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GHS100,000 Bounty On Killer Of Man, Niece

A GHS100,000 reward has been announced for anyone who provides credible information leading to the arrest of the principal suspect, Samuel Christopher Osei Anto, who is alleged to have shot and killed George Atuguba, and his niece, Irene Atuguba, in the head at their NTHC Estate residence in Sakumono on October 30, 2026.

Meanwhile, the police have arrested 47-year-old suspect Beatrice Mumuni, who is believed to have led the principal suspect to the residence of the victims before the murders.

Preliminary investigations indicate that the incident was triggered by a financial dispute.

According to police, the deceased, George Atuguba, had allegedly borrowed GHS500,000 from the suspect but failed to repay the amount.

On the morning of the incident, suspect Samuel Christopher Osei Anto reportedly went to the deceased’s residence with Beatrice Mumuni to demand repayment.

A misunderstanding allegedly ensued during the confrontation, during which the suspect shot and killed George Atuguba, and his niece, Irene Atuguba. The deceased persons were rushed to the hospital, where they were pronounced dead by a medical officer.

Police say efforts are underway to apprehend the main suspect, while the arrested accomplice is assisting with investigations. Meanwhile, Samuel Christopher Osei Anto has been declared wanted to assist investigations into the case.

A statement issued by the Accra Regional Police Command assured the public that every effort is being made to apprehend the suspect and bring him to justice.

The bodies of the deceased have since been deposited at the Police Hospital Mortuary for preservation and autopsy.

Brother’s Account

The brother of the late Irene, Stephen Atubiga, has recounted in an emotional post how his sister and uncle were shot dead.

In a statement titled ‘The most difficult storm blew through the Atubiga family this morning,’ Mr. Atubiga said he received a call from the wife of the suspect, Samuel Anto, at about 8 a.m. while he was at the gym.

‘She asked, ‘Steve, where are you?’ I replied that I was at the gym working out. She said, ‘Please come here quickly, my husband has just shot our uncle George and your sister. Come now,” he recounted.

He said he was completely dazed and forgot to call his driver and escort, and after alerting the police, he ran out of the gym towards his sister’s house on foot.

‘On the way, I saw a taxi parked by the roadside. I jumped in and told him to drive quickly,’ he said.

Mr. Atubiga said upon arrival, the victims were rushed to Sakumono Community Hospital where doctors pronounced them dead, but he initially refused to accept the news.

‘I was in disagreement with the doctors who told me my sister and uncle were gone. The doctors showed me all the medical examinations to accept that they were gone, but I refused, especially touching my sister’s chest trying to feel for a pulse,’ he wrote.

‘Because I believe in modern medicine I have seen on TV, where people shot in the head still survive, but the doctors kept telling me the bullets in their heads killed them instantly.’

He said the police subsequently took possession of the bodies for further investigations.

‘Until I was asked to sign the documents for preservation in the mortuary. They called me in alone to look at them before they put them in. That was my breaking point. I accepted that my lovely sister and uncle are gone,’ he added.

Describing his sister as his closest confidante, Mr. Atubiga said she was the only person he could share his difficulties with 24/7 and always gave him a shoulder to cry on.

‘She was the only person I could share my difficulties with 24/7… She always had a meal in her fridge to feed me whenever I called,’ he stated.

He described his uncle George as a very quiet person who always had listening ears.

‘Today, as I sit now, as the only son of my mother in the Atubiga family, who can I run to during my predicaments? God, will I ever get a genuine replacement and helper now that she is gone? In all, I cannot question God. I can only say, it is well.’

Olivarez National Open tennis tilt to showcase top guns, rising stars

Eric Olivarez and John Benedict Aguilar launch their respective bids for the crown Tuesday, November 3, but a deep and competitive field promises to make the opening rounds of the Mayor Edwin Olivarez National Open Tennis Championships anything but routine at the Olivarez Sports Center and Parañaque indoor clay courts in Sucat.

Olivarez faces David Abordo, while Aguilar squares off with Calvin Chung as the top two seeds look to establish early momentum in the week-long P415,000 tournament featuring the country’s leading campaigners and a promising crop of emerging talents.

But while the seeded players carry the weight of expectations, they can hardly afford to take their opening assignments lightly. The depth of the 32-player singles draw, coupled with the presence of seasoned campaigners and hungry newcomers, sets the stage for possible reversals and early-round surprises that could dramatically reshape the title chase.

Veterans Nilo Ledama, Vicente Anasta and Noel Damian are among those expected to provide stiff opposition, along with Eric Tangub, Loucas Fernandez and Elvin Geluz, all eager to make their presence felt in a field where experience, consistency and composure under pressure could prove decisive.

Beyond the competition, the annual championship underscores the Olivarez family’s continuing commitment to Philippine tennis, providing a regular competitive platform where established players can sustain their edge while rising talents gain valuable exposure and experience against stronger opposition.

