Technology and philosophy

Wednesday, November 11, 2026

Hackers probed Europe’s fridge systems weeks before cyberattacks. Who did it and what could they target next?

Cybersecurity researchers say they detected hackers probing internet-connected refrigeration systems across Europe in the days before a wave of cyberattacks and incidents disrupted supermarkets and blood banks, with evidence suggesting it may have been part of a coordinated operation.

Refrigeration systems in supermarkets across nine European countries as well as several blood banks in France were attacked on 2 and 3 November.

Hackers exploited weak cybersecurity and vulnerabilities in manufacturer Danfoss’s AK-SM refrigeration system manager to put fridges and freezers on defrost settings, in some cases temperatures were set as high 50 degrees Celsius.

The incidents forced many grocery stores to throw away spoiled produce from their fridges and freezers and have become a very visible example of how easily cyberattacks can disrupt everyday life by targeting infrastructure systems that are often taken for granted.

For cybersecurity firm Lupovis, the signs point to a coordinated operation potentially involving a state actor — one that was preceded by days of probing.

The company says it saw a period of reconnaissance targeting these systems just days before the attacks.

The company observed over 276 attempts coming from 91 different threat actors matching specific components of Danfoss controllers during this 10-day period. Activity peaking on 26 October, before coming to a halt at the end of the month.

“Between the 20th and 30th of October, what we saw was a wave of what we call reconnaissance,” CEO Xavier Bellekens told Euronews Next.

“We see a huge peak suddenly for 10 days where adversaries are trying the default passwords. They are trying a couple of those vulnerabilities.”

Lupovis operates a system of so-called “honeypots”, which replicate its clients’ online systems and technologies. The company equips them with sensors and then deliberately exposes them to hackers, encouraging attacks so it can track how these systems are accessed and exploited.

This intelligence can then be used to identify vulnerabilities without putting the clients' real systems at risk.

It was through this system that Lupovis, whose clients include the Scottish government, Orange, Telefonica and a number of retail companies, detected what it describes as “reconnaissance” on Danfoss systems in the days before November’s attacks.

“You can think of it as like burglars, driving through your neighbourhood and identifying the houses they are going to go and break into,” said Bellekens.

Who was behind the attacks?

Lupovis then traced what it describes as the digital "breadcrumbs" left by the probing and attacks, finding that so-called "bulletproof hosting" was used — web hosting services that are designed to resist takedown requests and law enforcement intervention.

“On the one hand, you have Amazon Web Services, they are the opposite of a bullet-proof hosting. If you do something malicious with one of their servers, that's it, they cancel your account. Bulletproof hosting is the opposite. You do something malicious, It's out of jurisdiction," Bellekens said.

Lupovis then examined the hosting providers themselves.

“We realised that some of those bulletproof hosting had been used by Russian groups in the past,” says Bellekens.

The company is clear that just because servers are located somewhere does not necessarily mean that the people using it share the same nationality, so they cannot say for sure that Russia is behind the attacks.

“However, there's a bit of a pattern here,” says the Lupovis CEO, “So we are looking for someone that has the capability to attack certain countries in particular.”

According to the CEO, Lupovis sensors in South America, Africa, North America and Asia did not record the same activity. It was only picked up by sensors in Europe.

He also believes the ability to coordinate attacks across Europe helps narrow down the list of suspects.

“You [the attacker] have to be able to coordinate this attack because most of it happened within a 24-hour period.”

“All of this makes us point to an adversary that, to us, is not a script kiddie [an unskilled amateur]. They are not a lone wolf. It looks like a well-planned operation. So a state fits the bill.”

“When we pull on the thread it does look like it could well be Russia. So, that is basically where we're at.”

The incidents come amid wider concerns about hybrid threats and suspected Russian-linked activity targeting European countries.

However, the precise identity and motivation of the attackers remain unclear.

George Nott, technology editor at The Grocer, said the attacks appeared to have relied on relatively basic security weaknesses rather than highly advanced hacking techniques.

"Attackers managed to access refrigeration systems by simply finding their log-in pages on the open internet, and exploiting already patched vulnerabilities and weak passwords rather than some highly advanced technology," he told Euronews Next.

Nott also cautioned against drawing firm conclusions about who was responsible.

"it's still unclear who was behind the attack or what they hoped to achieve. We'll have to face the fact we may never known. With no ransom demand or claim of responsibility, it could have been anyone from a state-sponsored actor to a gang of teenagers 'doing it for the lols'."

Cybersecurity agencies in the countries affected this week have differed in how they describe the incidents. Belgium, Luxembourg, Italy, Portugal and Estonia have called them a “cyberattack”, while Sweden and Ireland referred to it as a “cyber incident”.

The European Union’s Agency for Cybersecurity (ENISA) has also stopped short of explicitly calling the incidents a cyberattack.

How did the hackers access the refrigeration systems?

