Business

The National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and the National Association of Aircraft Pilots and Engineers (NAAPE) have jointly addressed an open letter to President Bola Tinubu, seeking urgent intervention regarding the recent grounding of Arik Air’s fleet by the Nigerian Airspace Management Agency (NAMA). In their heartfelt plea, the…

The naira on Monday appreciated by 0.6per cent to close at N1,607.15 against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). The report by FMDQ Exchange revealed that the local currency traded high and low at about  N1,620.50 and N1,570.00 against the dollar to eventually close at N1,607.15 against the dollar. A turnover worth $’77.09million was traded by…

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said that Nigeria needs to address critical sectors as well as leverage a recapitalized banking sector in order to unlock its potentials and achieve a trillion-dollar economy. He stated this at a Forum on steps towards ongoing banks recapitalization in Abuja weekend. According to the DG,…

The Federal High Court sitting in Lagos on Monday has declared null and void the sale of Nigeria Air Ltd to Ethiopian Airlines Justice Ambrose Lewis-Allagoa in his judgment stopping the sale, ordered that the proposed establishment of a national carrier-Nigeria Air, by the Federal Government, should not be carried out. The judge made the order while granting the reliefs…

The Central Bank of Nigeria (CBN) has announced a strategic initiative through a Retail Dutch Auction System (DAS) that will address the volatility in the foreign exchange market and growing demand for forex by end users. In a circular by the CBN to banks over the weekend, the apex bank directed all authorised dealer banks to submit a comprehensive and…

…to set up situation room in Abuja A coalition of Civil Society Organizations (CSO) at the weekend said it would set up a situation room to monitor the compliance of the Nigeria National Petroleum Corporation Limited (NNPCL) to the presidential directive to sell crude oil to Dangote Refinery in Naira currency. Leaders of the 28 CSOs who were on facility…

The Bank Directors Association of Nigeria (BDAN) has distanced itself from the controversial views of certain bank chairmen on the proposed foreign exchange windfall tax, indicating a deepening divide within the banking industry. The association clarified that the views expressed by some chairmen in support of the tax are personal opinions and do not represent the stance of the entire…

The Nigeria Civil Aviation Authority (NCAA) has addressed recent reports regarding the grounding of three Arik Air aircraft due to a court order. According to a statement signed by Michael Achimugu, Director of Public Affairs and Consumer Protection, the NCAA clarified that this action does not equate to a suspension of Arik Air’s overall operations by the NCAA or the…

Nigeria’s foreign reserves appreciated by $2.61billion in July despite several foreign exchange interventions to strengthen the local currency, according to the latest data obtained from the Central Bank of Nigeria (CBN). The CBN recently approved the sales of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions in a decisive step to strengthen the…

The Federal Competition and Consumer Protection Commission (FCCPC) has said WhatsApp’s assertion that the it’s new order may force it to leave Nigeria is a calculated ploy to sway public opinion and possibly put pressure on the FCCPC to change its mind. The FCCPC’s reaction follows reports that WhatsApp, owned by Meta was considering withdrawing it’s services from Nigeria after…