Museveni orders probe, restores security detail for ONC boss Namyalo

President Museveni has reportedly ordered a formal investigation into the unexplained withdrawal of the security detail assigned to Hajjat Hadijah Namyalo Uzeiye, the Senior Presidential Advisor on Political Affairs and Manager of the Office of the National Chairman (ONC), while simultaneously directing the immediate restoration of her protection.

Sources close to State House indicate that the President expressed complete unawareness regarding the initial decision to strip Namyalo of her security apparatus. In response, he instructed relevant security authorities to identify who authorized the command and under what statutory or administrative parameters the directive was issued.

The security detail, originally composed of officers from the elite Police Presidential Guard (PPG), was abruptly recalled on September 29. The sudden decision triggered intense public and political scrutiny over the command structure within the security forces and highlighted widening rifts within the ruling establishment.

The withdrawal coincided with escalating friction between traditional National Resistance Movement (NRM) mobilization organs and the Patriotic League of Uganda (PLU) over the 2031 presidential succession agenda. Tensions erupted after Namyalo’s mobilization team in Bugisu publicly endorsed President Museveni for an extended term beyond 2031.

That endorsement drew immediate pushback from senior PLU figures, including General Secretary Twalla Fadil and Daudi Kabanda, head of the PLU Chairman’s Office, who have been building grassroots momentum for Chief of Defence Forces (CDF) Gen Muhoozi Kainerugaba’s prospective 2031 presidential bid.

Reports further reveal that during a high-level NRM Central Executive Committee (CEC) meeting at State House Entebbe, President Museveni floated Gen Muhoozi as a potential successor. Ms. Namyalo reportedly voiced opposition to the proposition and raised concerns about her personal safety following the recall of her guards. Although the President initially treated the complaint as a minor operational issue, he subsequently intervened with the firm directive to investigate and restore her security.

As head of the ONC-the primary administrative and political engine for President Museveni in his capacity as NRM National Chairman-Namyalo oversees key nationwide youth empowerment and grassroots mobilization programs.

Following the presidential directive, Counter Terrorism officers have been deployed to replace the previous PPG unit, allowing Namyalo to resume her official duties without further disruption while investigators trace the procedural breach that led to her guards’ recall.

A mother’s unending search for daughter Sophia: 11 years of questions, hope and heartbreak

This year October 28 ,fell on a Wednesday. ‘So what?’ you might think, dear reader. For us, a Dutch family in Amsterdam, this date marks the beginning of the ultimate nightmare: a missing child. On this date in 2015, also a Wednesday, our beloved Sophia disappeared in Murchison Falls National Park. Another year has gone by. Another year, filled with pain and despair. Another year without answers and the daily confrontation with her absence. No child is as present as a missing child.

I vividly remember how we took her to the airport, with her new backpack and new hiking shoes. Never could I have imagined that I would see one of those shoes lying along the Nile riverbank, surrounded by other odd items belonging to Sophia. But that is what happened. [Editor’s note: the writer prefers to talk about her daughter in present tense because of the weight this carries in her heart].

The firstborn and only daughter, Sophia is a bright and gifted child, blest with musical and artistic talent. After finishing secondary school, she decides to become a doctor. Passing all exams effortlessly with good grades, she acquires her Bachelor’s degree in Medicine in the early summer of 2015. She is 21 years old and decides to take a gap year before continuing with her masters in Medicine.

Sophia arrives in Uganda late August for an eight-week internship in Lubaga hospital in Kampala. She is quickly taken by the country and its people, as is clear from her elaborate weekly reports we receive. She enjoys her work in the hospital, especially the maternity ward, and gets on very well with her local colleagues. One of them, a midwife, told me how eager Sophia was to learn new things, how fast she picked things up, her desire to be useful, and willingness to help with everything. On her last day in hospital, Sophia writes: ‘I am really sorry my stay here is over. All the people in the hospital are so sweet. I will truly miss them and hope to be back one day. Who knows, as a doctor of Tropical Medicine?’

Her stay in Uganda is to be concluded with a two-week trip through the country, with two Dutch fellow students and a Ugandan driver/guide. They leave Kampala on October 23.