Hackers were able to access refrigeration systems across Europe because controller boxes connected to the internet were being used to remotely manage refrigeration units, Bellekens said.

Remote control of such devices is common in today’s increasingly digital world. However, the Lupovis CEO says many of the systems could have been better protected had they been placed on virtual private networks (VPNs) rather than exposed directly to the internet.

“[It] would have entirely mitigated the risk because like a VPN is more complex to exploit," he said.

To make matters worse, many of the systems were reportedly accessible using factory-default credentials, such as "Username" Supervisor" and "Password: 12345", suggesting that basic security measures had not been implemented.

Nott said the problem reflets a wider tendency in the retail sector to overlook the security of connected equipment.

“The security of connected equipment across the retail sector can overlooked — the priority given to more obvious targets such as payment systems and customer data," he said.

Once hackers had gained access to the refrigeration control systems they were able to switch them to defrost mode and ramp up the temperatures, spoiling goods stored in fridges and freezers across Europe.

Could other connected infrastructure be next?

The attacks have raised concerns about the security of other internet-connected equipment, from supermarket machinery to the systems that control access, heating and ventilation in buildings.

Nott warned the future attacks may not be confined to refrigeration systems.

"more and more of the systems that keep supermarkets running — heating, ventilation and air conditioning systems; electronic shelf labels; floor cleaning robots — could all present similar vulnerabilities if remote access isn't properly secured and software patched," he said.

But the potential exposure goes well beyond retail.

"The freezer is not special. It is just the most visible example of a much bigger category,” says Kumar Sokka, CEO of Acre Security, a global provider of integrated physical security.

“The same kind of small, internet-connected controller that was used to warm up those fridges also runs the doors, the access-control readers, the cameras, the alarms, the lighting and the heating and ventilation in most modern buildings.”

Sokka said the same weaknesses could affect logistics and warehousing, healthcare, manufacturing and data centres, particularly where connected equipment has been introduced without sufficient oversight.

“In an office, a hospital or a data centre, the same kind of compromise might be a door that opens, a camera that goes dark or an alarm that stays silent, and there would be no spoiled stock to tell anyone something was wrong," he said.

The risk is particularly significant for systems where a digital intrusion can have immediate physical consequences, he added.

Why are these systems still vulnerable?

Despite existing European cybersecurity rules, Sokka said organisations often fail to treat connected physical systems as part of their wider security responsibilities.

The EU's NIS2 Directive requires organisations within its scope to manage risks to their network and information systems, including through security measures, asset management and incident handling.

However, Sokka said many organisations still focus their compliance efforts on traditional IT systems, leaving refrigeration and other and building systems to facilities management teams.

"A lot of organisations still scope their NIS2 work around classic IT, the servers, laptops and email, and leave the refrigeration, the access control and the building systems to the facilities team, as maintenance rather than security," he said.

He argued that the problem was not necessarily a lack of regulation, but a failure to apply existing requirements to connected physical infrastructure.

"The regulation is not really the missing piece. The missing piece is the is treating these physical systems as part of the attack surface the regulation is already asking you to protect, and giving someone clear ownership of them."

Could AI make future attacks easier?

Cybersecurity experts also warn that advances in artificial intelligence could make it easier to identify weaknesses in connected devices and potentially accelerate the development of new attacks.

"AI is collapsing the time between finding a vulnerability and turning it into a working attack," said Gianni Cuozzo, founder and CEO of Italian cybersecurity firm Exein.

He warned that manufacturers of connected devices may struggle to patch, test and redeploy at the same speed that vulnerabilities are discovered.

"The systems I would worry about most are connected devices that stay in the field for years and can be controlled remotely: refrigeration, building controls, industrial equipment, healthcare systems, data centres and parts of energy and transport infrastructure."

Cuozzi said organisations should not rely on patching or network protection alone, arguing that connected devices also need to be able to identify and block malicious behaviour themselves.

"Every device needs to be able to defend itself at runtime and pre-emptively block behaviour it was never supposed to perform, whether or not a patch exists and whether or not the vulnerability is already known."

ZENITH BANK PLC

ZENITH BANK PLC

Zenith Bank Plc delivered a resilient 1.9% increase in Profit Before Tax (PBT) to N637.6 billion in the half-year period ended June 30, 2026, up from N625.6 billion in H1 2025. However, Profit After Tax (PAT) dropped by 19.1% to N430.8 billion due to a substantial surge in tax expenses under the new Nigeria Tax Act 2025. Profit After Tax (PAT) dropped by 19.1% to N430.8 billion compared with N532.2 billion in the same period of 2025. Earnings Per Share (EPS) also declined by 19.1% from N12.95 to N10.48.

Gross Earnings recorded a 24.6% drop from N2.52 trillion in June 2025 to N1.90 trillion in the half-year ended June 30, 2026.

Despite the compressed bottom line, the board has raised its interim dividend by 20% to N1.50 per share.