Sponsored by Mayor Edwin Olivarez and Rep. Eric Olivarez, the tournament forms part of the family’s long-running effort to help develop the sport, nurture promising players and give both veteran and emerging campaigners opportunities to sharpen their skills and test themselves against the country’s best.

The singles champion stands to pocket P100,000, while the runner-up receives P50,000. The prize money extends down to the qualifiers and Round of 16 losers, ensuring that more participants share in the rewards of competing in the event, supported by Dunlop, Philta, ICON Golf and Sports, Universal Tennis Rating and Palawan Group of Companies.

Also on tap is the men’s doubles competition, where the winning tandem will take home P50,000. Headlining the doubles cast are the Olivarez-Ledama and Aguilar-Rolly Saga combinations, while Damian teams up with Brysl Libao and Geluz partners with Al-Zayeed Baid.

Still, much of the spotlight will remain on the singles competition, where several intriguing first-round matchups could produce early fireworks.

Ledama takes on Christian Gorges, Anasta battles Cristiano Calingasan, Damian collides with Lucas Go, Fernandez faces Hans Asistio, Tangub squares off with Gurkan Nasilbilirsen, while Geluz trades shots with Krelz Gecosala

Justice For The Dead Miners

The 10-member Independent Committee to Investigate the Reported Deaths of 33 People in NSCDC Custody on September 17, 2026, headed by Mr Jonathan Kure, a retired Deputy Director-General of the Department of State Services, submitted its report last week, a few weeks after its constitution. In its report, the committee provided a thorough and far-reaching account of the circumstances surrounding the tragic incident, leaving no doubt that it painstakingly examined the facts, reviewed available evidence and engaged relevant stakeholders before arriving at its recommendations.

In line with earlier eyewitness accounts, the committee found that the deaths of the detained miners resulted from environmental asphyxia caused by severe overcrowding, poor ventilation, extreme heat and dehydration in an unsuitable detention facility. The panel concluded that the tragedy was entirely preventable and stemmed from unlawful detention conditions, failure of duty of care, inadequate supervision and the disregard of repeated distress calls from detainees who pleaded for help throughout the night. Before the investigation, officials of the Nigeria Security and Civil Defence Corps (NSCDC) in Niger State sought to explain the deaths as possibly resulting from an unspecified disease outbreak. They later stated that the cause of death had not yet been established. That position was a disservice to the Nigerian people, who fund the activities of the NSCDC. Rejecting the disease outbreak claim, the committee further established that the arrests and detention of the alleged illegal miners were carried out without proper planning or authorisation.

In its report, the committee made a series of recommendations aimed at ensuring accountability, justice and institutional reform. Foremost among them was that officers found culpable in the deaths of the detainees should be dismissed from service and prosecuted in accordance with the law. Significantly, the committee identified the officers involved and specified the roles each played in what amounted to an unnecessary loss of 37 lives. The committee also urged the federal government to provide compensation to the victims’ families, educational support for their dependants, and medical and psychological care for survivors and affected relatives. In addition, it called for a formal government apology in recognition of the gravity of the tragedy. On the institutional front, the panel recommended a comprehensive overhaul of detention practices within the NSCDC. This should include upgrading detention facilities, ensuring stricter adherence to constitutional safeguards and human rights standards, enhancing the supervision of detainees, improving officer training, and strengthening oversight and accountability mechanisms. The committee further stressed the need for proper operational planning, record-keeping and authorisation procedures for future enforcement operations, warning that systemic failures and negligence must never again be allowed to cause such a preventable loss of life.

International human rights law and Section 33 of the Constitution of the Federal Republic of Nigeria guarantee the right to life, a fundamental right that does not cease to apply simply because a person is under arrest or in detention. Detainees and inmates remain entitled to the protection of the law, humane treatment, access to medical care where necessary, and the constitutional safeguards of due process and fair hearing. The committee’s findings indicate that the deceased detainees repeatedly cried out for help and showed signs of severe distress before their deaths, yet those warnings were allegedly ignored. No domestic law or international human rights standard permits security personnel to stand by while people in their custody face a life-threatening emergency. The reported failure to respond raises serious questions about the training, judgment and conduct of the officers involved. Whether the neglect resulted from inadequate human rights training, gross indifference or an attempt to conceal wrongdoing, the tragedy represents a profound breach of the duty of care owed to every person in lawful custody.

While the officers directly implicated in the deaths of the detained miners must face the full weight of the law, it would be a grave mistake to treat the Niger State tragedy merely as the misconduct of a few individuals. The findings of the Independent Investigative Committee point to deeper institutional weaknesses, including poor supervision, inadequate detention conditions, operational failures and disregard for established standards of care.

