate efforts to develop improved treatments, vaccines and other solutions against Ebola and related viral diseases. Where local capacity is insufficient, Nigerian institutions should establish strategic partnerships with research centres across Africa and collaborate with institutions in Europe, North America and Asia. Given that Ebola has disproportionately affected African populations, the continent itself must play a leading role in finding lasting solutions. Nigeria, with its resources, expertise and influence, should lead this continental effort and champion a coordinated scientific response to one of Africa’s most persistent public health challenges.

While Nigerians may be relieved that the immediate Ebola scare has subsided following the evacuation of the infected patient to Switzerland, it is not yet uhuru. Ebola remains a threat as long as the virus continues to circulate in parts of Africa, and vigilance must not be relaxed. Nigeria already battles other deadly infectious diseases, such as Lassa fever and diphtheria, which recur almost every year, causing deaths, straining healthcare resources and creating public anxiety. These diseases have become recurring public health emergencies that demand deliberate, coordinated and sustained action at all levels of government.

Health authorities, border officials and disease surveillance agencies must remain on constant alert at airports, seaports, land borders and in communities across the country to ensure that dangerous pathogens are detected and contained before they spread. Public enlightenment is equally important, as Nigerians need regular information on prevention, early symptoms and the importance of seeking prompt medical attention. The evacuation of the Ebola patient should not create a false sense of security. Rather, it should serve as a reminder that preparedness, surveillance, and public health education must remain national priorities if these infectious diseases are to be brought under control.

Boracay, Taipei top Filipino travel picks for ‘Undas’ break

FILIPINOS are heading off to Boracay Island and Taiwan for the Undas (All Saints’ Day and All Souls’ Day) break, officially from October 31 to November 2.

Booking data cited by AirAsia MOVE also indicated travelers’ growing preference for international destinations, even as domestic vacations continued to account for the majority of the booking platforms’ flights and hotel bookings.

In a news statement, the company said domestic flight bookings slightly slipped to 83 percent of total bookings this Undas from last year’s 86 percent, while local hotel bookings fell significantly to 62 percent from 82 percent last year.

On the other hand, international bookings rose to 17 percent of total bookings this year’s Undas, from 14 percent in 2025. The booking platform’s data also showed that the share of international hotel bookings more than doubled to 38 percent this year from 18 percent in 2025.

MOVE’s findings appear to be supported by the latest data shared by the Manila International Airport Authority, which showed that passenger foot traffic at the Ninoy Aquino International Airport from October 27 to 30 reached 590,016, a slight uptick of 2.74 percent from the same period last year.

So far, domestic passengers accounted for 51 percent of total Undas foot traffic, or 301,351, almost unchanged from last year. International passengers, on the other hand, rose by 4.88 percent to 288,665, year on year.

Among the world’s best beaches

Boracay, popular the world over for its creamy powdery white beaches, remained a standout destination this year across flights, hotels, and SNAP! (flight and hotel) customer choices.

Cebu and Manila also continued to be favorites across all said booking categories, while Iloilo and Tacloban were among the leading destinations for both flights and hotels.

Moreover, MOVE’s booking data indicated that more Filipinos are tapping the SNAP! combination, with domestic bookings rising to 76 percent this year, from 66 percent in 2025. Boracay, Cebu, and Manila were among the top local choices for these travel packages.

Meanwhile, Taipei ranked first among international bookings for flights, hotels, and SNAP! in 2026.

Da Nang in Vietnam led in international flights and hotel bookings, while Kuala Lumpur was a popular choice across flight, hotel, and SNAP! packages. Bangkok remained a popular destination for hotel bookings and SNAP!.

MOVE’s findings reflect the recent outbound travel data of the Department of Tourism, which showed a 7.16 percent increase in Filipinos traveling abroad from January to September 2026, and where Vietnam and Taiwan were also top destinations.

Shifting travelers category

‘What stands out is that familiar travel traditions and the desire to explore new places can coexist. Undas remains an important time for Filipinos to reconnect with family, but the holiday also allows some travelers to discover destinations beyond their usual routines. Our role is to help them find travel options that fit the kind of break they want to have,’ said Malou Japson, Country Representative of AirAsia MOVE in the Philippines.

While solo travelers accounted for the largest category of flight bookers this Undas at 55 percent of the total, it was lower than in 2025, when they accounted for 66 percent, according to MOVE data.

There has been a slight uptick in ‘duo’ bookings, or bookings made for two travelers, at 22 percent from last year’s 18 percent, while ‘small-group’ bookings rose to 10 percent from 6 percent. Flight bookings by families also edged up to 10 percent from 8 percent.

Hotel bookings also showed a similar shift in travelers: Family bookings rose to 17 percent in 2026 from just 6.5 percent the year before, even as duos remained the largest share at 58 percent, although this was significantly lower than 72 percent in 2025.

MOVE’s data suggested that Filipinos are planning their vacations earlier, with 72 percent of flight bookings made at least 15 days before Undas 2026, compared to 51 percent in 2025. Still, the average length of trip was consistent, lasting six days for both years.

AirAsia MOVE is Capital A’s travel platform and voted Asia’s Best Travel Booking App at the World Travel Tech Awards for four consecutive years since 2023. It offers a comprehensive selection of travel choices across over 700 global airlines and more than a million hotels worldwide. The booking platform also offers travel services like airport transfers, travel insurance, duty-free shopping, attractions, live-event ticketing, among others.

