Business

…Calls for synergy among local airlines Minister of Aviation and Aerospace Development, Festus Keyamo, has emphasized the critical need for Maintenance, Repair, and Overhaul (MRO) facilities in Nigeria, while advocating for greater cooperation among local airlines. Speaking on Friday at the 28th annual conference of the League of Airport and Aviation Correspondents (LAAC) held in Lagos, Keyamo addressed key industry…

The Nigerian Airspace Management Agency (NAMA) has reportedly announced plans to raise en-route navigational charges from N2000 and N6,000 to N18,000 and N54,000 per flight. A report by Business day stated that the airspace agency equally increased the extension of hours of service to airlines from N50,000 to N450,000, representing 800 per cent increase per extension. This is to enable…

The Director General (DG), Securities and Exchange Commission (SEC), Emomotimi Agama has said that embracing a green economy would bring numerous benefits, including economic diversification, job creation, and improved public health to Nigeria. Agama, highlighted benefits of the transition while speaking as the guest speaker at the Oriental News 2024 Summit in Lagos on Thursday. He stressed the importance of…

 Transcorp Hotels Plc has reported its half-year (H1) ended June 30, 2024 results with revenue at N29.7 billion, about 61 per cent increasing when compared to N18.5 billion declared in H1 2023. The hospitality subsidiary of Transcorp Group on the Nigerian Exchange Limited (NGX) reported N10.5 billion profit before tax in H1 2024, representing an increase of 192 per cent…

The equities market on Thursday declined by N118 billion, following selloffs on banking stocks amidst increased regulatory spotlight. The Ngerian Exchange Limited All-Share Index (NGX ASI) dropped by 208.21 basis points or 0.21 per cent to close at 100,156.96 basis points. Also, market capitalisation shed by N118 billion to close at N56.712 trillion. The decline was driven by price depreciation…

Shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals. The Pragmatic Shareholders Association of Nigeria (PSAN) in a statement by its National Coordinator, Mrs. Bisi Bakare, expressed dismay over recent allegations from…

The Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) on Tuesday increased its Monetary Policy Rate (MPR) to 26.75 per cent from 26.25 per cent. Committee after a two-day meeting in Abuja also voted to adjusted the asymmetric corridor to +500bps/-100basis points (Previously: +100 basis points /-300 basis points); retain CRR for Deposit Money Banks at 45per cent,…

The Group Managing Directors (GMD) of the Nigerian National Petroleum Company Ltd, Mele Kyari, has debunked allegation that some staff of the company operate a blending plant in Malta. He stressed that a blending plant in Malta or any part of the world has no influence over NNPC’s business operations and strategic actions. Chairman of Dangote Industries Limited, Aliko Dangote…

Foreign exchange inflows from International Money Transfer Operators (IMTOs) increased by 38.86 per cent to $1.07billion in the first quarter of 2024, from $770.23million recorded in the same period in the previous year. This was revealed in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, which was recently published on its website. According to…

Following the serious incident suffered by a Yola to Abuja bound Max Air aircraft last weekend, the Federal Airports Authority of Nigeria, FAAN, has temporarily closed the airport’s runway. The aircraft, a Boeing 737 with registration number 5N AD, carried 199 passengers and six crew members when the incident happened at about 8 pm Sunday. Director of Public and Passenger…