SLFFA National Logistics Awards 2026 celebrates excellence in logistics industry

The Sri Lanka Logistics and Freight Forwarders’ Association (SLFFA) successfully hosted the National Logistics Awards 2026 (NLA 2026) at the Grand Ballroom of Cinnamon Life, Colombo, bringing together industry leaders, distinguished guests, policymakers and professionals to celebrate excellence and outstanding achievements in Sri Lanka’s logistics and freight forwarding sector.

The prestigious biennial event recognised the contributions of organisations and professionals across the logistics value chain, highlighting their commitment to innovation, operational excellence, professionalism and the continued development of Sri Lanka’s logistics industry.

Over 28 awards were presented across ten principal categories, covering key sectors including freight forwarding, ocean carriers, airlines, warehousing and project logistics. The awards recognised organisations and individuals whose dedication, innovation and expertise have contributed to strengthening supply chain management and enhancing the competitiveness of Sri Lanka’s logistics sector.

The event received the support of 28 leading organisations, including Sri Lanka Customs and the Ministry responsible for Ports and Shipping, reflecting the importance of collaboration between the public and private sectors in advancing the country’s logistics capabilities.

The awards were supported by Aitken Spence Logistics, Aitken Spence Freight and Aitken Spence Maritime, together with CMA CGM Lanka Ltd., as Gold Sponsors. Dart Global Logistics Ltd., supported the event as Silver Sponsor, while Scanwell Logistics Colombo Ltd., and KLN Logistics Lanka Ltd., participated as Bronze Sponsors. Their support contributed significantly to the success of this important industry initiative.

The judging process was conducted under the leadership of CINEC Faculty of Management and Social Sciences Prof. Lalith Edirisinghe, together with a distinguished panel of judges. The nominations were evaluated using quantitative and qualitative assessment methods to ensure a fair, transparent and credible selection process, recognising excellence across the respective categories.

SLFFA Chairman Andre Fernando said: ‘The National Logistics Awards not only celebrate excellence in the logistics sector but also showcase our collective resilience and commitment to driving innovation in Sri Lanka’s logistics industry.’

SLFFA Vice Chairman Shavindra Dias said: ‘The National Logistics Awards 2026 are a testament to the remarkable achievements and dedication of our industry, inspiring us all to reach new heights.’

SLFFA Treasurer Priyan Seilman said: ‘The event highlighted the incredible talent within our industry and reinforced the vital role logistics plays in Sri Lanka’s economy.’

Beyond recognising outstanding performance, NLA 2026 also sought to inspire the next generation by highlighting the diverse career opportunities available within the logistics and supply chain sectors. The initiative reflects SLFFA’s commitment to promoting professional development, encouraging innovation and attracting young talent to an industry that is essential to the country’s economic progress.

Sri Lanka’s logistics industry has demonstrated remarkable resilience in overcoming challenges arising from the COVID-19 pandemic, economic uncertainties and changing global trade conditions. The National Logistics Awards provide a valuable platform to recognise these achievements, encourage higher standards and strengthen confidence in the industry’s future.

As the country continues to pursue greater trade connectivity, investment and economic growth, the logistics and freight forwarding sector remains a vital contributor to national development. Through initiatives such as the National Logistics Awards, SLFFA seeks to foster a culture of excellence, collaboration and continuous improvement across the industry.

The successful conclusion of NLA 2026 reaffirmed SLFFA’s commitment to recognising industry achievements, encouraging innovation and supporting the continued advancement of Sri Lanka as a competitive regional logistics hub. The Association looks forward to building on this success and continuing to celebrate excellence in future editions of the National Logistics Awards.

People’s Bank secures two-notch Fitch rating upgrade

People’s Bank has achieved a significant validation with Fitch Ratings upgrading its National Long-Term Rating by two notches, from ‘AA-(lka)’ to ‘AA+(lka)’, with a Stable outlook.

This is only the second time the bank has a received a double notch rating upgrade in its history with the first instance being in 2010. The upgrade places People’s Bank ahead of all private sector commercial banks in Sri Lanka on Fitch’s national rating scale, reaffirming its position among the country’s strongest and most trusted financial institutions, the bank said.