The needless loss of lives has inevitably placed the NSCDC under intense public scrutiny and raised troubling questions about its procedures, oversight mechanisms and accountability structures. The government must therefore go beyond disciplining culpable officers and undertake a comprehensive review of the organisation’s operations nationwide. Such a review should examine detention practices, operational protocols, training standards, command responsibility and compliance with constitutional and human rights obligations. The tragedy in Niger State should serve as a wake-up call and an opportunity for meaningful reform. Anything short of a thorough institutional overhaul would risk leaving the conditions that produced this disaster unchanged, thereby exposing citizens to similar tragedies in the future.

Supreme Court orders Dompe cop to pay Rs. 100,000 for assaulting woman

The Supreme Court has ordered a Police Constable attached to the Dompe Police Station to pay Rs. 100,000 in compensation from his personal funds within six months, after holding that he violated the fundamental rights of a woman by physically assaulting her.

A three-judge bench comprising Justices Janak De Silva, Menaka Wijesundera and Sampath Wijeratne made the determination while allowing a fundamental rights petition filed by Jayasinghage Nirmala Kanthi.

The Court declared that the first respondent, Police Constable Lakmal (84253), had infringed the petitioner’s fundamental right guaranteed under Article 11 of the Constitution, which prohibits torture and cruel, inhuman or degrading treatment or punishment.

The petitioner alleged that she was physically and verbally assaulted by the constable on 7 October, 2019, when she visited the Dompe Police Station to deliver a lunch packet to her husband. He had been arrested by Special Task Force officers over an allegation of brewing illicit liquor.

In support of her case, she produced medical documents, including a medico-legal examination receipt and a diagnosis ticket, along with photographs of her injuries. The Court observed that the injuries in the photographs appeared to correspond with those recorded in the medical documents.

Her account was further corroborated by an affidavit from the three-wheeler driver who took her to the police station and later drove her to hospital for treatment.

Senior Counsel Himalee Kularatne appeared for the petitioner. Counsel Udaya Bandara, instructed by Kalana De Silva, appeared for the first respondent, while State Counsel Induni Punchihewa appeared for the Attorney General.

N4.6trn Lost To Building Collapse In 4 Years – Report

The recurring incidents of building collapse in Nigeria has again raised questions on structural and regulatory supervision in the real estate sector.

Checks by Daily Trust show that about N4.6 trillion has been lost to building collapse which led to the destruction of goods and valuable items.

Additionally, between January 2020 and June 2026, Nigeria recorded dozens of building collapses that killed hundreds and injured many more. Nationwide, more than 650 collapses have killed over 1,600 people since 1974, according to figures the Federal Government cited last month.

Lagos, Nigeria’s commercial capital accounts for over half of all recorded incidents. High-profile collapses there in 2021, 2022 and 2024 claimed dozens of lives and destroyed livelihoods.

Consequently, incidents continue to climb: residential blocks, commercial properties and even schools have given way, often during heavy rains or while occupants slept.

These are not isolated tragedies but symptoms of systemic failure in materials quality, regulation and enforcement.

Experts attribute these incidents to substandard block-moulding combined with defective materials , unprofessional construction practices, inadequate supervision and the push to cut costs

In Nigeria, the Standards Organisation of Nigeria (SON), state works ministries and local councils are mandated by law to regulate and and ensure that building materials are up to standards

N4.6trn lost

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), in partnership with the Council for the Regulation of Engineering in Nigeria (COREN) and the Nigeria Building and Road Research Institute (NBRRI) has set up an initiative to curb building collapses, noting that Nigeria is currently lossing trillions

Speaking at the induction of the inaugural cohort of CEFFI professionals, Dr Iliyasu Gashinbaki, President and Chairman of the Governing Council of CIFCFIN, said the initiative stemmed from disturbing findings in a 2026 engineering study.

According to Gashinbaki, the study identified 111 validated building-collapse incidents in Nigeria between 2015 and 2025.

He said the incidents resulted in 321 deaths and 344 injuries, representing an average of approximately 32 deaths and 34 injuries annually within the dataset.

Gashinbaki added that fire-related losses were equally sobering.

He said a recent analysis of documented incidents between 2022 and 2025 estimated at least N4.6 trillion in destroyed goods, property and business assets.

He said this amounted to roughly N1.15 trillion annually across the dataset.

Gashinbaki said the figures demonstrated the need for Nigeria to move from reactive responses to evidence-based investigation and accountability.Buy Maps

He said the CEFFI initiative would bring together engineering, forensic science, law, regulation and investigation to strengthen the response to engineering failures.

He said a recent analysis of documented incidents between 2022 and 2025 estimated at least N4.6 trillion in destroyed goods, property and business assets.

He said this amounted to roughly N1.15 trillion annually across the dataset.

Gashinbaki said the figures demonstrated the need for Nigeria to move from reactive responses to evidence-based investigation and accountability.Buy Maps

He said the CEFFI initiative would bring together engineering, forensic science, law, regulation and investigation to strengthen the response to engineering failures.

