Federal Government Lifts Suspension on Arik Air Operation
The Federal Government has lifted the suspension on Arik Air’s operations, allowing the airline to resume flights. Michael Achimugu, the Director of Public Affairs and Consumer Protection at the Nigerian Civil Aviation Authority (NCAA), shared the news on social media Thursday. This development follows more than a week of grounded flights due to a dispute […]
Japanese Shares Rebound After Monday’s Plunge, Stabilizing Global Markets
Japanese shares rebounded on Tuesday after a sharp plunge on Monday that sent shockwaves through global financial markets. The Nikkei 225 stock index surged by 10.23%, or 3,217 points, marking its biggest one-day gain in points and nearly reversing the previous day’s record drop. In Europe, the FTSE 100 and stock markets in Paris and […]
Federal High Court Declares Nigeria Air-Ethiopian Airlines Agreement Void, Orders New Bidding Process
Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has declared the agreement between the federal government and Ethiopian Airlines, which handed over the management of the proposed Nigeria Air to the foreign airline, null and void. In his judgment, Justice Lewis-Allagoa also ordered the withdrawal of the Air Transport Licence (ATL) already issued […]
Global Stock Markets Plunge Amid US Economic Slowdown Fears
Stock markets across Europe and Asia plummeted on Monday, driven by growing concerns that the US economy is heading for a slowdown. In London, the FTSE 100 index opened 2.3% lower, while the Euronext 100 tumbled by 3.5%. These declines followed sharp falls across Asia, with Japan’s Nikkei 225 dropping 12.4% or 4,451 points, marking […]
Fidelity Bank Chairman Announces Upcoming Banking Community Stance on Windfall Tax
Chairman of Fidelity Bank Nigeria, Mustafa Chike-Obi, announced that the “banking community” will soon release its official position on the contentious windfall tax imposed on banks by Nigeria’s federal government. Chike-Obi made this known in a tweet from his X (formerly Twitter) handle on Friday, stating that personal views expressed by some bank chairmen do […]
Max Air Suspends Operations Amid Hunger Protests, Citing Passenger Safety Concerns
Max Air, a prominent Nigerian airline, has announced an indefinite suspension of its operations starting Friday, August 2, 2024, due to the ongoing hunger protests across the country. This move makes Max Air the only airline to halt its services, while others have faced delays caused by low passenger turnout and flight postponements. In a […]
Femi Otedola Advocates Windfall Tax for Nigerian Banks, Condemns Executive Extravagance
Billionaire businessman Femi Otedola has endorsed the implementation of a windfall tax on Nigerian banks, labeling it as essential for achieving a fairer economic system. Speaking on Wednesday, Otedola underscored the need for this tax amidst ongoing reforms in the banking sector. “Imposing a tax on these exceptional profits is vital for ensuring a more […]
NAMA Grounds Arik Airline Aircraft Over $2.5 Million Debt
The Nigerian Airspace Management Agency (NAMA) has suspended Arik Airline’s operations due to a $2.5 million debt owed to Atlas Petroleum International Ltd. This suspension follows a court ruling mandating debt recovery. NAMA’s Director of Public Affairs and Consumer Protection, Abdullahi Musa, stated that the Federal Capital Territory (FCT) High Court’s enforcement department issued an […]
NNPC Targets Two Million Barrels Per Day Amid Reduced Oil Theft
The Nigerian National Petroleum Company Limited (NNPC) aims to increase crude oil production to two million barrels per day by the end of the year. This target follows a recent rise in production from 1.27 million barrels in June to 1.6 million in July, as reported by the Nigerian Upstream Petroleum Regulatory Commission. During a […]
FEC Directs NNPCL to Boost Local Refining, Stabilize Fuel Prices
The Federal Executive Council (FEC) has instructed the Nigerian National Petroleum Company Limited (NNPCL) to begin selling crude oil to local refineries, including the Dangote Refinery. This directive, announced by Federal Inland Revenue Service (FIRS) chairman Zack Adedeji after today’s FEC meeting led by President Bola Tinubu, aims to ease Nigeria’s foreign spending and stabilize […]