On the sixth day of her journey, October 28, Sophia disappears, around 6.30pm, very soon after arriving at the student centre in Paraa in the national park. It is a very low-budget accommodation, owned and run by Uganda Wildlife Authority (UWA), mainly used for their employees. A place not really fit for tourists, no security to speak of. Companions and the tour guide were aware that Sophia was not well. The guide should never have taken her there.

The circumstances surrounding her disappearance are unclear. The initial investigation left a great deal to be desired and police quickly jumped to the conclusion, without evidence, that it must have been a fatal accident. End of story. Convenient too. However, for us it is not that simple, certainly not for a mother who, from the beginning, has a strong feeling that something is wrong, that there is more than meets the eye.

The insecurity about her fate, the fight between hope and despair, has dominated our lives ever since. As former Minister of Internal Affairs, Jeje Odongo, concluded when I met him a few years later: ‘It is clear to me that this case has not been taken seriously and has been kept at a local level far too long’.

When I first travelled to Uganda, I was looking forward to being acquainted with a new country, but most of all, to see my daughter in a white coat, working in a Kampala hospital. Two weeks after my arrival the trip turned into an unimaginable nightmare and I left Uganda a broken mother. Since then, I have travelled back 27 times. Those journeys have not been easy and have taken a toll on our lives in many ways; mentally, physically and financially. I have tracked down witnesses, written articles, done interviews, spoken with many people and kept lobbying for more investigations, hoping answers would be found for the many, many questions we have. A life surrounded by question marks is not a peaceful life.

A few new investigations were started since that dark day in October 2015. Some never took off, due to various reasons, such as insufficient funding. Another was derailed by the Covid-19 pandemic that took over the world in 2020, and remained unfinished. Several private investigators proved to be disappointing. Not to mention the number of people who claimed to know Sophia’s whereabouts, clearly only intent to monetise our tragedy. I also recall a year when meeting a new CID deputy director on each consecutive trip, four in total. Moreover, every time telling Sophia’s story anew. In the spring of 2022 another investigation was started. Despite sharing a trove of useful information, my request to be involved was met with silence. However, I was promised a report after three months. Those three months turned into 18 months and the report produced more questions than answers. I wrote a substantiated review, which received no response.

Another year passed and I had the opportunity to speak with the President. I expressed my sincere disappointment and frustration with the lack of real progress. H.E offered help and introduced me to a member of his staff. Unfortunately, this person left State House and I was again left with empty hands. All I know is that there is another report, somewhere.

Dealing with a missing child is extremely difficult, if not impossible. Psychologists worldwide speak of ‘ambiguous loss’, a loss that is unclear and uncertain. It is seen as the hardest and most complicated form of grief. It is ongoing; there is no closure or resolution.

We still go by ‘when nothing is sure, everything is possible’ and I am a staunch believer in miracles. They do happen. In the meantime, there is no other option than to keep fighting to find out what happened to our smart, kind-hearted and beautiful Sophia and work hard to make sure she is not forgotten. We miss her so very, very much.

APC Oyetola Adeleke inaugurate 10000 door-to-door canvassers for Tinubu’s re-election

The Osun State chapter of the All Progressives Congress (APC) Minister of Marine and Blue Economy Adegboyega Oyetola Governor Ademola Adeleke and other political leaders have inaugurated a 10000-member door-to-door canvassing team to mobilise support for the re-election of President Bola Tinubu ahead of the 2027 general election.

The inauguration held at the Nelson Mandela Freedom Park Osogbo on Saturday brought together prominent political figures across party lines including APC leaders members of the Adeleke-led administration and representatives of the Niger Delta political bloc in a demonstration of their commitment to building a broad-based coalition to secure a second term for President Tinubu.

The Minister of Marine and Blue Economy Adegboyega Oyetola while addressing the gathering noted that the inauguration demonstrates commitment organisation and shared conviction in President Bola Tinubu’s continuity agenda.

