News
Tony Elumelu @ 61: Marking Another Milestone

By Chidiebere Nwobodo
The unit of life is time. And life is like a leaf of plain white paper you decide what to write on it. This philosophy defined Tony Elumelu’s teenage years.

Tony Elumelu
Then young Tony set out to discover not only what the future holds for him but to design it, which exemplifies Abraham Lincoln’s postulation that the best way to predict the future is to create it.
He did not wait for life to happen to him—he happened to life!
Sixty-one years on the voyage of life, riding tides in turbulent ocean of the universe, like great Michelangelo, Tony Elumelu has not only carved and painted his “tomorrow” but has become a paragon of success story for young entrepreneurs to copy. His impact in modelling young entrepreneurs has reverberated across Africa via Tony Elumelu Foundation (TEF).
He is a private sector leader cum shrewd investor with investments in key sectors of the African economy through Heirs Holdings, Transcorp Group, UBA Group, etcetera.
Hundreds of thousands of jobs have been created by this entrepreneurial maven. At an early stage, with an eagle-eyed focus, he was poised to achieve greatness in life.
He could not allow any perceived disadvantage to weaken his resolve to rise from nadir of obscurity to olympian cliff of fame. Like Arthur C. Clarke said: “The only way to discover the limits of the possible is to go beyond them into the impossible”.
Tony Elumelu, as a pacesetter, believes that impossible is just a word. At 34, he was already chief executive officer of defunct Standard Trust Bank and one of the youngest bank CEOs in Nigeria.
Stories of reforms and revolution of African banking industry cannot be complete without outlining his sterling efforts towards positioning African banking industry to compete with the rest of the world.
His indelible footprints of success as chief executive of United Bank of Africa (UBA), will remain a revered point of reference for ages to come.
Tony Elumelu’s ten-year visionary leadership at UBA positioned the Bank as leading 21st century mega bank in the continent, with over 20 million active customers, 30,000 employees, and 1,000 branches across 20 countries of Africa.
When Americans brag with behemoths like JP Morgan Chase, Bank of America and Europeans pride in leviathans like Barclays, Deutsche Bank AG, Africans glow in the UBA Group—all thanks to Tony O. Elumelu, CFR. The man who created his “tomorrow”.
In 2010, he retired as chief executive officer of the UBA Group and founded Heirs Holdings and The Tony Elumelu Foundation (TEF).
Beyond banking industry, Tony Elumelu has straddled the divide of hospitality industry. His spirit of excellence can be seen in Transcorp Hillton, Abuja, a five-star hotel located at the heart of the Nigeria’s capital, where he has controlling interest.
As the billionaire entrepreneur is graciously cerebrating his 61th birthday, the life of Tony O. Elumelu has become another proof that repeated excellence heralds greatness.
It exudes a purpose driven life anchored on eternal philosophy, that life is not an accident, which implies that for anyone to be great you have to set out for it with laser-focused vision and purpose-driven passion.
Tony O. Elumelu is the father of Africapiltalism—an economic philosophy hedged on optimizing power of capitalism via entrepreneurship to liberate Africa from the shackles and hackles of multidimensional poverty and crass underdevelopment.
Being one of the Forbes’ recognized richest people in Africa, In 2020, he was honoured amongst Times Magazine’s 100 most influential people in the world. Despite achieving giant strides and reaching lofty milestones in life, the Delta-born business guru has never downplayed the place of grace in his meteoric rise to stardom.
On several platforms, with sense of humility and humour, he has narrated how luck—or what can be called favour, mixed with dint of hard work, contributed immensely to his projectile growth from being just a corp member at Union Bank, to emerging as one of the youngest CEOs of commercial banks, to chairing one of the largest banking conglomerates in Africa.
He has asked this philosophical but rhetorical question in one of his public outings: “Am I blessed or am I lucky?”. I will try to answer it. Tony O. Elumelu is both blessed and lucky. Everything about him bespeak blessings. His body language acknowledges biblical expository that the race is not to the swift, nor the battle to the strong but to him God shows mercy.
It takes unparalleled humility and a deep understanding of the role of the supernatural in the affairs of men, for a billionaire who has attained height of success to openly acknowledge the place of luck in his success story. This is one of the great attributes that stands out Tony O. Elumelu.
Despite his hard work and sacrifices to get to his enviable status today, he has always acknowledged that he is a blessed and lucky person. His philanthropic strides and gestures are driven by this belief that he is just a custodian of wealth meant to better humanity.
A school of thought says: “what we have done for ourselves alone dies with us; what we have done for others and the world remains, and is immortal”. This is the ideology that gave birth to Tony Elumelu Foundation (TEF), and transformed Onyemaechi—the founder, from being just a human to a humanitarian.
Tony Elumelu Foundation (TEF), in the last decade has done marvellously well to empower over 16,000 young entrepreneurs across 54 countries in Africa, through training, mentoring and funding them with start-up capital of $5,000 each. In 2015, the Foundation launched an “Entrepreneurship Programme”, a $100 million intervention to empower 10,000 African entrepreneurs over the next ten years. Elumelu’s passion for young entrepreneurs is not only unequalled but contagious. Global bodies like UNDP, UNCDF, AfDB, Red Cross, etcetera, have all identified with the Foundation via partnership.
Tony O. Elumelu, CFR, as an advocate of Africapitalism, and who is fondly called the King of soft life, admonishes that next frontier of Africa’s wealth will be in entrepreneurial quest of her youths. We cannot keep watching African youths risk and waste their lives trying to cross Sahara desert and Mediterranean Sea to search for greener pasture in the developed world.
As he marks another birthday milestone, I choose to celebrate his impactful journey so far on the lives of African youth. There is a school of thought that encourages us to celebrate lives of those who have become exemplary in order to get others in the society to emulate such virtues.
Nwobodo, a public analyst, writes from Abuja
News
Kaspersky Shares AI Cybersecurity Predictions for 2026