Core Performance Metrics (H1 2026 vs H1 2025)

The structural shifts across Zenith Bank’s income statements point to changing macroeconomic realities, as falling trading gains were aggressively offset by lower credit risk impairments.

Provided by SyndiGate Media Inc. ( Syndigate.info ).

Tuesday, November 10, 2026

Rev & Rev (Mrs) Fagbamiye: We’re both busy engineers and pastors, but God has kept our marriage intact for 50 years

Rev. (Mrs) Prof. Christie Fagbamiye and her husband, Rev. Engr. Oluwamuyemi Fagbamiye are Senior Pastors/General Overseers of Redemption Faith Mission, Festac Town, Lagos. During their recent 50th wedding anniversary, they shared with EJIKEME OMENAZU the secrets behind their blissful marriage. Excerpt:

Congratulations on your 50th wedding anniversary.

Thank you very much (sings).

How would you describe this milestone celebration of 50 years together as a couple?

Wife: It is by God’s abundant grace. He has always been there for us. Ours has not been a story of constant strife, lack of peace, or lack of provision because God has been good to us.

How did you overcome the challenges and trials of over 50 years of marriage?

Wife: Our major secret is prayer. I gave my life to Christ and my husband never opposed it. We pray together. All my assignments and ministerial engagements are for God; he is aware of them and fully supports me. We have always stood together, and I have always enjoyed the move of God in our marriage. Even when challenges arise, we prayerfully overcome them as though they never existed. We walk over them, and God has been faithful to us.

How would you describe your marital journey of over 50 years?

Husband: It has been a beautiful journey of God’s grace. To God’s glory and honour, we have been able to stand firm because I love my wife for who she is – a prayer warrior who believes in the efficacy of prayer over any problem, however difficult. We always come together, joining hands to pray, and God has always answered. In 1 Corinthians 13:7, the four pillars of love are that love bears all things, endures all things, believes all things, and hopes all things. On that foundation, we have been able to come this far, and God will not leave us; He will see us through.

Was there ever a moment you felt angry or fed up with the marriage?

Husband: Nothing like that ever crossed my mind. Nothing happened that would make me want to leave my marriage. It never occurred because my wife is tolerant. Even when we had four people living with us – three from my side and one from her side – everyone was happy. I have no regrets marrying her, much less being fed up with our marriage.

What was it like marrying a career woman and a minister of the gospel?

Husband: We are both career people – engineers by profession, but in different fields. She was always on site, and I was always on site. But, all things work together for good for those who trust in God. Concerning her ministerial calling, I was the first person she told when God called her and I asked in surprise, “God called you?” Then, I said, “It is good that God called you; we will sit in the congregation to listen to you preach.” She later attended Bible College and graduated and was ordained a Reverend. The following year, I enrolled in the same Bible College.

If given another opportunity, would you marry your wife again?

Husband: Yes, I don’t have a better option. Marriage is an institution. There are times you sit to evaluate and discuss issues – not to quarrel, but for understanding. Until one is laid to rest, you cannot finish the school of marriage. It is an institution you enter and never receive a certificate of graduation. You continue learning because out of it, your children and neighbours are learning the process. When people make reference to you, they are learning from the process. That is part of what you learn in marriage. It is a school that never ends – a school of character molding, a school to love, for better or for worse. You have to love and mould lives.

With the present state of marriages, what is the missing link between your time and now?

Wife: Lack of understanding of genuine love. There are more resources now than in our time. People have money, big jobs, cars, and are well-to-do, but they lack knowledge of true love. At the slightest provocation between couples today, they say, “I will throw you out.” Truth is, these days when people plan to get married, they also plan for what may eventually happen in the marriage – which was never the case in our time. From my experience in marriage counselling, I realised that many people today only plan for the wedding ceremony; they are not prepared for the marriage itself and are not ready to settle down to build a home or family. Most ladies believe the man must carry the entire burden until he is tired and worn out, while most men believe women are just glorified maids in the house. In those days, when you present someone to your family, your parents would investigate the person’s background and the family they came from. Today, there is little or no investigation before marriage – that is, if the lady is not already pregnant before being presented to the family. There is little value for marriage in this generation and the majority of young men have no respect for women. They want a wife as a housemaid because they do not truly know what love is, and this is affecting the institution of marriage and the building of homes.

Why are there an increase in domestic violence, marital crises, and broken homes in today’s marriages?

Husband: The present generation is different from ours because, as my wife said. In our time, you could not just meet someone somewhere and claim you were married without parental knowledge and scrutiny of the person’s background – to know if such a person comes from a background of thieves or vagabonds. Even if they profess to be Christian, how genuine is their Christian background? But today, you find that even in the church, people get married without proper guidance. The missing link is the lack of scrutiny, guidance, and counselling that will sustain the union. No matter how you manage it without that foundation, it becomes crisis-oriented, leading to break-up because of no foundational structure.

