Business
Crypto assets may displace local currencies in developing countries — IMF
The International Monetary Fund has said some emerging markets and developing economies face immediate and serious risks of currency substitution by crypto assets.
The IMF disclosed this in a report titled, ‘Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated’ released on Thursday.
In the report, the IMF said its mandate is to safeguard the stability of the international monetary and financial system.
The Washington DC-based fund said, “Some emerging markets and developing economies face more immediate and acute risks of currency substitution through crypto assets, the so-called cryptoisation.
“Capital flow management measures will need to be fine-tuned in the face of cryptoisation. This is because applying established regulatory tools to manage capital flows may be more challenging when value is transmitted through new instruments, new channels and new service providers that are not regulated entities.”
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According to the IMF, crypto assets will soon pose systemic financial stability in some countries as policy makers struggle to the monitor risks.
It added that crypto assets were drastically changing the financial system it was trying to protect.
The IMF said, “Crypto assets and associated products and services have grown rapidly in recent years. Furthermore, inter linkages with the regulated financial system are rising.
“Policymakers struggle to monitor risks from this evolving sector, in which many activities are unregulated. In fact, we think these financial stability risks could soon become systemic in some countries.”
“While the nearly $2.5tn market capitalisation indicates significant economic value of the underlying technological innovations such as the blockchain, it might also reflect froth in an environment of stretched valuations.”
According to the international fund body, identifying, monitoring, and management of crypto-related risks continues to defy regulators and firms.
It added that in developing economies for instance, cryptoisation was threatening to replace domestic currency, and circumvent exchange restrictions and capital account management measures.
The IMF said, “Such risks underscore why we now need comprehensive international standards that more fully address risks to the financial system from crypto assets, their associated ecosystem, and their related transactions, while allowing for an enabling environment for useful crypto asset products and applications.”
The IMF added that crypto’s cross-sector and cross-border remit limits the effectiveness of national approaches. The body said, “Countries are taking very different strategies, and existing laws and regulations may not allow for national approaches that comprehensively cover all elements of these assets.
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“Importantly, many crypto service providers operate across borders, making the task for supervision and enforcement more difficult. Uncoordinated regulatory measures may facilitate potentially destabilising capital flows.”
According to the IMF, there is a need for a global regulatory framework that provides a level playing ground along the activity and risk spectrum.
It said crypto-asset service providers that deliver critical functions should be licensed or authorised.
The IMF said, “These would include storage, transfer, settlement, and custody of reserves and assets, among others, similar to existing rules for financial service providers.
“Licensing and authorisation criteria should be clearly articulated, the responsible authorities clearly designated, and coordination mechanisms among them well defined. Requirements should be tailored to the main use cases of crypto assets and stablecoins.”
The IMF added there was an urgent need for cross-border collaboration and cooperation to address technological, legal, regulatory, and supervisory challenges.
“Crypto assets are potentially changing the international monetary and financial system in profound ways,” it added.
Punch
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Railway
Warri-Itakpe Train Crash: Full Manifest Retrieved, FG, NRC Condole Families of Five Dead
Warri-Itakpe Train Crash: Full Manifest Retrieved, FG, NRC Condole Families of Five Dead
The Federal Ministry of Transportation and the Nigerian Railway Corporation (NRC) have said the full manifest of passengers and crew members aboard the ill-fated Warri–Itakpe train has been retrieved, even as they extended condolences to the families of the five persons who lost their lives in Monday’s accident near Agbor, Delta State.
In a joint update on the incident, the ministry and the NRC said efforts were ongoing to identify all injured passengers and deceased victims for proper documentation, while assuring that relevant authorities would have access to the complete onboard manifest.
The agencies confirmed that five persons — four adults and a baby — died when four coaches of the Warri–Itakpe Train Service (WITS) capsized and another derailed along the corridor. They added that 24 passengers sustained serious injuries, while several others suffered varying degrees of injuries and are receiving medical treatment.
According to the statement signed by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funsho Adebiyi, a total of 442 passengers had booked for the journey, while 40 crew members, security personnel and third-party service providers were on board, bringing the total number of persons on the train to 482.

The ministry said rescue and evacuation operations were immediately activated following the accident, with support from the Delta State Government, the National Emergency Management Agency (NEMA), the Federal Road Safety Corps (FRSC), the Police, Civil Defence, local authorities and other emergency responders.
The rescue efforts, which were completed by 6:30 p.m., also received assistance from the Senator representing Delta Central Senatorial District, Senator Ede Dafinone, and former Delta State Secretary to the State Government, Patrick Ukah.
The ministry and the NRC expressed their deepest sympathies to the families of the deceased and prayed for the speedy recovery of those injured in the accident.