UK shortens post-study work visa for foreign graduates outside selected universities

Thousands of African graduates seeking employment in the United Kingdom (UK) could lose six months of post-study work opportunities under a new immigration policy that makes the duration of their stay dependent on the university they attend.

The UK government will retain the two-year Graduate visa for international students completing degrees at selected universities, while graduates from other institutions will receive only 18 months from January 1, 2027. The arrangement creates a two-tier system in which a university’s immigration compliance record and graduate employment outcomes could determine how long international students can remain in Britain after graduation.

The decision partially reverses an earlier plan to reduce the Graduate visa for all bachelor’s and master’s degree holders from two years to 18 months. However, the government has not disclosed which universities will qualify for the longer period or how their performance will be assessed.

In its 2026 Budget, the government said the extended period would apply to graduates from institutions with strong immigration compliance records and positive employment outcomes.

‘The government will also increase the duration of the Graduate visa to two years for graduates from high compliance universities where there are strong labour market outcomes,’ the Budget document stated.

The policy has significant implications for African students, particularly Nigerians, who constitute a major segment of the UK’s international student population and often rely on post-study employment to gain professional experience and recover the cost of studying abroad.

Nigeria was the UK’s third-largest source of sponsored international students in the year ending June 2026, with 26,060 study visas issued to Nigerian main applicants, behind China and India.

Nigerians were also among the largest beneficiaries of the Graduate route, with 20,604 nationals receiving approval during the period, the third-highest figure among nationalities.

The figures highlight the potential scale of the policy’s impact, although the number of African graduates affected extends beyond Nigeria.

University choice becomes an immigration consideration

The new arrangement means prospective international students may have to consider a university’s eligibility for the extended Graduate visa alongside tuition fees, academic reputation and employment prospects.

For students financing their education through personal savings, family support or loans, losing six months of post-study work eligibility could reduce the time available to secure employment, gain experience and transition to a longer-term immigration route.

The Graduate visa allows eligible international students to work or search for employment without first obtaining employer sponsorship. However, it cannot be extended, meaning graduates who wish to remain in Britain beyond its validity must qualify for another immigration category, such as the Skilled Worker visa.

Under the revised rules, students graduating before the end of 2026 can still apply for the existing two-year Graduate visa. The shorter 18-month period will apply to applications submitted from January 1, 2027, while doctoral graduates will continue to qualify for three years.

The absence of a published list of qualifying universities creates uncertainty for students making admission and financial decisions ahead of the implementation date. Without clear assessment criteria, prospective applicants may struggle to determine whether their chosen institution will provide access to the longer post-study period.

UK expands opportunities for highly skilled graduates

Alongside the changes to the Graduate route, Britain plans to widen access to its High Potential Individual visa by extending eligibility to graduates of the world’s top 150 universities, compared with the smaller group currently covered.

The route allows eligible graduates of leading overseas institutions to move to the UK without securing a job offer before arrival.

The government also intends to give some highly skilled sponsored workers up to six months to find another job when their existing sponsorship ends.

Together, the measures suggest a more selective approach to international migration. While the government is shortening the post-study work period for some graduates, it is creating additional opportunities for individuals from institutions and professional backgrounds it considers valuable to the British labour market.

Day Olagunju, school proprietor, rolled out cymbals in praise for God’s mercies

Saturday, October 24, 2026 will remain a red-letter day for Titus Olusegun Olagunju, proprietor of Timi Group of Schools Surulere, Lagos.

On that day, Olagunju rolled out instruments of praise to express his gratitude to the Almighty God, who, according to him, enabled him to clock the significant age of 70.

At a moderate event themed, ‘Celebration of Life of Grace, Wisdom and Impact’, he recalled that were it not for the divine intervention, he would not have been among the living today, as a strange illness struck him two years ago.

He said that there was no way he could have pulled through the health challenges if the Lord had not been on his side.

The proprietor did not only express thanks to God for His healing touch in his life, he also expressed gratitude for the abiding presence of the Omnipotent God in his life and family.

Praising God for surrounding him with people who have his interest at heart, he prayed God to reward them all abundantly.

He expressed thanks to his family members who provided the support he needed at the critical moment, and have continued to be with him.

He was full of appreciation to the Management and staff of his schools who treat him like their own biological parents. He extended thanks to his former co-workers in the federal ministry where he retired from; his brethren from his place of worship, and all well-wishers who attended the event.

Many participants at the event also used the occasion to extol the virtues of the celebrant and what he meant in their individual lives.

Expressing gratitude to God for granting Olagunju the grace to make the age of 70 in good health, John Olaosun, proprietor of Prestige International School, Surulere, Lagos, noted that God has used the celebrant to touch many lives and that his being alive today was not an accident, but a calculated plan by the Almighty God himself. He also led other guests in a session of prayer for the celebrant.

Some children workers, who work with Olagunju in the Children ministry of his church, described him as a ‘child at heart.’

According to them, the celebrant has long adopted child-like attitude to life. He harbors no grudge against anybody and is always at his best in the midst of children.

This was corroborated by a representative of his local church where he worships in Surulere, who also added that the celebrant leads a selfless life when it comes to rendering service to God, and in his relationship with fellow human beings.

Other guests also took turns in pouring tributes on the celebrant. Management and staff members of Timi Group of Schools were jubilant in their lavish of encomiums on their boss.

Many of them shared their personal experiences of the cordial relationship that exists between them and the celebrant. Some of them said they now see him more as a father figure than their employer.