Was there any memorable moment you can recall in your over 50 years of marriage?

Husband: All the days and years of our marriage have been interesting. But one that stands out was the day we needed to make a payment for one of our children who had been admitted into college. At the time, my wife was in charge of the church funds. I asked her to lend me part of the money and promised to refund it at month end. But, she refused and I left for my office. Before I returned, she had paid the money. I was surprised.

Could you share your most memorable moments during the 50 years of marriage?

Wife: From my way of life and mode of dressing, I initially had challenges with my in-laws, who complained about what I did or did not wear. They thought I would be angry, but we eventually became close friends. To the glory of God, all the people who lived with us turned out to be ministers of God, and those who did not become ministers became prominent Christians in their local churches. Today, they are all serving God one way or another, including one who married a Muslim – the husband is now a Church deacon. Those are memorable moments that give me joy – how God used me to transform lives in my marriage. There were about 15 people in my house and I would cook for them without complaining about spending too much, and everyone ate happily. It did not bother me that people were eating my food. Food is meant to be shared; that is my way of life. It is not every time the man will have money to give. That is why it is good for every woman to also work hard, but not at the expense of her home or by disrespecting her husband. I have always praised God for my marriage. One of my children, precisely my last born, was said to have an umbilical hernia and we were told to take him to the hospital for an operation. I told my husband, “They say this boy needs an operation, but my child is not meant for any operation,” and he agreed with me and we prayed over it. The Bible says if two shall agree concerning an issue, then God will consent to it. Till today, he never had the operation and is now married with a child.

As a matriarch, what advice do you have for the present generation on marriage?

Wife: The present and next generation should be content with whatever they have and not look outside for solutions to their problems, because there is no one without a problem. Problems will go away when you genuinely call on God and you don’t have to leave the marriage. It isn’t worth it because outside, there is nothing better you can get. If the present generation can come from homes with good training where they pray together, they will be tolerant enough to build a home, because the family that learns to pray together, stays together. That has been my prerogative – ensuring my family prays together. If my brother-in-law or father-in-law comes visiting at any time, they are welcome. But, we are going to pray together.

What advice do you have for men?

Husband: They should be tolerant, prayerful, and believe in God to solve their problems. When two people come together, they should pray together and their marriage will last longer with happiness.

What is your advice to couples who compete with one another in their careers?

Husband: Couples who do that lack godly wisdom, because God gave us different gifts. You cannot say, “I should be better than my wife,” or “My wife cannot be better than me.” Everyone has a unique gift from God. If by chance your wife is a bit more knowledgeable than you, accept it and appreciate God in her for that. My wife is an Electrical Engineer, and I am a Mechanical Engineer. Most times when I try to do some electrical work in the house, she will say, “That is not how to do it. Do it this way,” and I will follow her direction. The gift God gave us is different and you cannot query God. All we have to do is respect one another, appreciate one another, and accept one another to make the best of one another.

Provided by SyndiGate Media Inc. ( Syndigate.info ).

My Score Card As Senator Representing Ondo South – Faduyilem

Senator Dayo Faduyile, a Professor of Pathology, is the Senator representing Ondo South Senatorial District. In this interview with EJIKEME OMENAZU, he speaks on his representation so far since he replaced Senator Jimoh Ibrahim in the Red Chamber. Excerpt:

Since succeeding Senator Jimoh Ibrahim in June 2026, what substantive legislative interventions have you made, and what measurable outcomes have they produced?

My approach to representation is that the Senate must be a platform for solving problems, not merely making speeches. Since assuming office, I have brought urgent public health preparedness and the survival of vulnerable coastal communities to the attention of the Senate. My motion on Ebola preparedness resulted in Senate resolutions seeking emergency funding, mandatory health screening at international airports, seaports and designated land borders, and stronger disease surveillance. Another motion secured Senate attention for comprehensive shoreline protection in Ayetoro, where ocean incursion has destroyed a substantial proportion of the community’s buildings and infrastructure. These are concrete legislative outcomes. However, I recognise that resolutions must translate into implementation before we can claim the full benefits. My responsibility is to sustain the pressure until the relevant authorities act.

What concrete steps have followed your motion on Ebola preparedness?

The Senate adopted resolutions calling for emergency funding from the Service-Wide Vote, enhanced surveillance and mandatory screening at Nigeria’s international entry points. We also highlighted the need for adequate staffing, protective equipment, thermal scanners, isolation facilities and stronger coordination among the NCDC, Port Health Services and other relevant agencies. My concern is that epidemic preparedness cannot depend on reacting after an infection has crossed our borders. Nigeria must invest in early detection, rapid response and effective contact tracing. The resolutions establish a legislative mandate for action. The next stage is to obtain implementation reports from the responsible agencies, establish whether emergency resources have been released and determine whether screening capacity has improved. Public health security must be judged by operational readiness, not announcements alone.