With this upgrade, People’s Bank now jointly enjoys the highest National Long-Term Rating among domestic commercial banks, while surpassing the ratings of leading private sector banks. The development represents an important endorsement of the bank’s underlying strengths, extensive customer franchise and dominant position within Sri Lanka’s banking industry.

In announcing the rating action, Fitch Ratings specifically recognised the significantly stronger domestic franchises of People’s Bank relative to large private sector banks. The agency highlighted their market-leading customer reach, extensive branch networks, strong deposit franchises and established market positions, which provide significant advantages in funding strength and stability.

The upgrade follows Fitch’s recalibration of Sri Lanka’s national rating scale after the recent improvement in the country’s sovereign credit rating. Importantly, the revised rating framework has enabled greater recognition of People’s Bank’s distinctive competitive strengths and relative creditworthiness within the domestic banking sector.

Chairman Chandana Guniyangoda said: ‘This two-notch rating upgrade is a significant achievement for People’s Bank and a strong recognition of the confidence and trust the institution has earned over six and a half decades. It demonstrates that our unparalleled national reach, strong customer relationships and established market position remain fundamental competitive strengths. Being rated above all private sector banks is particularly encouraging and reinforces the importance of combining our national development mandate with sound commercial banking principles, strong governance and financial discipline. I specially appreciate the commitment and contribution extended by my fellow Directors, CEO/GM and the entire staff of the bank. Also, this would not have been possible without the guidance and support received from the regulators, the Ministry of Finance and other key stakeholders. As we chart the bank’s next phase of growth, we remain committed to building an even stronger, more competitive and future-ready institution that creates sustainable value for all our stakeholders.’

The rating upgrade also comes at a time when People’s Bank is demonstrating strong financial momentum and pursuing a strategic transformation of its business model, with greater emphasis on commercial competitiveness, operational efficiency, customer-centricity and digital innovation.

General Manager/CEO Clive Fonseka said: ‘This recognition by Fitch Ratings is an important endorsement of the fundamental strengths of People’s Bank and the direction in which we are moving. We have been steadily transforming our business to become more competitive, efficient and customer-focused, while maintaining prudent financial and risk management practices. Our objective is not merely to preserve our position as one of Sri Lanka’s largest banks, but to establish ourselves among the best-performing and most resilient financial institutions in the country. This upgrade provides further encouragement as we accelerate our transformation, strengthen our financial performance and deliver greater value to our customers. I would like to acknowledge the guidance and direction given by our Chairman Chandana Guniyangoda and the board of directors and the dedication of all our team members across the country, whose collective efforts continue to drive the bank forward.’

The latest Fitch upgrade further strengthens People’s Bank’s standing among customers, depositors, investors and other stakeholders, providing renewed recognition of the bank’s institutional strength and competitive positioning.

As People’s Bank advances its strategic priorities for the coming years, this achievement provides a strong platform for its ambition to combine financial excellence, innovation and commercial competitiveness with its longstanding commitment to financial inclusion and national economic development. The upgrade to AA+(lka) is not merely a recognition of the bank’s standing today, but also a powerful encouragement to build an even stronger People’s Bank for tomorrow.

President pledges tax cuts in 2027 Budget

President Anura Kumara Dissanayake has pledged further tax cuts in next month’s Budget, saying the reductions would be made without jeopardising the Government’s revenue target.

Addressing the National Convention of the National Intellectuals Organisation (NIO) at the P.D. Sirisena Grounds in Maligawatta, Colombo, on Saturday, the President said the Government had met its revenue targets, unlike in the past, when projected State income was not fully realised.

‘In 2025, we exceeded the revenue target: our revenue reached 110% of the estimated level. Some people ask: ‘Isn’t it easy to raise revenue by imposing taxes?’ We would like to tell you that, after taking power, we did not impose a single new tax. We also reduced existing taxes to a considerable extent. In the forthcoming Budget, too, we will reduce some taxes. But we will do so without jeopardising our revenue target,’ he said.