Kaspersky experts outline how the rapid development of AI is reshaping the cybersecurity landscape in 2026, both for individual users and for businesses. Large language models (LLMs) are influencing defensive capabilities while simultaneously expanding opportunities for threat actors.

Deepfakes are becoming a mainstream technology, and awareness will continue to grow. Companies are increasingly discussing the risks of synthetic content and training employees to reduce the likelihood of falling victim to it. As the volume of deepfakes grows, so does the range of formats in which they appear.
At the same time, awareness is rising not only within organisations but also among regular users: end consumers encounter fake content more often and better understand the nature of such threats. As a result, deepfakes are becoming a stable element of the security agenda, requiring a systematic approach to training and internal policies.
Deepfake quality will improve through better audio and a lowering barrier to entry. The visual quality of deepfakes is already high, while realistic audio remains the main area for future growth.
At the same time, content generation tools are becoming easier to use: even non-experts can now create a mid-quality deepfake in just a few clicks. As a result, the average quality continues to rise, creation becomes accessible to a far broader audience, and these capabilities will inevitably continue to be leveraged by cybercriminals.
Online deepfakes will continue to evolve but remain tools for advanced users. Real-time face and voice swapping technologies are improving, but their setup still requires more advanced technical skills. Wide adoption is unlikely, yet the risks in targeted scenarios will grow: increasing realism and the ability to manipulate video through virtual cameras make such attacks more convincing.
Efforts to develop a reliable system for labelling AI-generated content will continue. There are still no unified criteria for reliably identifying synthetic content, and current labels are easy to bypass or remove, especially when working with open-source models. For this reason, new technical and regulatory initiatives aimed at addressing the problem are likely to emerge.
Open-weight models will approach top closed models in many cybersecurity-related tasks, which create more opportunities for misuse. Closed models still offer stricter control mechanisms and safeguards, limiting abuse.
However, open-source systems are rapidly catching up in functionality and circulate without comparable restrictions. This blurs the difference between proprietary models and open-source models both of which can be used efficiently for undesired or malicious purposes.
The line between legitimate and fraudulent AI-generated content will become increasingly blurred. AI can already produce well-crafted scam emails, convincing visual identities, and high-quality phishing pages.
At the same time, major brands are adopting synthetic materials in advertising, making AI-generated content look familiar and visually “normal.” As a result, distinguishing real from fake will become even more challenging, both for users and for automated detection systems.
AI will become a cross-chain tool in cyberattacks and be used across most stages of the kill chain. Threat actors already employ LLMs to write code, build infrastructure, and automate operational tasks.
Further advances will reinforce this trend: AI will increasingly support multiple stages of an attack, from preparation and communication to assembling malicious components, probing for vulnerabilities and deploying tools. Attackers will also work to hide signs of AI involvement, making such operations harder to analyse.
“While AI tools are being used in cyberattacks, they are also becoming a more common tool in security analysis and influence how SOC teams work. Agent-based systems will be able to continuously scan infrastructure, identify vulnerabilities, and gather contextual information for investigations, reducing the amount of manual routine work.
“As a result, specialists will shift from manually searching for data to making decisions based on already-prepared context. In parallel, security tools will transition to natural-language interfaces, enabling prompts instead of complex technical queries,” adds Vladislav Tushkanov, Research Development Group Manager at Kaspersky.
News
NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