‘Where there is suspected negligence, fraud, malpractice or deliberate compromise of safety, properly conducted forensic engineering can preserve the technical evidence required,’ he said.

He urged regulators, project owners, contractors, professional bodies and law-enforcement agencies to ensure that engineering failures did not end with repairs, abandonment or silence.

Gashinbaki said the initiative would help promote safer infrastructure, stronger institutions, better stewardship of public resources and the protection of human life.

Only recently, Daily Trust reports that one person was injured after a five-storey building under construction partially collapsed on Durban Street, Wuse II, Abuja.

The National Emergency Management Agency, NEMA, confirmed the incident, which occurred at about 6:30 pm on Saturday, October 17, 2026.

In a statement issued by its Press Unit, the agency said its Abuja Operations Office received an alert about the collapse and immediately activated relevant emergency response agencies.

NEMA said the FCT Fire Service and its AYA Emergency Response Ambulance Bay team were among the responders mobilised to the scene to coordinate search and rescue operations.

The agency confirmed that no life was lost in the incident, while the injured worker was evacuated to a nearby hospital for medical attention.

What can be done

Two measures matter most. First, criminal and civil liability must extend to manufacturers, suppliers and complicit professionals where negligence leads to collapse, with State Houses of Assembly legislating penalties stiff enough to deter, alongside whistleblower protection.

Second, SON must move from paper standards to street-level enforcement: mandatory certification for block producers, regular market sampling and lab testing, and tighter import checks. Supporting this, local councils should license and inspect block-moulding sites, publishing lists of certified producers and revoking licenses for repeat offenders.

Approval processes must include mandatory on-site inspection at foundation, lintel and roof stages, not just at submission – with inspectors trained, equipped and rotated to reduce corruption. Digital permit platforms publishing inspection status would add pressure that paper files cannot.

Abdul Samad Rabiu pledges business community’s backing for President’s re-election

The Chairman of BUA Group Abdul Samad Rabiu has pledged the support of the business community to President Bola Ahmed Tinubu.

He described him as a committed leader working tirelessly to advance Nigeria’s development.

Rabiu reiterated the support of the community during a dinner hosted by President Tinubu for members of his delegation in Mecca Saudi Arabia where he also offered prayers for unity peace and prosperity of the country.

The President specifically prayed for divine intervention to transform the country’s diversity into an instrument of economic growth and national prosperity.

‘God bless Nigeria and convert our diversity to prosperity as a country’ Tinubu prayed.

The dinner which was attended by some governors business leaders and senior government officials accompanying the President on the Umrah provided an opportunity for them to reaffirm support for his leadership and seek divine guidance for the country.

Rabiu praised President Tinubu’s dedication to national development assuring him of support in advancing his administration’s objectives.

‘We are going to continue to support His Excellency in whatever capacity that we can. And definitely as you all know Mr President is very passionate about the country. He is working very hard and we will continue to support him’ he added.

Rabiu expressed gratitude to the President for the opportunity to undertake the spiritual journey particularly the rare privilege of entering the Kaaba to offer prayers.

He said the experience had enabled members of the delegation to pray not only for themselves and their families but also for Nigeria at a critical period when it required peace unity and prosperity.

The businessman who disclosed that the dinner was the third hosted by President Tinubu since the delegation arrived in Saudi Arabia said the occasion also provided an opportunity to appreciate the President’s commitment to national progress.

Kwara State Governor AbdulRahman AbdulRazaq who spoke for his colleagues prayed for divine wisdom strength and courage for the president to make decisions in Nigeria’s best interest.

‘We are overwhelmed. Allah will continue to bless you. We will pray for you daily. Pray for Nigeria that you lead. And may Allah continue to strengthen you in making the right decisions. Strengthen your wisdom your boldness your audacity and your courage’ he said.

AbdulRazaq thanked the President for the invitation to participate in the pilgrimage describing the spiritual experience as memorable.

He prayed that Allah should continue to guide President Tinubu strengthen his leadership and grant him the wisdom to navigate the challenges confronting the country.

The Attorney-General of the Federation and Minister of Justice Prince Lateef Fagbemi (SAN) also offered prayers for the President asking Allah to grant his personal aspirations and answer his supplications.

He observed that regardless of an individual’s accomplishments or position in life there would always be personal aspirations requiring divine intervention.

He prayed for the fulfilment of the president’s desires and continued divine blessings upon his life.

President Tinubu performed the Umrah at the Grand Mosque in Mecca at the weekend offering prayers for peace unity stability and prosperity of Nigeria.

Tax ‘overdose’ turning toxic, top economist warns Govt.

Former Central Bank Deputy Governor Dr. W.A. Wijewardena has called on the Government to slow its revenue drive in the 2027 Budget, warning that taxpayers are being squeezed by high income taxes, indirect taxes and inflation while receiving deteriorating public services in return.