He said public debt, which stood at about 114% of GDP in 2022, would be brought down to between 90% and 95%.

President Dissanayake said Sri Lanka was yet to achieve the economic and social transformation people voted for two years ago, as his Government had spent its first two years laying the economic foundations needed for such a change. He urged professionals to support his reforms.

‘Our challenge during the first two years has been to establish the economic conditions necessary for an economic transformation. If we compare the past two years, we have made considerable progress in preparing the economic foundations,’ he said.

The President said Sri Lanka had recorded its lowest budget deficit in recent times last year, along with a current account surplus of $ 1.8 billion, the largest in the country’s history.

‘Previously, there had been only about three occasions when the current account showed a surplus. On all three occasions, it was close to or below $ 300 million. That is economic progress; it is not an economic transformation,’ he said.

Acknowledging the rise in the cost of living, President Dissanayake blamed it mainly on higher energy costs.

‘The rise in inflation has made it more difficult for our people to purchase goods and services. The main cause has been the state of war that developed in the Middle East. That war had a major impact on our supply routes,’ he said.

He said global diesel prices had risen by about 88% and petrol prices by 80% since the conflict began, and that the Government continued to subsidise diesel by Rs. 70 for every litre sold. He hoped to present several proposals in the Budget to offset the impact of fuel costs through other sectors, but did not elaborate.

‘I believe we now need a new program for economic transformation,’ the President said, adding that fisheries, agriculture, ports and logistics must be taken to a new level to harness the country’s full growth potential.

He said 28% of the workforce was engaged in agriculture, which contributed only 7% to GDP, underscoring low productivity and inefficiencies in the sector.

‘Unless we transform the labour engaged in agriculture into productive labour, we cannot achieve a major leap in agriculture. Through various legal restrictions, extensive land laws and laws governing paddy lands, farmers have been tied down rather than liberated. If we are to take this leap, we must free farmers from the laws that bind them. That is economic transformation,’ he said.

President Dissanayake said the Government was preparing plans for this, and was also working on improving the productivity of small and medium-sized industries by providing them with capital at affordable rates.

Global air cargo demand accelerates in September, up 7.7%

The International Air Transport Association (IATA) last week released data for September 2026 global air cargo markets showing: Total demand, measured in cargo tonne-kilometres (CTK), increased by 7.7% compared to September 2025 (+8.6% for international operations).

Capacity, measured in available cargo tonne-kilometres (ACTK), increased by 2.7% compared to September 2025 (+3.3% for international operations).

IATA’s Senior Vice President Sustainability and Chief Economist Marie Owens Thomsen said: ‘Air cargo demand rose 7.7% year-on-year (YoY) in September, with growth across all regions. Stronger global trade and manufacturing provided a supportive backdrop, while AI-related shipments helped drive another month of double-digit growth across the Pacific. The challenge is cost. Jet fuel prices have more than doubled compared with a year ago, and yields have not kept pace. There is no shortage of goods to ship, but doing that profitably in the face of persistently high fuel prices has become more challenging.’

Several factors in the operating environment should be noted:

Global trade increased by 3.6% year-on-year in August, extending the run of consecutive monthly expansions to 42 months, on a year-on-year basis.

Jet fuel prices rose by 17.5% month-on-month in September and were 103.4% higher than a year earlier.

Global manufacturing activity pointed upwards in August. The Global Manufacturing Output Purchasing Managers’ Index (PMI) increased 0.7 points to 53.8, while the New Export Orders Index rose 0.5 points to 51.9. Both indicators reached their highest level in five years and remain supportive of air cargo demand.

September regional performance

Asia-Pacific airlines saw an 8.6% year-on-year growth in air cargo demand in September. Capacity increased by 4.9% year-on-year.

North American carriers saw an 11.8% year-on-year increase in air cargo demand in September, the strongest performance of all regions. Capacity increased by 0.8% year-on-year.

European carriers saw a 4.5% year-on-year increase in demand for air cargo in September. Capacity decreased by 1.6% year-on-year.