By Blaise Udunze
When the Federal Government approved the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, it was rightly described as a landmark decision. After years of disputes, reconciliations, and contested figures, Nigeria’s most important revenue institution was, at least on paper, given a cleaner slate.

NNPC
The approval, contained in a report prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the last year November meeting of the Federation Account Allocation Committee (FAAC), effectively wiped out 96 percent of NNPC’s dollar-denominated obligations and 88 percent of its naira liabilities accumulated up to December 31, 2024. It resolved long-standing balances arising from crude oil liftings, joint venture royalties, production-sharing contracts, and related arrangements.
Judging it critically, the decision carries both promise and peril, but can be viewed from the perspective of a country desperate to restore confidence in public finance management. It offers an opportunity to reset relationships, clean up accounting records, and move forward under the Petroleum Industry Act (PIA). Yet, it also exposes deep structural weaknesses in Nigeria’s oil revenue governance, weaknesses that, if left unaddressed, could turn today’s debt relief into tomorrow’s fiscal regret.
Context matters. The debt write-off comes not during a period of revenue abundance, but at a time when Nigeria’s upstream revenue performance is under severe strain. According to the same NUPRC document, the commission missed its approved monthly revenue target for November 2025 by N544.76 billion, collecting only N660.04 billion against a projected N1.204 trillion.
Royalty receipts, the backbone of upstream revenue, tell an even starker story. It is alarming that against an approved monthly royalty projection of N1.144 trillion, only N605.26 billion was collected, leaving a shortfall of N538.92 billion. Cumulatively, by the end of November 2025, the revenue gap stood at N5.65 trillion, with royalty collections alone falling short by N5.63 trillion. These figures underscore how fragile Nigeria’s fiscal position remains, even as trillions of naira in historical obligations are being written off.
To be fair, the debts forgiven were not incurred overnight. They are the product of years of disputed remittances, lacking transparent accounting practices, and overlapping institutional roles, particularly under the pre-PIA regime. As petroleum economist Prof. Wumi Iledare has repeatedly observed, the former Nigerian National Petroleum Corporation combined regulatory, commercial, and operational functions, making revenue reconciliation cumbersome and frequently contested.
That legacy continues to haunt the system, as witnessed with the ongoing dispute between NNPC Ltd and Periscope Consulting, the audit firm engaged by the Nigeria Governors’ Forum, over an alleged $42.37 billion under-remittance between 2011 and 2017, which illustrates how unresolved the past remains. Though NNPC insists all revenues were properly accounted for as claimed, Periscope maintains that significant gaps persist, forcing FAAC to mandate yet another reconciliation exercise. This recurring pattern of audits, counterclaims, and stalemates has weakened trust in the federation revenue system and eroded confidence among states that depend on oil proceeds for survival.
Crucially, the debt write-off does not mean NNPC has turned a corner financially. Statutory obligations incurred between January and October 2025 remain on the books, amounting to about $56.8 million and N1.02 trillion. Although part of the dollar component was recovered during the period under review, the accumulation of new liabilities so soon after reconciliation raises uncomfortable questions about whether old habits are being replaced with genuine fiscal discipline.
More troubling still is what NNPC’s own audited financial statements reveal about its internal financial health. Despite recording a profit after tax of N5.4 trillion on revenues of N45.1 trillion in 2024, the company’s inter-company debts ballooned to N30.3 trillion, representing a 70 per cent increase within a single year. This is not debt owed to external creditors but largely obligations between NNPC and its subsidiaries, effectively the company owing itself.
