Business

The Nigeria Civil Aviation Authority (NCAA) has unveiled the Directorate of Air Transport Regulation (DATR) Electronic Portal (E-Portal), a groundbreaking initiative designed to streamline aviation processes and align with international best practices. The launch event, held at the NCAA headquarters in Abuja, was presided over by the Acting Director-General, Capt. Chris Najomo. In his address, Capt. Najomo described the E-Portal…

The Senate on Wednesday mandated its Committee on Aviation to summon the Minister of Aviation and Aerospace Development, Festus Keyamo. The upper chamber also resolved to summon the Director-General of the Nigerian Civil Aviation Authority (NCAA); Captain Chris Najomo, Airline operators as well as other relevant stakeholders over incessant flight delays and cancellations. The Committee on Aviation is mandated to…

Aero Contractors, Nigeria’s oldest aviation company on Tuesday said travellers will pay a minimum of N80,000 for local flights this festive season. Speaking to journalists, the airline’s managing director, Ado Sanusi said the ticket price would apply to all Aero’s routes. Sanusi said through the gesture, billed to end in January next year, the company aims to give back to…

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the planned retirement of over 1,000 employees and its associated N50 billion payoff scheme pending an investigation. During Tuesday’s plenary, lawmakers resolved to probe the criteria, legality, and transparency of the retirement process. An ad hoc committee will engage with CBN leadership to evaluate the potential…

The National Pension Commission (PenCom) has lifted its suspension on investments in commercial papers (CPs) by Licensed Pension Fund Administrators (LPFAs) where non-bank capital market operators act as Issuing and Paying Agents (IPAs). This decision comes after the Securities and Exchange Commission (SEC) took steps to address regulatory concerns related to the role of these non-bank operators in CP transactions.…

The stock price of Lafarge Africa Plc on Monday gained 10 per cent to close at per share on the Nigerian Exchange Limited (NGX) following the cement manufacturing takeover by Huaxin Cement next year.  Lafarge Africa on the Exchange closed trading at N63.8 per share, after gaining 10 per cent or N5.8 per share from N58 per share the stock…

The Federal Government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others. The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer…

The Central Bank of Nigeria (CBN) has announced the launch of a newly redesigned website (www.cbn.gov.ng), expected to be operational on Monday, December 2, 2024. Ag. Director, Corporate Communications, CBN, Mrs. Hakama Ali in a signed statement on Sunday said, “The Bank has developed a contemporary Web API that operates on Microsoft .NET Core 8 (the most recent and stable…

Investor sentiment remained cautious last week as the Nigerian Exchange Limited All-share Index (NGX ASI) declined by 0.33 per cent week-on-week to close at 97,506.87 basis points. Similarly, the overall market capitalisation decreased by N185 billion to close the week at N59.107 trillion. Sectoral performance painted a varied landscape. The NGX Oil & Gas index dropped by 1.93 per cent…

The Securities and Exchange Commission (SEC) has restated its commitment to investors’ protection, especially with the increasing use of Fintech. Speaking at the one-day capacity training for financial journalists in Abuja, the Director General of the SEC, Dr. Emomotimi Agama, said the Commission will enforce regulations in the fintech ecosystem to curb mismanagement of funds and align operators with existing…