Delivering CA Sri Lanka’s 28th Annual Tax Oration on Thursday, Dr. Wijewardena said Government revenue had risen from 12.3% of GDP in 2021 to the 15% target set under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), which was to be reached by 2024, and had been exceeded in 2025. He said the target was likely to be exceeded again in 2026, and in 2027 if taxes stayed at current levels.

‘We outperformed the IMF, which is not a good thing, because many of you might think that when the Government raises more revenue it is good. In fact, that revenue is transferred from us. We have to sacrifice our own consumption and our own investment in order to provide that money to the Government,’ he said.

Dr. Wijewardena said collections had improved through a lower personal income tax threshold, which was cut to Rs. 100,000 a month before being raised to Rs. 150,000, a marginal tax rate of 36%, and the requirement that every citizen over 18 obtain a Taxpayer Identification Number (TIN). VAT was raised from 8% in 2021 to 15% and then to the current 18%, while the removal of exemptions and the reduction of the VAT registration threshold to Rs. 36 million drew small firms into a more complex compliance system, he added.

He warned that indirect taxes on essential consumption made the tax system regressive, with low-income earners paying a higher share of their income in tax than high-income earners.

‘It is just like a physician who gives medicine to a patient in pain. If the physician gives an overdose, the medicine will become toxic. The same thing is happening to Sri Lanka today,’ he said.

Dr. Wijewardena said citizens were being hit by three types of taxes: direct taxes, which reduced disposable income; indirect taxes, which eroded the real value of purchases; and inflation, which acted as an implicit tax.

‘We again experience a reduction in the real value of our financial assets when the Central Bank goes by its inflation target of 5%, or most probably 7%,’ he said, referring to the upper limit of the Central Bank’s target band.

He argued that the IMF’s standard prescription relied on revenue-based fiscal consolidation, which narrows the budget gap mainly by raising revenue rather than also cutting spending, and on a primary surplus, the budget balance excluding interest payments. Critics say this protects the interest income of lenders to the Government while squeezing public servants and subsidy recipients, he noted.

The IMF had sought a primary surplus of 1.5% of GDP in 2025, but the Government achieved about 4% by curtailing capital expenditure, Dr. Wijewardena said. Of the Rs. 1.3 trillion allocated for capital expenditure in 2025, only Rs. 987 billion, or about 75%, was spent. The 2026 capital budget, also Rs. 1.3 trillion, was only 16% utilised in the first half and 28% by end-September, he said, adding that officials expected to spend the remaining 72% in the last quarter.

‘If they can do so, in fact they should receive our compliments and respect for being so efficient in disposing of the capital expenditure program,’ he said, warning that lower capital formation would weaken future growth and, with it, the revenue base.

Citing overcrowded wards at the National Hospital in Colombo, reliance on private tuition and delays at police stations, Dr. Wijewardena said the ‘moral contract’ between the state and taxpayers had been breached.

‘This particular sacrifice that the taxpayers make is not matched by public value,’ he said.

He also said the Inland Revenue Department’s Revenue Administration Management Information System (RAMIS) lacked the capacity to handle the expanded tax net, leaving taxpayers unable to file returns. He blamed this on the over-performance in tax collection and the failure to upgrade the technology available to collection agencies.

Can Nigeria’s infrastructure secure its returning payment data?

The CBN’s January 2027 deadline is not just a test of where payment records are stored. It is a test of whether domestic infrastructure can protect them.

In June, during a visit to Lagos, I asked the chief technology officer of a Nigerian bank a simple question: where does your payment data actually live? His answer was straightforward: in a cloud region outside Nigeria.

That was not necessarily a poor choice. Overseas cloud regions can offer mature security controls, scalable capacity and resilience. But on 15 June 2026, the Central Bank of Nigeria (CBN) directed financial institutions and payment participants to ensure that transaction data generated in Nigeria is stored and managed in Nigeria. Compliance is required by 1 January 2027, a deadline the CBN reaffirmed in October.

The aim is understandable: greater control over a payment system central to daily economic life. Yet, moving data across a border does not automatically make it safer. Nigeria must prove that the infrastructure receiving it is secure, resilient and independently verifiable.

Beyond the location of a database

The directive covers banks, mobile-money operators, payment processors and other licensed participants. Its crucial words are ‘stored and managed’. A payment generates more than one record: primary databases, backups, transaction logs, fraud-monitoring systems, analytics services and audit trails may all handle related information.

At an October industry roundtable, the CBN reportedly emphasised logs, metadata and supporting systems, and recommended auditing and classifying data before migration, testing and independent verification. That is the right approach. Moving the primary database locally while leaving critical copies or processes offshore may not answer the regulator’s question.

What assurance actually requires

In data-centre assurance, I have supported audits for regulated organisations and helped demonstrate how facilities safeguard customer workloads. The recurring lesson is that a cloud-region name is a promise; documented evidence makes it credible.