Have you advanced the modernisation of the Quarantine Act of 1926?

Yes, the need to modernise the Quarantine Act was raised as part of the Senate’s response to the Ebola threat. The existing framework must be brought into line with contemporary public health realities and the International Health Regulations. Modern legislation should clearly define responsibilities, provide enforceable procedures for surveillance and emergency response, support coordination across agencies and protect citizens’ rights while safeguarding public health. The Senate has resolved to engage the executive and relevant health authorities on the proposed reform. The immediate task is to develop appropriate amendments and advance them through the legislative process. I would not describe the law as amended until that process is completed. My objective is to ensure that Nigeria possesses a modern, effective and accountable legal framework for managing public health emergencies.

Beyond raising the alarm over Ayetoro, what commitments and implementation timelines have you secured?

Ayetoro is a humanitarian, environmental and economic emergency. Reports before the Senate indicated that approximately 80 per cent of its buildings had been lost to ocean incursion. Families, fishing livelihoods, public facilities and the community’s cultural heritage are all threatened. My motion called for a comprehensive shoreline protection programme involving the Federal Ministry of Environment, the NDDC, the Ondo State Government and OSOPADEC. It also sought a transparent review of previous and ongoing shoreline protection contracts, including their funding, implementation status and outstanding obligations. The Senate directed its relevant committees to monitor implementation and report back within four weeks. It also called for emergency humanitarian assistance and exploration of international climate adaptation financing. The next test is delivery. We must establish what has been funded, what remains outstanding and when affected residents can expect protection. I will continue to press for that accountability.

As a Professor of Pathology and former National President of the Nigerian Medical Association (NMA), how have you brought your professional expertise to bear on legislation?

My medical training has taught me that decisions must be informed by evidence, risk assessment and the consequences of inaction. My experience leading the Nigerian Medical Association also gave me insight into the challenges facing health professionals and the institutions responsible for public health. These experiences influenced my intervention on epidemic preparedness. I understand the importance of surveillance, laboratory capacity, trained personnel, adequate equipment and coordinated emergency response. However, professional knowledge must be translated into sound public policy. My responsibility in the Senate is to ask the right questions, challenge inadequate preparedness, scrutinise government commitments and insist on measurable results. I believe Nigeria benefits when professional competence strengthens legislative debate and oversight.

What development projects and programmes have you facilitated for Ondo South since assuming office?

My understanding of constituency development goes beyond distributing immediate benefits. It includes protecting lives, defending livelihoods, attracting public investment and ensuring that communities receive the services to which they are entitled. My intervention on Ayetoro is directly connected to the survival of our coastal communities. Protecting homes, fishing activities, schools and healthcare facilities is fundamental to development. Beyond this intervention, I believe the people deserve a transparent account of constituency projects, budgetary allocations, employment opportunities and infrastructure commitments. Such claims should be supported by project records, funding information and evidence of delivery. I will not substitute announcements for completed work. The ultimate objective is to ensure that Ondo South receives tangible and verifiable development benefits.

What oversight activities have you undertaken, and what corrective actions have resulted?

Legislative oversight must connect policy decisions to implementation. My interventions have drawn attention to gaps in public health preparedness and longstanding difficulties surrounding shoreline protection in Ayetoro. In the health sector, the Senate’s resolutions provide a basis for examining emergency funding, screening arrangements, equipment, staffing and agency preparedness. On Ayetoro, the call for a review of previous and ongoing contracts is particularly important because citizens deserve to know what was approved, what was spent, what was delivered and what remains unfinished. The relevant committees must obtain evidence from responsible agencies and report their findings. Where failures or irregularities are established, appropriate corrective measures should follow. Oversight is meaningful only when it improves public administration and protects public resources.

Apart from Ebola preparedness and Ayetoro, what other national policy questions have you placed before the Senate?

My legislative approach is guided by the relationship between national policy and the everyday welfare of citizens. Public health security and environmental protection demonstrate that local problems can have national implications. The Ebola motion addressed the vulnerability of Nigeria’s international entry points and the need for a stronger national emergency response framework. The Ayetoro motion raised broader questions about coastal erosion, climate adaptation financing, environmental accountability and the protection of vulnerable settlements. The adoption of these motions shows that the issues received the Senate’s attention and resulted in formal resolutions. Their wider influence must ultimately be assessed through executive action, budgetary commitments, legislative follow-through and measurable improvements. I intend to keep these issues alive until the required results are achieved.

What evidence demonstrates that your professional background and contributions offer distinctive value to the Senate?

