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Trapped Funds: CBN To Disburse $120Mn To Foreign Airlines

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has disclosed that the Federal Government will disburse $120 million to international airlines plying the Nigerian routes next Monday, October 31, to partly offset their trapped funds in the country. The governor disclosed that the decision was taken at a meeting between the leadership of […]

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Operators Accuse N/Assembly Of Infractions In FTZs’ Activities

The Nigeria Economic Zones Association (NEZA), the umbrella body of Free Trade Zones operators and enterprises in the country, has cautioned the National Assembly and government agencies not to take actions that are inimical to attracting $25 billion Foreign Direct Investments (FDIs) yearly to the country through the Special Economic Zones’ scheme. The association’s Executive […]

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NACA Urges Airlines, Pilots On Safety Precautions During Rainy Season

The Nigerian Civil Aviation Authority (NCAA) has advised pilots, airline operators and other stakeholders in the nation’s aviation sector on the need for caution in their operations as hazardous weather associated with rainy season begins its manifestations in the airspace. The aviation sector regulator gave this charge on Tuesday in an Advisory Circular (AC) with […]

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GTCO Harps On Benefits Of ‘Food & Drink Festival’ To economy

Guaranty Trust Holding Company (GTCO) Plc, one of Nigeria’s banking services provider, on Thursday announced the return of its annual Food and Drink Festival, two-year post COVID-19 pandemic, stressing the benefits of the yearly event to the nation’s economy. The Group’s Corporate Communications Team Lead, Mr. Charles Eremi, who gave this hint on Thursday during […]

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Tourism Association Launches TRIAC Mandate To Grow Sector

The Federation of Tourism Associations of Nigeria (FTAN) has launched a TRIAC mandate to reposition the group for sustainable growth of the tourism industry. The National President, Mr. Nkereuwem Onung, who made the disclosure at the National Tourism Transportation Summit and Expo held in the Abuja on Thursday, explained that the TRIAC entailed tourism marketing, […]

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Transcorp Hotels Reports N16.23Bn Gross Profit In FY 2021

Transcorp Hotels Plc on Monday reported that its gross profit rose by 143% to N16.23 billion even as the revenue grew to N21.7 billion in the 2021 financial year. The hospitality company’s Chairman of the Board of Directors, Mr. Emmanuel Nnorom, while giving these figures at the 8th Annual General Meeting (AGM) in Abuja, also […]

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FEC Approves N92Bn For Nnamdi Azikiwe Airport’s Runway Project

The Federal Executive Council (FEC) has approved a total of N92,123,175,305.77 for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja. The Minister of Aviation, Senator Hadi Sirika, gave this hint on Wednesday after the FEC’s virtual meeting, presided by President Buhari at the Villa, Abuja According to him, the sum […]

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Re/Insurers Could Face $10Bn In Claims From Stranded Planes – Fitch

Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded in Russia due to […]

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Nigeria’s Merchandize Trade Value Up 11.79% In Q4, 2021

Nigeria’s total merchandise trade value rose to N11,707.20 billion in the fourth quarter (Q4) of 2021, representing 11.79 percent higher than the value recorded in Q3, 2021, totalling N10,472.42 billion. Briefing journalists on the key highlights of the merchandise trade in the quarter under review at the ‘Statistics House’ in Abuja, the Statistician General of […]

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JAIZ Bank Opens New Branch At Hajj House Abuja

Jaiz Bank Plc, Nigeria’s leading non-interest bank,has opened a new branch at the National Hajj Commission of Nigeria (NAHCON) in Abuja, bringing its branches at the Federal Capital Territory to seven (7) and total branches nationwide to 44. In his opening remarks at the unveiling of the bank’s branch operations yesterday, Managing Director of the […]