They also commended the Delta State Government, emergency response agencies, security operatives, medical personnel, the NRC Mechanical Directorate and the corporation’s special rescue and emergency team for their swift intervention.
The statement added that a full investigation into the cause of the accident had commenced, assuring that authorities would continue to account for all passengers and provide necessary support to those affected by the tragedy.
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Aviation
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
The Federal Government has grounded a private aircraft and suspended its operator’s permit following a dramatic incident in which the aircraft made an emergency landing on a road under construction near Asaba and later departed without regulatory clearance.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the development in a statement posted on his X account, describing the incident as a serious breach of aviation regulations and security protocols.
According to Keyamo, the aircraft carried out a missed approach while attempting to land at Asaba Airport at about 7:43 a.m. local time on Wednesday, June 10, 2026, before diverting and landing on a concrete road under construction in the Ogwashi-Uku area of Delta State. He said eyewitness reports confirmed that all four crew members on board safely exited the aircraft and were later transported to Asaba by road, with no injuries recorded. A short video that surfaced online showed the aircraft stationary on the concrete road before taxiing along the road being reconstructed and taking off.
Keyamo expressed concern over the aircraft’s subsequent departure from the scene at about 11:02 GMT (12:02 p.m. local time) without obtaining the required regulatory approval. He said Air Traffic Control was only notified after the aircraft had already taken off, noting that the aircraft had no clearance for departure. “In other words, the aircraft had no clearance to take off again,” he said. The Nigerian Civil Aviation Authority (NCAA) , in a statement signed by its Director of Public Affairs and Consumer Protection, Michael Achimugu, confirmed that the action constituted a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation.
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Following the incident, the NCAA immediately grounded the aircraft upon its arrival in Lagos, pending the outcome of investigations. The Authority also placed the flight crew under regulatory review while inquiries continue into both the initial occurrence and the unauthorised departure. As part of enforcement actions, the NCAA suspended the operator’s Permit for Non-Commercial Flight (PNCF) and ordered a comprehensive audit of its operational, maintenance, airworthiness, and flight records. “The NCAA will take further enforcement action in accordance with applicable aviation regulations,” Keyamo stated. The regulator has formally notified the Nigerian Safety Investigation Bureau (NSIB) of the occurrence and is coordinating with relevant aviation stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA) , to establish the full circumstances of the incident.
Keyamo confirmed that security agencies had taken custody of the crew members for questioning as part of ongoing investigations. “I have also spoken to relevant security agencies and I have been assured that the crew are in their custody and they are assisting them with their investigation,” the minister said.
Authorities say the incident will be thoroughly reviewed to prevent future breaches of aviation safety and regulatory procedures. The NCAA reiterated its commitment to maintaining the highest standards of aviation safety, security, and regulatory compliance within the Nigerian aviation sector. “No individual or operator, irrespective of status, will be permitted to circumvent established aviation procedures designed to safeguard lives and maintain the integrity of Nigeria’s airspace system,” the ministry stated.
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
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Business
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Energy Plc has announced a major leadership transition that will see businessman and investor Tony Elumelu become chairman of the company from January 1, 2027, while industry veteran Effiong Okon takes over as chief executive officer from August 1, 2026.
The appointments are part of a succession plan approved by the board to ensure continuity and support the company’s next phase of growth.
Current Chairman, Senator Udo Udoma, will retire on December 31, 2026, while Chief Executive Officer Roger Brown will step down on July 31, 2026 after more than a decade with the company.
Confirming Elumelu’s appointment, Seplat said he was elected by the board to succeed Udoma. Elumelu, Founder and Chairman of Heirs Holdings, joined Seplat’s board in January 2026. Heirs Holdings holds a 20.07 per cent stake in the energy company.
Reacting to his appointment, Elumelu said he was honoured by the confidence reposed in him by the board.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” he said.
Elumelu stressed the importance of indigenous energy companies in driving economic development across the continent, noting that “the critical role indigenous resources play in the economic transformation of Nigeria and Africa” remains central to his vision for the company.
He also commended the outgoing chairman and chief executive for their stewardship, saying he looked forward to working with the incoming CEO to deliver greater value to shareholders.
The board also appointed Okon as CEO and Executive Director. Okon, who has more than 35 years of industry experience, has held several leadership positions within Seplat since joining the company in 2018. Most recently, he served as Managing Director of the ANOH Gas Processing Company, where he led the project to first gas production in January 2026.
Expressing his readiness for the role, Okon said: “My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”
Seplat said Brown leaves behind a strong legacy, having helped steer the company through significant expansion, including its dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.
Brown described his time at the company as a privilege, saying he was proud to have helped build a business known for financial resilience, strong governance and shareholder value.
Udoma, meanwhile, praised Brown for his outstanding contribution to the growth of Seplat into one of Africa’s leading independent energy companies.
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