Oyetola who represented the 2026 Osun State APC guber candidate Asiwaju Bola Oyebamiji commended High Chief Oweizide Ekpemupolo (Tomopolo) for supporting the initiative and his nationwide advocacy for President Tinubu’s re-election.

He said ‘There is no doubt that the presidential campaign of President Tinubu is highly visible and increasingly gaining momentum across the Southwest. This gives us an enormous responsibility to ensure that the Southwest delivers overwhelming votes for our leader President Bola Ahmed Tinubu in the forthcoming general election.

‘I am particularly impressed by the massive mobilisation of the APC structure for today’s inauguration. Our target of mobilising 1.5 million votes for President Tinubu in Osun is achievable if we approach the assignment with unity discipline and determination.’

He encouraged Nigerians regardless of political affiliation to identify with President Tinubu’s continuity agenda by contributing meaningfully to his re-election.

He tasked the canvassers saying ‘I charge you to approach this assignment with sincerity discipline and an unwavering commitment to the cause. Shun hypocrisy political pretence and complacency.’

Also Adeleke represented by his deputy Kola Adewusi urged Accord Party Peoples Democratic Party (PDP) members and his supporters to forget past disagreements and unite to deliver for the President.

Also the National Coordinator of PBAT Door-to-Door Comrade Sunday Adekanbi encouraged voters to collect their PVCs and deliver the state’s two million votes for President Tinubu regardless of party affiliation.

The Managing Director of Tantita Security Service Nigeria Limited representing Government Owoizidei Ekpemupolo or Oweizidei Thomas Ekpemupolo) Dr Kestin Pondi said ‘We are not just coming to inaugurate; we are also bringing to you 30 campaign vehicles mounted with speakers generators and amplifiers to make the campaign work very easily.

‘Our message to you today is simple: it’s to come and join us in Osun. We know that President Bola Tinubu is Osun and Osun is President Bola Tinubu. We have come to inaugurate the PBAT door-to-door movement Osun State Chapter.

‘We believe in the man’s reformation agenda and we believe that the man is what Nigeria needs at this point. Our economy is stable. People are now coming to invest in Nigeria as against why people were removing their money from Nigeria before he assumed office.’

‘We know that you are already going to vote for the man who is moving Nigeria forward. But what we are going to tell you is that we don’t want your vote to be less than 90%. We want you to give him as many votes as you have. If you can’t give him 100% don’t let them go below 90%. That’s why we are in Osun State today.’

The State Coordinator of the movement

Rtr. Amb. Adeolu Olanrewaju assured its National leadership not to disappoint them by ensuring that all doors in Osun are touched and every stakeholder is convinced to vote for Tinubu.

The National Secretary of APC Senator Ajibola Basiru highlighted President Tinubu’s achievements including the NELFUND loan infrastructure drive increased allocation and an improved economy among others.

2027: Adamawa PDP candidate confident of victory despite mass defection to APC

The Peoples Democratic Party (PDP) governorship candidate in Adamawa State Maurice Volnobolki has expressed confidence in the party’s chances of winning the 2027 general election despite the defection of local government chairmen and councillors to the All Progressives Congress (APC).

Volnobolki gave the assurance during the inauguration of the party’s 2027 campaign council in Yola where he urged members to remain committed to the party’s campaign.

He said the defection of council chairmen and councillors across the state’s 21 local government areas and 226 wards would not diminish the PDP’s grassroots support or affect its chances at the polls.

‘There is no cause for alarm. I have no doubt in my mind that all of you representing our structures across the 226 wards and 21 local governments are capable of delivering victory for the PDP’ he said.

Volnobolki recalled the 2019 general election when the PDP won in Adamawa despite not controlling the local government councils or having councillors and political appointees.

He said the party could replicate the feat in 2027 through the commitment and mobilisation of its grassroots supporters.

The PDP candidate also commended Governor Ahmadu Fintiri’s administration for its development and empowerment programmes which he said aligned with the party’s manifesto.

‘The party that brought the sitting governor is here and you are the grassroots that brought the governor. I assure you that we are equal to the task’ he said.

He pledged not to disappoint party members who entrusted him with the governorship ticket urging supporters to turn out in massive numbers and vote without fear of intimidation.