Behind every cloud service are buildings, power systems, cooling equipment, connectivity, access controls, staff and subcontractors. Institutions need to ask: who can access the facility or administer the system? What happens during an outage? Can an independent auditor inspect the controls and test the supporting evidence?

Europe’s Digital Operational Resilience Act offers a useful comparison. Financial-sector technology contracts must identify relevant service and data locations and, for critical or important functions, provide substantial audit and inspection rights. Nigeria’s payment-data rule is more location-specific, but the assurance principle remains: the new address must come with proof.

An economic opportunity, with real risks

The stakes are substantial. NIBSS figures reported by BusinessDay put Nigerian instant-payment transactions at approximately ?1.07 quadrillion in 2024. Payment infrastructure is therefore essential to households, businesses and economic confidence.

Localisation could generate sustained demand for Nigerian data centres, engineers, cybersecurity specialists, independent auditors and domestic suppliers. It could also create a case for investment in additional facilities and digital skills.

But localisation can introduce new concentrations of risk. Unreliable electricity, inadequate cooling, limited fibre-route diversity and poorly separated recovery sites can undermine availability. A backup facility exposed to the same power or connectivity failure is not meaningful resilience. Government, operators and investors must expand capacity without lowering standards.

Five questions institutions must answer

First, where does payment data travel? Map production systems, replicas, backups, logs, testing environments and third-party services, rather than relying on a single hosting declaration.

Second, what does ‘managed’ mean? Document privileged access, remote support, subcontractors and administrative responsibilities. Seek written guidance from the CBN where interpretation remains uncertain.

Third, can facilities withstand disruption? Evaluate power, cooling, network diversity, incident response and geographically separated recovery arrangements.

Fourth, what evidence supports the claims? Obtain independent assurance reports, physical-security documentation, supplier disclosures and enforceable inspection rights. Certifications matter, but they should not replace an assessment of the actual operating environment.

Fifth, who verifies the outcome? Migration teams should test continuity and data integrity, while an independent assurance function examines compliance. A hurried transition that disrupts payments would undermine the policy’s purpose.

Turn the deadline into a lasting standard.

Important questions still require clarity, including offshore processing, disaster-recovery copies and remote administration. Institutions must also consider Nigeria’s data protection obligations. These details matter when designing systems that will operate long after January 2027.

Nevertheless, sovereignty cannot be measured by geography alone. A payment record held domestically but exposed to weak security, poor recovery arrangements or limited oversight is not automatically safer.

The CBN deadline should become a catalyst for stronger national infrastructure and rigorous assurance. In June, I asked where a bank’s payment data lived. The better question for 2027 is whether Nigeria can prove that the data is safe where it lives.

Seplat discovers 157bcf of Gas, 19m barrels of oil at Aku-01 Well

Seplat Energy Plc has announced the discovery of an estimated 157 billion cubic feet (Bcf) of natural gas and 19 million barrels of oil in place at its Aku-01 exploration well in Nigeria, raising prospects for increased hydrocarbon production and future revenue.

The discovery, made after the end of September 2026, was disclosed by the indigenous energy company in its unaudited financial results for the nine months ended September 30, 2026, released on Thursday, October 29.

The company said preliminary internal estimates indicated a mid-case gas resource of 157 Bcf and an oil resource of 19 million barrels in place.

It described the oil discovery as unexpected, noting that the original exploration programme had been designed primarily to target natural gas.

‘Post period end, the Company successfully discovered oil and gas in the Aku-01 exploration well. Preliminary internal estimates indicate a mid-case gas-in-place resource of 157 Bcf and oil-in-place resource of 19 MMbbls. Encouragingly, an oil discovery was not part of the original well plan,’ Seplat stated.

The company, however, said further evaluation would be required to establish the commercially recoverable volumes from the discovery.

Seplat disclosed that work was ongoing to complete the exploration well for potential future production, with plans to connect it to existing infrastructure to accelerate the commercial development of the resources.

It added that the discovery had reduced exploration uncertainty across four neighbouring prospects within the licence area, paving the way for another exploration well in the Aku area in 2027.

Seplat holds a 40 per cent operated interest in Petroleum Prospecting Licence (PPL) 2A25, where the discovery was made.

The development comes amid improved operational and financial performance by the company, which reported a pre-tax profit of N1.34 trillion during the nine-month period, representing a 52.75 per cent increase from N878.99 billion recorded in the corresponding period of 2025.

Revenue rose to N3.78 trillion from N3.36 trillion, while profit after tax increased to N355.6 billion from N146.6 billion in the preceding year.

On the operational front, Seplat’s average daily working-interest crude oil and condensate production increased by 1.4 per cent to 103,173 barrels per day (bopd) in the first nine months of 2026, compared with 101,793 bopd in the corresponding period of 2025.