Middle Eastern carriers saw a 3.8% year-on-year increase in demand for air cargo in September, the weakest of all regions. Capacity increased by 7.0% year-on-year.

Latin American and Caribbean carriers saw a 6.7% year-on-year increase in demand for air cargo in September. Capacity increased by 7.6% year-on-year.

African airlines saw a 4.7% year-on-year increase in demand for air cargo in September. Capacity decreased by 1.2% year-on-year.

Air cargo performance remained mixed across major trade lanes in September. Asia-North America recorded the strongest growth, followed by within Asia, Europe-North America, and Europe-Asia. In contrast, Middle East-linked corridors remained under pressure, with traffic declining on both Europe-Middle East and Middle East-Asia routes.

HIP hosts National Oil Spill Contingency Plan Workshop led by MEPA

Hambantota International Port (HIP) recently hosted the National Oil Spill Contingency Plan Workshop, bringing together nearly 100 representatives from key public and private sector organisations to strengthen the district’s preparedness for marine oil spill incidents.

Conducted by the Marine Environment Protection Authority (MEPA) in line with Sri Lanka’s National Oil Spill Contingency Plan, the program focused on coordinated emergency response, institutional responsibilities and the effective mobilisation of available resources during an incident.

Participants represented the Sri Lanka Ports Authority, Sinopec, Sri Lanka Navy, Army, Air Force, Coast Guard and Police, together with the Hambantota District Disaster Management Centre, Coast Conservation Department, Central Environmental Authority (CEA), District Secretariat, Divisional Secretariats and Provincial Council.

The workshop also drew representatives from the Department of Fisheries, NARA, Ocean University, fisheries harbours, National Water Supply and Drainage Board, Ceylon Electricity Board, Sri Lanka Telecom, Department of Wildlife Conservation, Health Ministry, Sri Lanka Red Cross Society, HIP and MEPA. Their participation reflected the broad, multi-agency coordination required for an effective response to a marine pollution emergency.

Hambantota International Port Services (HIPS) CEO Wilson Qu said preparedness depended on ensuring that every stakeholder understood its responsibilities before an incident occurred. ‘An effective response to a marine emergency requires more than equipment. It requires trained people, clear responsibilities and strong coordination across every agency involved. By bringing these stakeholders together and combining technical knowledge with practical demonstrations, we are strengthening our collective ability to respond quickly and protect Hambantota’s marine environment. HIP remains committed to continuously enhancing its emergency readiness and supporting the wider national response framework,’ he said.

The morning session featured technical presentations by MEPA District Marine Environment Officer Madura Delpachitra, MEPA Manager – Operations Nilantha Piyadasa and MEPA Assistant Manager – Operations Prabhath Amaranayaka. HIPS Senior General Manager Capt. Miyuru Gunasekara addressed the participants on behalf of the port.

The presentations covered the Hambantota District Oil Spill Contingency Plan, operational response procedures and the roles of the different organisations that may be mobilised during an emergency. They also highlighted the importance of timely communication and coordinated decision-making in containing an oil spill and limiting its impact on coastal communities and marine ecosystems.

The afternoon session moved from theory to practical preparedness with an oil spill response equipment demonstration at the port. Participants were introduced to the equipment available at HIP, briefed on its deployment and given an overview of the port’s emergency response capabilities.

The program helped participants better understand how agencies, emergency services, regulators, infrastructure providers, and private sector organisations would work together during an incident. It also helped establish clearer links between the district-level response mechanism and Sri Lanka’s broader national contingency framework.

As a multipurpose port handling a growing range of maritime activities, HIP places environmental protection, operational safety and emergency preparedness at the centre of its operations. The workshop forms part of the wider effort led by MEPA to strengthen Sri Lanka’s capacity to manage marine pollution incidents through coordinated planning, stakeholder engagement and practical training.

Sri Lanka Ports Authority wins two prestigious awards at Global Ports Forum Awards 2026

The Sri Lanka Ports Authority (SLPA) has won two prestigious accolades at the Global Ports Forum (GPF) Awards 2026, securing the titles of ‘Port Authority of the Year 2026’ and ‘Best State-Owned Container Terminal 2026’.