Records show that of 32 subsidiaries, only eight are debt-free, and the rest, particularly the refineries, trading arms, and gas infrastructure units, remain heavily indebted to the parent company. There was a recurring cycle where profitable units subsidise chronically underperforming ones, and accountability steadily erodes because cash that should fund maintenance, expansion, and efficiency improvements is instead trapped in internal receivables.
The refineries offer a stark illustration whereby the Port Harcourt Refining Company alone owed N4.22 trillion in 2024, more than double its 2023 figure, while Kaduna and Warri refineries followed closely, with debts of N2.39 trillion and N2.06 trillion respectively. Despite the repeated failed turnaround maintenance with many years of rehabilitation spending, none have operated sustainably at commercially viable levels. Their continued dependence on financial support from the parent company highlights the cost of postponing difficult restructuring decisions.
And, for this reason, international observers have long warned about these structural weaknesses. One of the critics, the World Bank, has repeatedly flagged NNPC as a major source of revenue leakages. It further noted that the persistent gaps between reported earnings and actual remittances to the Federation Account. Even after the removal of petrol subsidies, the bank observed that NNPC remitted only about 50 per cent of the revenue gains, using the rest to offset past arrears. Such practices, while perhaps defensible in internal cash management terms, undermine fiscal transparency and weaken Nigeria’s macroeconomic credibility.
This is why the central issue is not the debt write-off itself, but what follows it because debt forgiveness is not reform. Without firm safeguards, it risks entrenching the very behaviours that created the problem in the first place. As Prof. Omowumi Iledare has warned, the scale and pace of the inter-company debt build-up represent a governance test rather than a mere accounting anomaly. Allowing subsidiaries to operate indefinitely without settling obligations is incompatible with the idea of a commercially driven national oil company.
The fact remains that if NNPC wants to function as a true commercial holding company under the PIA, it must enforce strict settlement timelines, restructure or divest non-viable subsidiaries, while clearly separating legacy debts from new obligations. With this, it holds subsidiary leadership accountable for cash flow and profitability. Independent, real-time audits and transparent reporting must become routine features of governance, not emergency responses triggered by controversy.
There is also a broader national implication. At a time when Nigerians are being asked to accept higher taxes, reduced subsidies, and fiscal tightening, large-scale debt write-offs without visible accountability risk undermining the legitimacy of the entire revenue system. Citizens cannot be expected to bear heavier burdens while systemic inefficiencies in the country’s most strategic sector persist.
Of a truth, the cancellation of NNPC’s legacy debts could mark a turning point in Nigeria’s fiscal governance, but only if it is not treated as its conclusion but the beginning of reform.
If discipline, transparency, and commercial accountability follow, the decision may yet help reposition NNPC as a profitable, credible, and PIA-compliant institution. If not, today’s clean slate will simply defer the reckoning until the next reconciliation, the next audit dispute, and the next fiscal crisis.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
News
INEC Warns of Fake Ad-hoc Staff Recruitment Portal

Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”

The Commission raised the alarm in a statement published on its website late Tuesday.
It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…
The Commission affirmed that the website is fake and not affiliated with the it in any way.
“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”
It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.
“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.
The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.
It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org
It added that any other website or link outside the above is not authorized by INEC.
It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org
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