The figure was also higher than the 99,518 bopd recorded in the first half of the year.

Natural gas production averaged 194.9 million standard cubic feet per day (MMscfd), representing an 11.6 per cent increase from 174.7 MMscfd recorded in the corresponding period of 2025.

This was also above the 182.9 MMscfd achieved in the first half of 2026.

Similarly, natural gas liquids (NGL) production more than doubled to 8,222 bopd from 3,719 bopd in the corresponding period of 2025, representing an increase of approximately 121 per cent.

However, the figure was slightly below the 8,459 bopd recorded in the first half of the year.

Overall, Seplat’s combined working-interest production averaged 144,999 barrels of oil equivalent per day (boepd), representing a seven per cent increase from 135,636 boepd in the corresponding period of 2025.

Reflecting its financial performance, Seplat declared a third-quarter dividend of 19 US cents per share, comprising a core dividend of five cents and a special dividend of 14 cents.

The declaration brings the company’s cumulative dividends for the first nine months of 2026 to 40 US cents per share.

Seplat also retained its full-year underlying dividend guidance of $270 million, equivalent to 45 US cents per share.

In addition, the company plans to distribute approximately $140 million to shareholders following the anticipated completion of the sale of a 10 per cent interest in its NNPCL-SEPNU joint venture to NNPC Limited.

If completed as planned, the transaction would take the company’s expected total dividend distributions for 2026 to approximately $410 million.

Meanwhile, Seplat Energy’s shares closed unchanged at N16,000.10 on October 28, 2026, its all-time high, with 57,476 shares traded against 9,884 shares in the previous trading session.

The stock has appreciated by approximately 175 per cent year-to-date from its opening price of N5,809.

How bureaucracy leaves power equipment rotting in ports

Recent revelations that more than 300 containers of critical electricity equipment imported by the Federal Government remained stranded at Nigerian ports for years have exposed the administrative bottlenecks and institutional inefficiencies undermining efforts to improve electricity supply across the country, experts have said.

The equipment, some of which have reportedly been trapped in the ports for close to two decades, were procured under various government-funded and development-partner-supported electricity projects, including the National Integrated Power Project (NIPP), Transmission Company of Nigeria (TCN) donor-funded projects and the Presidential Power Initiative (PPI).

Despite their importance to the country’s electricity infrastructure, the equipment have been unable to reach their intended destinations because of unresolved import documentation, disagreements over duty exemptions, mounting shipping demurrage, port charges and bureaucratic delays involving government agencies.

President Bola Tinubu has consequently directed the immediate clearance of the stranded containers, a move that has generated mixed reactions among stakeholders in the power sector.

While some experts have welcomed the directive as a demonstration of political will to address longstanding challenges in the electricity industry, others believe the development exposes years of institutional failures that cannot be resolved through presidential orders alone.

What power minister said

Minister of Power, Olasunkanmi Joseph Tegbe, who disclosed the presidential directive after the Federal Executive Council (FEC) meeting at the State House, expressed dismay that equipment meant to strengthen the country’s electricity infrastructure could remain abandoned at the ports for such an extended period.

Tegbe said: ‘Those containers are not empty. It is appalling to see that we find ourselves in such situations.

‘They were imported by the Federal Government through the Ministry of Power/Transmission Company of Nigeria (TCN) under various power projects over the years.’

However, industry experts said the circumstances surrounding the stranded equipment reveal structural weaknesses in government procurement, importation and project implementation processes.

Nigeria has an installed electricity generation capacity of approximately 13,014.40 MW to 13,625 MW, while available or generated power fluctuates between 4,000 MW and 5,403 MW.

This was largely attributed to ageing or inadequate infrastructure to support transmission and power distribution.

It would be recalled that the Niger Delta Power Holding Company Limited (NDPHC) recently recovered abandoned power equipment worth billions of naira from various seaports across the country, following an intervention by the Nigerian Ports Authority (NPA).

The Managing Director/Chief Executive Officer of NDPHC, Jennifer Adighije, said during a visit to the NPA in August that the released items were in 110 abandoned containers and 216 packages.

Some experts called for a critical evaluation of the equipment in order to retrieve those that are still useful.

A former Chief Technical Officer, Presidential Power Initiative (PPI) and MD/CEO, Idfon Power Engineering Consultants (iPEC) Limited, Engr. Idowu Oyebanjo, said the situation arose when the projects were awarded to contractors at low cost without demurrage.

According to him, some of the contracts are structured on Cost, Insurance and Freight (CIF) Lagos terms, meaning the equipment are delivered to the Lagos port without sufficient arrangements to ensure their prompt clearance and transportation to the project sites.

He explained that the difficulties begin even before the containers arrive in Nigeria, as critical import documentation and duty exemption approvals are often not completed before shipment.

Oyebanjo stated that upon the arrival of the containers and notification sent to the shipping agents, the agents approach TCN to obtain an Import Duty Exemption Certificate (IDEC).