Institutions are strengthened when experience, competence and institutional memory inform decision-making. My background in medicine, university teaching and professional leadership gives me a perspective that complements the political experience of other legislators. The Senate’s response to the Ebola threat illustrates how specialist knowledge can help identify risks, propose preventive measures and stimulate action before a public health emergency becomes more difficult to contain. Similarly, my intervention on Ayetoro demonstrates the importance of connecting environmental problems to engineering, funding, humanitarian needs and public accountability. I appreciate the Senate President’s emphasis on recognising legislators who contribute professional and institutional value. Ultimately, competence must be demonstrated through the quality of our interventions and the outcomes they produce, not through titles alone.

What verifiable achievements would you present to an independent performance audit today?

I would begin with the formal Senate resolutions arising from my interventions on Ebola preparedness and Ayetoro’s shoreline protection. These provide documentary evidence of issues raised and actions adopted by the chamber. I would then submit the relevant motions, proceedings, committee reports and available records of follow-up engagements. An independent audit should also examine constituency projects, budgetary commitments, expenditure, implementation timelines and the actual benefits delivered to citizens. I do not believe that representation should be assessed by political visibility alone. It should be evaluated against clear indicators: legislative productivity, policy influence, oversight effectiveness, constituency development and public accountability. My outstanding commitments include pursuing the implementation of the Senate’s health preparedness resolutions, advancing the modernisation of public health legislation and ensuring sustained attention to Ayetoro and other vulnerable coastal communities. The people of Ondo South deserve a representative who understands their problems, can articulate them effectively at the national level and remains accountable for the results. That is the standard by which I expect my service to be judged.

Provided by SyndiGate Media Inc. ( Syndigate.info ).

Gyeonggi's apartment prices outpace Seoul for eight weeks

The slowdown in Seoul’s apartment price growth has allowed Gyeonggi Province’s growth rate to outpace Seoul’s for eight consecutive weeks. Gyeonggi Province continues to see upward momentum centered around its southern regions, driven by the semiconductor industry boom, with the upward trend recently spreading to non-regulated areas.

According to the Korea Real Estate Board on the 8th, Gyeonggi Province’s apartment prices rose by 0.2% during the first week of November (as of the 2nd), surpassing Seoul’s 0.07% increase by 0.13 percentage points. Gyeonggi’s weekly price growth rate has been outpacing Seoul’s for eight consecutive weeks since it surpassed Seoul’s 0.16% in the second week of September with a 0.18% increase.

All of the top 10 regions with the highest weekly price increases this week were also located in Gyeonggi Province. Seoul failed to place even a single one of its 25 autonomous districts in the rankings.

In Seoul, price declines have continued centered around the Gangnam trio of districts, and the upward trend has been slowing as mid- to low-priced areas, which had seen sharp weekly increases of 0.5–0.6%, have entered a period of consolidation. Over the past month, Seoul’s growth rate has decreased from 0.16% in the second week of last month to 0.13% → 0.09% → 0.07%. Prices in Gangnam and Seocho Districts have been falling for 13 consecutive weeks, while Songpa District has seen declines for nine consecutive weeks.

In contrast, Gyeonggi Province continues to see upward momentum centered around the so-called "semiconductor belt" in its southern regions. Additionally, non-regulated areas, which had not seen significant price increases until now, are also experiencing steep rises.

In Gyeonggi Province this week, Giheung District in Yongin saw the highest price increase at 0.6%, followed by Gunpo City, a non-regulated area, at 0.57%. Other areas with high growth rates included Dongan District in Anyang, home to Pyeongchon (0.55%), Dongtan District in Hwaseong (0.49%), and Yeongtong District in Suwon (0.43%).

The price increases within Gyeonggi Province are spreading to non-regulated areas such as Gunpo. Similarly, other non-regulated areas including Byeongjeom District in Hwaseong, Wonmi District in Bucheon, and Uiwang City all recorded a 0.4% increase over the past week.

Woori Bank real estate researcher Nam Hyuk-woo stated, "The phenomenon of demanders selling properties in southern Gyeonggi Province and sequentially upgrading to higher-grade areas has led to continued price strength in premium areas within southern Gyeonggi," adding, "In non-regulated areas, the prolonged shortage of jeonse and monthly rental listings has led to increased purchasing activity from actual demanders with lower purchasing power and tenants within those areas."

Remembering the patriotism of Ferdinand Ogah

Ferdinand Okoh Ogah was a true patriot in every sense of the word, holding dear the many worthy values he imbibed from the army, The Daily Times, and the National Drug Law Enforcement Agency (NDLEA). He never ceased to believe in this country and in God, even in the twilight of his life. Unsurprisingly, he remained close to God until his peaceful passing into glory on August 20 this year.

No biographical portrait of Ferdinand Ogah would be rounded without a sketch of his life of service to this country, first in the Nigerian army, then at The Daily Times, and finally at the NDLEA, where he retired as an Assistant Director in the Department of Technical Services.

Motivated by an unflinching desire to give his life for the motherland, he marched towards the Nigeria Army depot in Ikeja, Lagos State on the morning of December 13, 1967, while many were fleeing across the Niger to safety in their eastern homelands in the heat of the civil war that had engulfed the country. “Private Ferdinand Okoh Ogah is here for enlistment,” he must have told the recruitment officers, who surely must have been impressed by his admirable courage and genuine patriotism.