The PDP candidate also challenged other governorship contenders to a public debate saying he was ready to defend his policies and programmes before the electorate.

He said his nine-point agenda for Adamawa was anchored on three major pillars: people prosperity and peace.

According to him the proposed agenda would focus on citizens’ welfare justice fairness equal opportunities security and the provision of critical infrastructure.

Earlier Adamawa PDP Chairman Mr Belmont Dogo congratulated members of the campaign council and reaffirmed the party’s commitment to peaceful law-abiding political engagement.

‘We in PDP have no time for propaganda or cheap blackmail but to deliver good governance to Adamawa people in the coming election’ Dogo said.

Also speaking the Director-General of the campaign council Mr Hamman Ribadu pledged to intensify grassroots mobilisation across the state to secure support for the party.

The PDP State Legal Adviser Mr John Tunoh administered the campaign council’s code of conduct and urged members to remain disciplined and committed to the party’s objectives.

2027: Adeleke, Oyetola set aside differences to back Tinubu

Osun State Governor, Ademola Adeleke, and the Minister of Marine and Blue Economy, Adegboyega Oyetola, on Saturday unveiled 30 campaign vehicles donated to support President Bola Tinubu’s re-election campaign ahead of the 2027 general elections.

The vehicles were donated by Government Ekpemupolo, popularly known as Tompolo, through the PBAT Door-to-Door Movement.

The event, held in Osogbo, Osun State, attracted supporters of the All Progressives Congress (APC) and the Accord Party.

Other attendees included APC National Secretary, Senator Ajibola Basiru; Osun APC Chairman, Tajudeen Lawal; Accord Party Chairman in Osun, Victor Akande; Speaker of the Osun State House of Assembly, Adewale Egbedun; and other political leaders.

Osun Deputy Governor, Kola Adewusi, read Adeleke’s address at the event. The governor praised supporters from different political parties for working together to secure Tinubu’s re-election.

Adeleke said the alliance was formed specifically to support Tinubu’s second-term bid. He urged members of the coalition to put aside past disagreements and work together to secure between 1.5 million and two million votes for the President.

He, however, clarified that the agreement did not cover legislative elections.

According to him, members of the coalition would support Tinubu in the presidential election but remain free to campaign for their respective candidates for the Senate, House of Representatives and State House of Assembly.

Adeleke also urged campaign members to take their message to communities across Osun State and explain the benefits of the Federal Government’s projects and economic reforms.

Speaking on behalf of Oyetola, the APC candidate in the last Osun governorship election, Bola Oyebamiji, said Tinubu’s re-election campaign was gaining support across party lines.

He described Adeleke’s role in coordinating the Rainbow Campaign Council as evidence that the President’s re-election was more important than individual political interests.

Oyebamiji said the APC was targeting 1.5 million votes for Tinubu in Osun State, adding that the goal could be achieved through unity and effective mobilisation.

He also urged voters to support APC candidates contesting legislative seats.

Basiru called on Osun residents to support Tinubu in 2027, citing government initiatives such as the Nigerian Education Loan Fund (NELFUND) and federal road projects in the state. These include the Ilesa-Ife-Ibadan Expressway, Osogbo-Gbongan Expressway and Osogbo-Iwo-Ibadan roads.

The Managing Director of Tantita Security Services Nigeria Limited, Dr Kestin Pondi, who represented Tompolo, said the vehicles came with speakers, generators and amplifiers to support grassroots campaigning.

Pondi urged Osun State to deliver all its votes for Tinubu, adding that more resources would be provided to strengthen the campaign.

The Osun coordinator of the PBAT Door-to-Door Movement, Timothy Olanrewaju, also promised that the group would work to secure maximum support for the President.

Despite the alliance, Adeleke and Oyetola have maintained some distance from each other. Their differences were also noticeable during the recent inauguration of the Osun State Presidential Campaign Council, which Oyetola and several APC leaders did not attend.

Brighton stun Man City with historic 1-0 Etihad win

Manchester City suffered consecutive Premier League defeats for the first time under Enzo Maresca after Brighton secured a 1-0 win at the Etihad Stadium on Saturday.