These awards recognise the SLPA’s outstanding contributions to the development of the port and maritime sectors and its role in facilitating global trade.

The Global Ports Forum Awards are held annually to recognise organisations and industry stakeholders that contribute to the growth and advancement of the global port and maritime industry. The awards acknowledge the achievements of ports, container terminals, shipping lines and service providers in enhancing the efficiency, competitiveness and development of the sector.

This significant achievement reflects the collective efforts of the Sri Lanka Ports Authority and the guidance and leadership of Ports and Civil Aviation Minister Anura Karunathilaka, the Ministry Secretary W. W. S. Mangala and the SLPA Chairman Dr. Parakrama Dissanayake.

The recognition further highlights the SLPA’s commitment to strengthening Sri Lanka’s position as a leading maritime hub in the region and contributing to the continued growth of the country’s port and shipping industry.

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.’

Rupee down 6.8% YTD by end-October; reserves at $ 6.9 b

The Sri Lankan rupee weakened further in October, trading at Rs. 332.61 against the US dollar by end-month, from Rs. 330.83 at end-September and Rs. 309.99 at end-2025, Central Bank of Sri Lanka (CBSL) data showed.

‘By end October 2026, the Sri Lanka rupee depreciated by 6.8% against the US dollar on a year-to-date basis,’ the CBSL said in its External Sector Performance report for September, released on Friday.

The rupee had depreciated 6.3% year-to-date by end-September.

‘Gross official reserves by end September 2026, including the swap facility with the People’s Bank of China, stood at $ 6.9 billion,’ the CBSL said.

The swap facility is a bilateral currency swap arrangement with China’s central bank, which the CBSL includes in reserves. The reserves provided import coverage of 3.3 months, a measure of how long they could finance the country’s imports.

‘Foreign investment in the Government securities market recorded a net outflow of $ 39.9 million, while foreign investment in the Colombo Stock Exchange (CSE), including both primary and secondary market transactions, recorded a net outflow of $ 4.7 million during September 2026,’ the CBSL said.

During January-September, foreign investors recorded a net inflow of $ 168 million into Government securities, compared with $ 178 million a year earlier, while net outflows from the CSE widened to $ 170 million from $ 85 million.

Fresh woes for pupils in Niger

At least 12 pupils of Madarasatul Nurul Islam, Maikujeri community in Rafi Local Government Area of Niger State have been reportedly kidnapped by bandits.

Daily Trust gathered that the children were abducted around 10am on Saturday while harvesting maize on their teacher’s farm on the outskirts of the town.

A resident, Mohammed Adamu, told Daily Trust that the children were already on their way home when the bandits struck and picked them.

An Okada man identified as Tasi’u, who attempted to escape, was reportedly shot and is currently receiving treatment at the IBB Specialist Hospital in Minna, the state capital.

Another source close to the Quranic school told one of our correspondents that 13 people, including 12 female pupils of the school and the younger brother of the school’s proprietor, Mallam Mainasara, were kidnapped.

He said the victims, aged between nine and 14, were abducted as they stopped by a borehole to wash themselves and drink water after leaving the farm.

According to him, the pupils had been working on the farm with their teacher when the teacher received information that bandits were advancing towards the area.

He said the teacher immediately instructed the pupils to return home while he also left on his motorcycle.

‘While on their way home, the pupils reportedly stopped at a borehole to wash their bodies and drink water. It was at that point that the armed men swooped on them and whisked them away,’ he said.

The source further disclosed that some women were also abducted from another farm in the area.

When contacted, the spokesperson for the Niger Police Command, SP Wasiu Abiodun, promised to verify the information and revert.

The police spokesperson, however, revealed that six people were rescued but was silent on the abduction of the pupils.

He said, ‘On 29th October, 2026, at about 12.30pm, joint security tactical teams during a clearance and rescue operation around Pandogari Rafi LGA rescued six abducted victims who were reportedly kidnapped by some hoodlums on 28th October, 2026 at about 12 pm in their farms at Mahangi village via Pandogari.