Standing at a notable 1 .73m and having been found worthy in character, ability, and intellect, he was enlisted into the Nigerian army as a non-commissioned officer with the enlistment number 63/ NA/78370. While in the army, he trained and earned a certificate as a Gun Fitter and Armourer from the Nigerian Army School of Electrical and Mechanical Engineering (NASEME) Yaba. Thereafter, he was dispatched on posted strength to head the Corps of Supply and Transport (S&T) Brigade Armoury at the Ojo Military Cantonment in Lagos.

As a technical officer and the Brigade Armourer, he distinguished himself with stars and was later deployed to the Abeokuta Garrison, which now houses the 35 Artillery Brigade in Ogun State. Ferdinand Ogah spent nine months in Abeokuta where the 2nd Field Artillery and 2nd Reconnaissance Squadron were also based, while the civil war raged.

A veteran of the war, he rose to the rank of a corporal and found himself in the theater of war. In the scorching flame of the civil war in 1968, he trained as a Marine Commando with the 3rd Marine Commando Division in Port Harcourt, spending three months in the treacherous creeks and swamps of Rivers State, gunfire nearby before returning to Lagos.

After a little over a decade in the army, Ferdinand Ogah had seen enough, and the urge to return to school for further studies had become irresistible for the young and courageous officer. He voluntarily left the army in accordance with section 24 of the Nigerian Army Act on 31 August 1978.

His army superiors had lost a gem through his decision to leave the service on his own request. But they had something to say about his unwavering service and unifying efforts for the country. His commanding officer paid glowing compliments to him and wrote without hesitation:

“This non-commissioned officer has been with this headquarters on posted strength as the Brigade Armourer since 1968. During this period, he has worked with his colleagues very well. He distinguished himself as a first class soldier and disciplinarian. He is hard working, loyal, and very honest. He is recommended to any employer who may need his service.”

His aggregate conduct of military service was encapsulated in one word: “exemplary.”

With the life of guns, salutes, and, marches behind him, the restless Ferdinand Ogah turned towards his passion for knowledge and books. After burning the midnight oil through many hours of private study, which enabled him to pass his GCE O’Level examinations, he secured admission to the prestigious University of Calabar and graduated with honors, earning a bachelor’s degree in Political Science in 1984. Ogah also worked for the Cross River State government as a teacher with Ntol Comprehensive Secondary School Ogoja. Thereafter, he turned towards the Nigerian media.

Ferdinand Ogah’s incisive commentary had begun appearing in the media before he started working in the industry. The Daily Times published his letter, “Crime Wave in Ogoja,” on page 15 of its Tuesday, December, 22, 1981 edition. On Saturday, August 29, 1987, the paper published his cultural commentary, “New Yam Festival in Ogoja, a Time to Renew Old Ties,” on page 5. Backed by a Diploma in Modern Salesmanship obtained through correspondence classes from the National School of Salesmanship London, he worked in the publications division of The Daily Times of Nigeria Limited from 1986 to 1990, rising to the rank of Senior Sales Assistant before resigning his appointment.

Ferdinand could not resist the urge to serve Nigeria. He returned to national service in 1992 after gaining employment with the National Drug Law Enforcement Agency, where he held key positions, including serving as the agency’s Armourer (Arms and Ammunition) for a considerable period.

While at the NDLEA, he reignited his love for writing and authored Safety Procedures, Care, and Custody for Conventional Small and Light Arms. This vital handbook became a go-to reference for the agency’s officers, further demonstrating Ogah’s in-depth knowledge of weapons and marksmanship.

He left an indelible mark on the agency, bringing his military experience to bear on his duties and on those who encountered him. He played a vital role in training the agency’s officers in gun handling skills at its shooting range in Jos, Plateau State. While serving at the NDLEA, Ogah also attended several training programmes, including the Interdiction and Investigation course at the NDLEA Academy in Jos and a Federal Government seminar in Abuja on stockpile management, and control of Small and Light Arms in Africa.

An avid hunter and inveterate champion of the culture of his community, Ferdinand Okoh Ogah chose to serve Nigeria and had no regrets about the trajectory his life took for family and country. He passed on the enduring values of love, patriotism, hard work, and discipline to those in his inner circle and to his children, including this writer, who had the privilege of benefiting from his impressive private library and fatherly advice.

It will remain tough to erase his footprints from the sands of time. Indeed, he left a lasting legacy for his family, friends, and the country.

Sleep where the good, patriotic, and courageous ones do, Ferdinand Okoh Ogah- father, grandfather, uncle, brother, and friend.

Ogah is a UEFA-accredited Journalist, Women’s Champions League Final, Torino, Italy 2022 (Twitter:@stevewritings)

Provided by SyndiGate Media Inc. ( Syndigate.info ).