The defeat followed Man City’s defeat to Aston Villa last weekend, marking the club’s first run of back-to-back league defeats since August 2025.

Brighton’s victory also ended their long wait for a first-ever Premier League away win against City, achieved at the 18th attempt, and moved the Seagulls to within two points of the leaders. Third-placed Brighton strengthened their title ambitions with another significant result, having already beaten reigning champions Arsenal convincingly this season.

Fabian Hrzeler’s side also gained revenge for their League Cup exit against City on Wednesday. The Seagulls had twice taken the lead at the Etihad before losing on penalties, a result that left their manager frustrated.

This time, Brighton made their early advantage count, with Yasin Ayari slotting home in the 11th minute.

Goalkeeper Bart Verbruggen then produced an inspired performance to withstand City’s second-half pressure and preserve the visitors’ lead.

Brighton were also dangerous on the counter-attack and could have extended their advantage late on, but Jack Hinshelwood’s effort struck the side netting.

City had won their opening seven league matches as Maresca made an impressive start to the demanding task of succeeding Pep Guardiola. However, successive defeats have checked that momentum and increased the pressure on the new manager.

The result also means Arsenal can move above Manchester City and return to the top of the Premier League table if they avoid defeat against Liverpool on Sunday.

Guizhou: High speed trains and ancient cultures

BY day three of our trip to Guizhou in China, I had caught up on enough sleep to appreciate traveling at 266 kilometres per hour.

After two nights at Guizhou Park Hotel, we were heading to Zhaoxing by high-speed train to Congjiang. Yesterday’s bridge had shown us how Guizhou connected its valleys; now came the railway.

My jaw dropped when we arrived at Guiyang North Railway Station. We were catching a train, but the building felt more like an airport-and, to my eyes, a more impressive one than the terminal we had left in Manila.

Perhaps I had brought the wrong expectations. Back home we only have the MRT and LRT, with just the concourse platforms and ticketing booths. Only those few connected to malls were more than just stations.

Guiyang North was a major departure point in its own right, with a scale that made me stop and look around. Hopefully, our subway stations will at least be good-if and when they finally open.

Guiyang North opened in 2014, alongside the Guiyang-Guangzhou high-speed railway, Guizhou’s first high-speed rail line. What looked relatively new to me had already been serving passengers for more than a decade. The station has 15 platforms and 32 tracks, serving a network that includes routes toward Guangzhou, Shanghai, Kunming, Chongqing and Chengdu. It also connects with Guiyang’s urban transport system, allowing passengers to continue their journeys beyond the railway station.

Our itinerary listed train D1857, departing Guiyang North at 10:05 am. In about an hour and 39 minutes, we would reach Congjiang, where a road transfer would take us onward to Zhaoxing. I kept thinking about how much easier it would be to visit places beyond Manila if we had dependable rail connections like this. Yes, we had the PNR system but that was decades ago and just part of history. A shorter journey could mean an extra afternoon at the destination, rather than another stretch of the holiday spent on the road.

Once aboard, I watched the speed display until it reached 266 km/h. The ride was so steady that the number seemed at odds with how little movement I felt inside the carriage and before I could doze off, we were already at Congjiang.

Outside, it looked like we traveled back to the past, where traditional architectural details signaled the change in surroundings. We boarded our road transfer, and my attention shifted from the train’s speed to the structures outside.

Our next base was Zhaoxing Hotel; again it was a relatively new hotel but made to resemble old architecture. After settling in and having lunch, we were ready to meet the people whose architecture had already caught our attention.

The Dong and the drum towers

Zhaoxing Dong Village is in Liping County. The Dong and Miao are separate ethnic peoples, with their own languages, histories and traditions. Over the next two days, we would get an introduction to both.

The entrance looked like the gateway to an ancient village straight out of a Chinese microdrama. I thought we had arrived, but this was only the shuttle drop-off point; the village itself was still a few minutes away.

As at Huangguoshu Waterfall, there was plenty to look at before we reached the main sights. Landscaped paths, rice fields and views of the surrounding mountains made the approach worth slowing down for. They had clearly gone to considerable lengths to make the whole visit worth the journey, beginning well before we reached the village streets.