‘The victims were abducted and taken to Hanawanka forest where they were rescued unhurt. They were later received at Kagara Div for debriefing and medical attention ahead of reunion with their relatives.’

Dozens of farmers displaced

Similarly, dozens of farming communities in Borgu, Mariga, Mashegu and Rijau LGAs have continued to flee their homes following the renewed bandits’ attacks.

The affected farmers told Daily Trust that their farm produce, including rice, soyabeans and maize, is wasting on their farms because bandits have stopped them from harvesting.

Ibrahim Ayuba, a resident of one of the affected communities in Mariga LGA told Daily Trust that their farm produce including rice, white beans, soyabeans have been left to waste due to attacks and kidnapping of farmers from their homes and on their farms.

He said, ‘Currently, for about 14 to 19 days now, bandits have occupied some villages in Mariga, including Ragada, Maburya, Mazame, Kuimo and Kura, as well as villages in Rijau Local Government Area, which include Inana, Idaci, among others.

‘This situation has forced people to flee their homes for days. The attacks have resulted in the loss of three lives and injured many others, alongside allegations of sexual assault against women.

‘The people from the affected areas are currently in the towns of Warari, Gulbin Boka, and Rijau. Just tonight, we received reports of an attempted new attack in Kuimo, which has forced the residents of that area to flee again in the middle of the night. As for the farms, they are truly in a critical state; if the soybeans and rice do not receive immediate attention and care, they will go to waste.’

Recent abductions in Niger

It has been 72 days since over 500 Worshippers were kidnapped from Juma’at mosques in Dekara and four other communities. Families said the abductors have yet to communicate with them since the incident.

Terrorists had invaded four Juma’at mosques in Dekara, Gbezhin, Sabon-Gida and Kpenya simultaneously on August 21, 2026 and took away Worshippers.

On 15 June bandits attacked farmlands in Pandogari District of Rafi LGA and killed one Dauda Galadima, a resident of the nearby Ruba village. They also abducted five farmers on their fields, including Nasiru Yakubu and his son, Bilyaminu.

On July 24, gunmen raided Tashar Hajiya community in Niger State at about 2:30 a.m., killing one 25-year-old Mustafa Murtala and abducting three residents, one Alhaji Baza Baza, his wife and one of their daughters.

On September 27, 47 farmers were abducted while harvesting groundnuts on their farms in Tugan-Rimi, Mariga LGA of the state.

Daily Trust also recalls that on November 21, 2025, 230 pupils and students as well as staff members were kidnapped at St. Mary’s Primary and Secondary School in Papiri, Agwara LGA.

The victims were later rescued through an operation coordinated by the Office of the National Security Adviser after several weeks in captivity.

Also in November 2025, terrorists kidnapped an unspecified number of travellers along the Wawa-Luma Road in Borgu LGA, Niger State.

According to a source, two passenger vehicles heading to Gupanti and Lumma communities were intercepted, and all occupants were abducted.

However, farmers in Mariga, Borgu , Mashegu, Rijau told Daily Trust that attacks and kidnappings have become a daily occurrence.

Forest security key to ending abductions – Experts

A Senior Security Consultant, Auwal Bala Durumin Iya, has called on the federal government to strengthen security in Nigeria’s forests to address the persistent abduction of students, including Almajiri pupils and conventional schoolchildren.

Durumin Iya, who is also a Quality and Internal Quality Assurance Manager of Homeland Security in Nigeria, said securing forests was critical to protecting rural communities and urban centres from kidnappers.

He made the call while reacting to the reported abduction of some Almajiri pupils in Niger State while they were returning from their teacher’s farm.

He said kidnappers deliberately targeted schoolchildren because their abduction attracted widespread public attention, putting pressure on governments and security agencies.

According to him, the publicity generated by such incidents also creates fear among residents and could force communities to submit to the demands and directives of criminal groups.

‘When they kidnap students or Almajiri pupils, the attention of the public goes directly to that kidnapping, and they want wider publicity. When they get wider publicity, it means the students or community will put pressure on security personnel and the government. It also creates more fear in the community so that people may obey their orders, thereby distracting the government and security personnel,’ he said.