However, TCN would reportedly inform them that the relevant file was with the Ministry of Power, while the ministry, in turn, would say it was with the Ministry of Finance.

He added that the Ministry of Finance often views the imported equipment as potential revenue for the government and consequently seeks to impose a five per cent import duty.

He noted that such equipment should ordinarily benefit from the relevant government exemptions, considering that they were imported specifically for public electricity infrastructure projects.

According to him, some of the consignments arrive without properly processed Form M, the mandatory import declaration form; Pre-Arrival Assessment Report (PAAR); Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) certification; and Import Duty Exemption Certificate (IDEC).

These omissions, he said, leave the equipment exposed to additional clearance requirements and charges.

Oyebanjo said the situation becomes more complicated after the containers spend 90 days at the ports without clearance.

He disclosed that a particular batch of 22 containers accumulated liabilities of N483.88m because of the conflicting classifications and the continued accumulation of shipping charges.

Providing details of the contents of the containers, Oyebanjo said they include critical electricity infrastructure approved by the Federal Executive Council for various transmission projects.

Among the equipment are 300 Mega Volt-Ampere (MVA), 330/132/33 kilovolt (kV) transformers intended for Ikeja West, Gas Insulated Switchgear (GIS) spares, 33kV double-circuit lines for Katampe and materials for the proposed Super Grid.

He said some of the equipment had remained in the ports for about 20 years.

Oyebanjo alleged that the prolonged delays had also created opportunities for an auction racket, claiming that some overtime cargo were auctioned to cronies at about 10 per cent of their value before being resold to TCN.

‘How to avoid recurrence’

To prevent a recurrence, he recommended the establishment of a dedicated TCN desk at the Nigeria Customs Service, rather than leaving the process entirely within the purview of the Ministry of Finance.

Such a desk, he said, should operate with pre-approved duty waivers to ensure that documentation and clearance arrangements are completed before the equipment arrive in the country.

He also called for a change in the procurement structure for future electricity projects, recommending that all new contracts adopt Delivered Duty Paid (DDP) arrangements, under which contractors would be responsible for delivering equipment to the project sites rather than simply bringing them to Lagos ports under CIF terms.

On his part, a power expert, Engr. Ibrahim Sulu said since 2016, presidential approvals have cleared stranded power equipment again and again, only for it to pile up.

He said the country needs a standing rule that does not depend on whoever is minister, adding that all contracts are Delivered Duty Paid (DDP) to the project site, with the contractor bearing demurrage.

A power stakeholder, Duru Oguzie, expressed dismay over the prolonged abandonment of the equipment, describing the situation as evidence of a lack of patriotism among some Nigerians entrusted with managing public resources.

He criticised the Nigeria Customs Service for allowing the equipment to remain stranded for years when they could have been released earlier for use in the country’s electricity infrastructure.

He described the development as a show of shame, arguing that the equipment had lost much of its potential value to the country because of the prolonged delays.

Oguzie urged the Federal Government to maintain zero revenue charges on the stranded electricity equipment to ensure their immediate release.

He argued that the government should prioritise the national interest and the potential benefits of deploying the equipment rather than focusing on revenue collection from assets already procured with public funds or development financing.

However, another stakeholder, Saka Mohammad, questioned the political narrative surrounding the presidential directive.

He said the applause generated by the presidential directive was undeserved because the clearance of the equipment should be viewed within the broader context of the government’s responsibility to address the longstanding weaknesses in the power sector.

He maintained that the Federal Government should take more proactive measures to ensure that the problems responsible for the abandonment of critical electricity equipment do not recur.

However, energy expert Rasheed Adeleke described the clearance of the stranded equipment as a positive development that could support improvements in the electricity sector.

He lamented that the equipment had remained trapped at the ports for almost two decades, saying the situation exposed the persistent institutional failures and unnecessary bureaucratic hurdles slowing the development of Nigeria’s power infrastructure.

Beyond the stranded equipment, concerns have also been raised about the direction of the country’s transmission infrastructure development and the feasibility of some newly announced projects.

A competent source with knowledge of the industry said, ‘Now, as elections approach, the President has promised Nigerians that he will fix the power sector and end estimated billing. He even challenged Nigerians not to vote for him if he fails to deliver on these two promises.

‘They have now introduced the East-West transmission project without publishing the necessary details, technical studies or implementation plan. Yet, they claim it will be completed in two years and add 14,000MW to the national grid. This is being presented to Nigerians without adequately explaining the technical and commercial realities.’

The source added, ‘Electricity is not generated simply by making political promises. It requires properly coordinated investments in generation, transmission and distribution, supported by credible technical studies, financing and implementation capacity.

‘Without addressing these fundamental issues, the promise of adding 14,000MW in two years raises serious questions about the feasibility and credibility of the project.’