Zhaoxing traces its history to the Northern Song Dynasty, roughly a thousand years ago. The village’s five drum towers rise above the surrounding houses, their tiered roofs supported by timber frames fitted together without nails-a striking example of traditional Dong carpentry.

These towers have served as places for meetings, ceremonies, festivals and everyday conversation. Historically, drumbeats could summon residents or warn of danger.

Around them are rows of timber houses, many with tiled roofs, projecting upper floors and carved wooden details. Traditional raised houses can place living quarters above spaces used for storage or livestock, although buildings now accommodate shops, restaurants and guesthouses.

That was the part of Zhaoxing I wanted more time to explore.

All dressed up, but no time to go

ONE of the most popular activities here is trying on traditional Dong outfits. Our group dressed the part and learned a few dance steps. Former senator Nikki Coseteng participated enthusiastically, continuing to set a pace that some of us younger travelers struggled to match.

Playing dress-up was fun, but I wanted more time in the village. After that activity, we only had an hour before dinner and the show-barely enough to browse the shops and dining spots. This was where I should have bought more souvenirs: clothing, textiles, accessories and smaller keepsakes. I left with only a few items and later regretted not exploring further.

We also tried rice cake-making. Cooked glutinous rice is pounded into a dense, sticky mass before being portioned and served with a coating such as peanut powder. I tried the pounding, and it was more tiring than all the walking. Eating the finished piece was the easier part.

After dinner, we returned for the evening performance. The drum towers were illuminated, and the program brought people together around a bonfire. The songs and dances included a portrayal of traditional courtship that drew laughs from the crowd. Then came the bamboo-pole dance, which looked a lot like our tinikling, with participants timing their steps around poles moved to a rhythm. There was also Duoye, a communal circle dance in which people join hands and move together while singing, and the part where visitors were encouraged to participate.

Day four: Meeting the Miao

OUR next cultural visit took us to Langde Miao Village.

We just had breakfast but we were welcomed with rice wine, by women wearing traditional dress and music played on bamboo reed instruments. Silver ornaments and embroidered clothing immediately drew attention, but by this point, I wanted more than another set of photographs of people in beautiful outfits.

The term Miao, as used in China, covers a diverse population with different languages and local identities. The women of Langde are associated with the Long Skirt Miao tradition, named for their ankle-length skirts. Their embroidery rewards a closer view. Patterns can carry references to ancestry, beliefs, animals, plants and remembered journeys. Butterfly imagery, for example, has a central place in the creation traditions of some Miao communities.

Silver adds another layer of craftsmanship. Headdresses, neckpieces and other ornaments require skilled metalwork, and their significance extends beyond how impressive they look in a photograph.

My favorite part of the Langde show was watching the elders perform. The men lined up with their lusheng-bamboo mouth organs with pipes towering above their heads-and played together in the village square. The older women followed with their own performance, their embroidered clothes and silver ornaments moving with each step.

One dance had the women drawing long lengths of fabric from the lead dancer’s skirt, spreading them outward as they moved around her. It was a clever reveal: what had looked like part of one outfit became the center piece of a group dance.

I could happily have stayed watching the elders, but the program eventually called for audience participation. Once again, visitors were invited to join the dancing.

After lunch, we headed to a batik workshop. Batik uses wax to protect parts of a fabric from dye, creating a pattern when the wax is removed. It sounds straightforward until you consider the control required to produce an intricate design by hand-and, of course, I chose to do a Labubu design.

Our last cultural stop was the Qiandongnan Museum in Kaili, where costumes, objects and interactive displays helped place the village visits within a wider regional context.

The exhibits let us examine the embroidery, accessories and construction of garments we had seen during performances. Displays also covered food, customs and beliefs, while interactive stations introduced music and let visitors virtually try on traditional outfits.

The hidden tech beyond the villages

Perhaps Guizhou’s biggest surprise, however, lay in the places we never visited.