The security expert identified the establishment of a specialised forest security system, which he described as a forest marshal arrangement, as one of the measures needed to tackle the menace.

He explained that the proposed forest marshals should be educated and properly trained personnel with the capacity to secure both thick and thin forests across the country.

‘When our forests become secure, our villages will also become secure. And when our villages are secure, the urban areas will be more secure,’ he said.

Durumin Iya noted that many kidnapping incidents, particularly random and conventional abductions, occurred around forest areas, making the protection of such locations essential to preventing attacks on surrounding communities.

He also proposed the establishment of an independent Centre for Intelligent Research to conduct professional security research and provide governments with early warnings and policy recommendations.

He said the centre would bring together security professionals and researchers to study emerging threats and anticipate security developments within specific areas, including possible incidents in the following six months.

According to him, findings from such research would be documented and communicated to relevant authorities to enable them to develop effective strategies for tackling security challenges in forests, rural communities and urban centres.

The security consultant further advocated the adoption of a Recognition of Prior Learning (RPL) programme to identify and develop the skills of Nigerians who possess practical knowledge and competencies but lack formal education.

He said recognising such skills would enable government and relevant institutions to support individuals in developing their abilities, producing goods and services and creating employment opportunities.

‘Many people in Nigeria did not go to school, but they have competence, skills and knowledge. When you recognise their knowledge, they can produce and train many young people coming up.

‘The government does not have to provide employment for everybody. When their skills are recognised, the government can connect them with other government opportunities, non-governmental organisations, companies and individuals who have the resources to purchase their products.

‘That way, they can employ more people than the government,’ he said.

He urged the government to consider the three proposals as part of broader efforts to address insecurity, strengthen community protection and reduce unemployment, which he said could help tackle some of the conditions that expose communities to criminal activities.

Weighing into the matter, a security and counter-terrorism expert, Chidi Omeje, in an interview with one of our correspondents, explained that intelligence gathering must be strengthened.

Omeje also listed security of Nigeria’s forests and porous borders as part of broader ways to resolve issues of kidnapping, adding that the military alone could not solve the menace.

The expert said, ‘To stem the tide of kidnapping in Nigeria, we must stop treating kidnapping merely as a military problem and confront it as a governance, intelligence and law-enforcement failure.

‘Strengthen intelligence gathering at the grassroots, dismantle kidnapping networks and their financiers, secure our forests and porous borders, improve inter-agency collaboration, and ensure the swift prosecution of perpetrators.

‘The police must lead internal security operations, with the military providing support where necessary. Above all, tackle the poverty, unemployment and criminal economies that sustain recruitment into these gangs.

‘Kidnapping will not end through force alone; it requires actionable intelligence, political will, effective law enforcement and good governance.’

What is driving Nigeria’s kidnapping crisis – Ex-NIA DG

Meanwhile, a former Director-General of the National Intelligence Agency (NIA), Ambassador Ahmed Rufai, has said Nigeria’s kidnapping crisis is being sustained by a complex network of terrorist groups, criminal bandit militias, informants and financial facilitators,

Rufai said the motives behind abductions had evolved from fundraising and recruitment to political propaganda and prisoner exchanges, making the country’s security challenge more complicated.

He spoke at the Global Security Forum in Doha – Qatar, an annual international gathering of senior government officials, security experts, academics and journalists.

Explaining Nigeria’s kidnapping situation, the former intelligence chief identified three broad categories of perpetrators: terrorist groups, bandit militias and other criminal gangs.

He said Boko Haram, which operates in parts of the country, was affiliated with terrorist organisations in the Sahel and beyond, adding that its early abductions were aimed at raising funds and recruiting young men and women into its ranks.

According to him, bandit militias, on the other hand, engage in criminal kidnapping, often targeting individuals and communities to collect ransom.

‘It’s a kind of economy hostage-taking,’ he said.

Rufai said the motives of the different groups had increasingly overlapped, with terrorist organisations sometimes working alongside criminal militias to carry out mass abductions.