GTCO PLC

GTCO Plc’s H1 2026 performance presents a story of massive balance sheet expansion and tightened risk control, even as profitability growth levelled off due to higher funding costs, depreciation, and tax charges.

Breakdown of profitability and earnings of GTCO showed that Gross Earnings rose by 3.3% to N1.11 trillion from N1.07 trillion, while Profit Before Tax (PBT) closed at N603.03 billion, a marginal increase of 0.35% from N600.90 billion in H1 2025. Profits were heavily throttled by a N46.2 billion fair value loss and a 24.2% surge in interest expenses. Profit After Tax (PAT) dropped 7.8% to N414.19 billion (compared to N449.01 billion in H1 2025), entirely dragged down by a 24.3% spike in tax provisions. Interim Dividend was maintained consistently at N1.00 per share. Year- on- Year (YoY) Total Assets surged 11.5% to N18.62 trillion, while Customer Deposits grew rapidly by 17.6% to hit N13.97 trillion. Loans & Advances retracted by 6.3% to N3.15 trillion.

Due to credit contraction and surging deposits, GTCO’s Loan-to-Deposit Ratio (LDR) slipped to 22.66%. This highlights a strong operational shift toward safe, liquid government securities (+40.9% growth) rather than aggressive loan expansion.

GTCO: Key Performance Ratios (H12026)• Pre-Tax Return on Equity(ROAE): 35.9%• Post-Tax Return on Equity(ROAE): 24.6%• Pre-Tax Return on Assets(ROAA): 6.6%• Capital Adequacy Ratio (CAR):34.9% (Group) / 29.2% (Bank)• Cost-to-Income Ratio: 31.5%• Cost of Risk (COR): 0.6%• IFRS 9 Stage 3 Loans (AssetQuality): 4.6% (Group) / 3.5%(Bank)Financial Highlights• Profit Before Tax: N603.03 billion (up 0.4% year-on-year)• Profit After Tax: N414.2 billion• Total Assets: N18.6 trillion• Shareholders’ Funds: N3.3 trillion• Interim Dividend: N1.00 pershare

Ratios & Key Metrics Comparison

Source: NGX

Tier-1 Banking Comparative Landscape (H1 2026)

Nigeria’s newly recapitalised Tier-1 banking cohort (FUGAZ) delivered highly divergent results for the first half of 2026. While the macro environment of elevated interest rates boosted gross income sector-wide, tactical variations in asset management, funding setups, and geographical footprints separated the industry leaders.

Key Financial Comparison (H1 2026)

Source: NGX

Core Structural Insights

Profit Generation vs. Scale Efficiency: Access Holdings maintains its position as Nigeria’s largest bank by total volume and gross top-line turnover. However, its PBT (N414.13B) lags behind the leaner operational structures of FBNH, Zenith, and GTCO.

The Bottleneck: Access absorbs higher overhead costs (Opex rose to N906.7B) and higher funding interest expenses resulting from aggressive retail and global acquisition integration.

The Asset Quality Separation

Access Holdings outpaces the entire cohort in systemic risk mitigation, boasting a Non-Performing Loan Ratio (NPLR) of 2.76%.

Compared to Zenith’s 4.70% and FBNH’s elevated 13.9%, Access’s defensive loan restructuring and a 70% decrease in write-offs protect its core capital buffers efficiently during ongoing macroeconomic strain.

Shareholder Payout Strategy

Lenders like Zenith and GTCO prioritize immediate investor gratification, stepping up interim dividend payouts to N1.50 and N1.00, respectively, to buoy short-term market sentiment.

Conversely, Access Holdings relies on long-term capital retention, keeping 100% of H1 earnings internally to clear recapitalisation and finance immediate integration pipelines like AfrAsia Bank.

Valuation Arbitrage: Market capitalisation data indicates that Zenith and GTCO capture a massive premium, trading at well over N4.5 trillion valuations.

Access remains heavily discounted at a market valuation of roughly N1.43 Trillion, making its low Price-to-Book (P/B) ratio an attractive entry value point for patient institutional investors betting on post-merger synergies.

Dividend Yield Comparison: Tier-1 Banks (2026)

GTCO, Zenith Bank, and Access Corp compete heavily for investor capital on the Nigerian Exchange (NGX). In terms of dividend performance, GTCO holds the crown for absolute trailing payout size following its massive N12.76 distribution, but market pricing yields tell a highly competitive story:

2026 Tier-1 Banking Dividend Yield Comparison

The Verdict: If you prioritize pure dividend income, GTCO has historically offered the most aggressive reward structure relative to its share valuation. Zenith Bank offers a slightly more conservative yield backed by a larger balance sheet safety net, while Access Corp trades at a discount due to its capital-intensive expansion strategy Provided by SyndiGate Media Inc. ( Syndigate.info ).