Gui’an New Area, near Guiyang, hosts massive data centers for Apple, Huawei, Tencent, and other tech giants. What makes them remarkable is their location: built into mountains and near natural caves to harness natural cooling. We never saw these facilities in person, but our guide credited these major enterprise investments with driving much of the province’s rapid modern development.

It brought to mind the Philippines’ own aspirations for high-tech manufacturing under initiatives like Pax Silica. While the projects serve different purposes, Guizhou offers a concrete lesson in how a region’s geographical advantages can be harnessed to drive real development. The vision is compelling, and as a Filipino, I’m eager to see how our own national plans are executed.

Our short visit couldn’t establish the full environmental or social cost of Guizhou’s development. What it did show us was a province with purposeful bridges, high-speed rail connections and major technology operations, alongside villages where residents continued to practice, teach and earn from their traditions. The Dong drum towers, Miao embroidery and cloud infrastructure all belonged to the same province.

I am grateful to former senator Nikki Coseteng and Bemz Benedito of Verde Creatives for the invitation and the arrangements that brought us Guizhou. I came home with so many stories, too few souvenirs and plenty of unfinished business: shops to explore in Zhaoxing, food to try, and a waterfall to walk behind.

Before this trip, I had forgotten how good it felt to need my passport again.

Now, this travelling tito can’t wait to get my next stamp.

Most PHL banks see steady Q4 credit standards, loan demand

MOST Philippine banks expect credit standards and loan demand to remain steady in the fourth quarter of 2026, results of the latest Senior Bank Loan Officers’ Survey (SLOS) of the Bangko Sentral ng Pilipinas (BSP) show.

In a statement on Friday, the central bank said that for the fourth quarter of 2026, 80.8 percent of respondent banks expected unchanged credit standards for enterprise loans, while 85.7 percent expect steady standards for household loans.

BSP pointed out these are higher than figures posted in the third quarter of 2026 at 71.2 percent and 77.1 percent for enterprise loans and household loans, respectively. This, it noted, indicates a shift toward ‘more stable’ lending standards.

Among banks expecting changes in credit standards, the central bank said the bias toward tightening has ‘moderated’ both enterprise and household loans.

A small share of banks also expects to ease their credit standards, the BSP also noted.

Respondents cited uncertainty over the economic outlook, deterioration in borrower profiles, and lower risk tolerance as factors that could lead to tighter standards.

Meanwhile, banks also expect overall loan demand to remain steady in the fourth quarter of 2026, with signs of ‘stronger demand.’

For enterprise loans, 69.2 percent of respondents expect demand to remain unchanged, 26.9 percent expect an increase, and 3.8 percent expect a decline.

Compared with the third quarter, fewer banks expect ‘unchanged demand’ and more expect demand to increase.

‘The expected increase in enterprise loan demand reflects higher financing needs for inventories and accounts receivable, as well as limited access to other funding sources,’ BSP said.

For households, banks expecting stronger loan demand cited higher household consumption, more attractive bank financing terms, and increased housing investment.

Cybercrime Reports: FUOYE threatens legal action against media houses

The Federal University Oye-Ekiti (FUOYE) has threatened to sue media organisations and publishers over reports linking its Vice-Chancellor, Professor Joshua Ogunwole, and other senior officials to alleged cybercrime offences.

The university said the reports were damaging the reputation of the Vice-Chancellor and the institution by presenting unproven allegations as facts.

The position was contained in a statement signed by the university’s Registrar, Mufutau Ibrahim, and made available to journalists.

According to the statement, the university’s lawyers are reviewing the publications and will contact the publishers to demand explanations and credible evidence to support their reports.

The university explained that the matter centred on an audio recording that was already circulating publicly before it came to the attention of the institution’s management.

It said neither the university nor the Vice-Chancellor was responsible for making the recording or sharing it publicly.

According to FUOYE, the recording later became an issue within the university, leading to an administrative process in which some people connected to the matter were asked to explain their roles.

The statement added that Ogunwole became involved in the matter because of his responsibilities as Vice-Chancellor.

The university said there was nothing in its records to suggest that he illegally obtained, recorded or altered anyone’s private conversation.

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.