He said such operations were intended not only to raise money but also to serve as propaganda and demonstrate the groups’ continued activities, particularly when security forces intensified their operations against them.

The former NIA chief cited the Abuja-Kaduna train attack, in which about 100 passengers were abducted, as an example of collaboration between terrorist and criminal groups.

He estimated that between $1 million and $2 million was collected as ransom, saying the money was channelled to Ansaru in the Sahel region.

Rufai said the pattern of kidnapping had also expanded to the abduction of schoolchildren and worshippers, both Muslims and Christians, with some incidents now aimed at securing the release of detained members of the groups.

He, however, noted that negotiations for prisoner exchanges could become difficult when the individuals whose release was being demanded had already been killed during security operations.

Beyond the perpetrators, Rufai identified a network of informants, financial facilitators and other criminal collaborators as key elements sustaining kidnapping operations.

He said informants provide information about potential targets, while financial systems, including cryptocurrencies and small financial outfits, are used to launder ransom proceeds.

‘They use a lot of informants that tell them about their targets, their potential targets,’ he said.

On possible responses, Rufai said approaches to hostage-taking should depend on the motives and identities of the perpetrators.

He advocated discreet, back-channel negotiations in cases where terrorist groups abduct victims primarily for money, involving trusted intermediaries and contact persons.

Union Assurance rewards top performers of Seylan Bank with tour to Malaysia

Union Assurance PLC, recently recognised and rewarded top-performing members of its strategic Bancassurance Partner, Seylan Bank, through the Seylan Overseas Tour 2026, a performance-based recognition program designed to recognise and reward exceptional performance and contributions towards the continued growth of the partnership.

As a celebration of their outstanding achievements, the winners were rewarded with an exclusive three-night, four-day tour to Malaysia, commencing on 1 October 2026. The experience featured a stay at a leading hotel in Kuala Lumpur, an immersive city tour showcasing some of Malaysia’s most iconic attractions, and a memorable evening of fellowship. The group also enjoyed a visit to a renowned theme park, creating opportunities for team bonding, shared experiences, and lasting memories beyond the workplace.

The Overseas Tour forms part of a broader recognition framework aimed at motivating excellence, deepening engagement, and strengthening the long-term success of the Union Assurance – Seylan Bank bancassurance partnership. As one of the key channels within Union Assurance’s Partnership Distribution Division, Seylan Bank plays an influential role in the division’s performance through its extensive customer reach, consistent support, and commitment to shared objectives. Over the years, the partnership has continued to enhance access to Life Insurance solutions by leveraging Seylan Bank’s extensive banking network alongside Union Assurance’s insurance expertise.

Demonstrating the importance of the program and the close collaboration between the two organisations, General Manager – Bancassurance Nabeel Milhan and Channel Head Ashen Dehigaspitya from Union Assurance joined the qualifiers for the tour. Representing Seylan Bank Deputy General Manager – Retail Banking Eugene Seneviratne and Assistant General Manager – Branches II Ruwan Fernando also participated in the visit.

‘Our people are at the heart of our success, and this tour is a fitting recognition of the dedication, professionalism, and determination demonstrated by our staff throughout the campaign period. Beyond celebrating achievement, initiatives such as these help foster a culture that encourages individuals to challenge themselves, strive for excellence, and take pride in the impact they make. We appreciate the continued support of Union Assurance in creating meaningful opportunities to recognise outstanding performance, and we congratulate all the qualifiers on this well-deserved accomplishment,’ said Eugene Seneviratne.

‘At Union Assurance, we believe recognition is an important part of building high-performing partnerships. The success of the Seylan Bank channel is driven by individuals who consistently go beyond targets to help customers protect what matters most, while contributing to our shared growth ambitions. This tour is a celebration of that dedication and an expression of our appreciation for their efforts. We are proud of the long-standing relationship we have built with Seylan Bank and remain committed to investing in initiatives that inspire excellence, deepen engagement, and create lasting impact for all stakeholders,’ said Nabeel Milhan.