Economy
Egypt Hopes for Tourism Boost as Flights From Russia Resume
By Kester Kenn Klomegah
Russia and Egypt agreed finally to resume regular flights to Cairo, Hurghada and Sharm El Sheikh from August 9 after several negotiations and security inspections carried out for more than five years.
On the other hand, Egypt is particularly expecting to raise its tourism among holidaymakers throughout the various cities in Russia. Egypt’s resorts of Sharm El Sheikh and Hurghada are highly popular for foreign vacationers, not only Russians but also tourists from Western, European, Asian and African countries.
Egyptian Ambassador in Moscow Ehab Nasr said that the return of Russian tourists to Sharm el-Sheikh and Hurghada would have a positive impact on the national economy. Rebounding tourism will necessarily translate into a revival in related sectors, the diplomat noted, adding this should contribute to creating new jobs especially during the coronavirus pandemic.
Nasr made it clear that Egypt had organized visits for a Russian medical delegation to the Red Sea resort cities of Sharm el-Sheikh and Hurghada to see for themselves quarantine measures applied at airports and tourist facilities, and the delegates were pleased with the security and precautionary measures.
With coronavirus rapidly spreading, Egypt has given the assurance to maintain strict procedures for the immediate detection [of coronavirus] upon arrival and there are strict public health standards that are being observed at hotels and tourism objects, as well as a set of strict control measures to ensure the safety and health of Egyptian citizens and tourists.
Statistics are staggering but Russians constituted the largest segment of foreign tourists visiting Egypt. According to documents, before the suspension of flights in 2015, about five million Russian tourists visited Egypt, making up one-third of all visitors to the country. Rosstat, Russia’s Statistics Bureau, adds that nearly 20 per cent of all Russians travelling abroad prefer Egypt.
Chair of the Egyptian Parliament’s Tourism Committee Nora Ali has said that the resumption of direct Russian flights to the Red Sea represents a big boost for Egypt’s economy and the tourism industry.
“The landing of the first direct Russian flight at Hurghada airport on Monday morning should be considered a moment of great happiness for the tourist industry in Egypt,” said Ali, adding that “Russian tourists represent a big force for the Egyptian tourist industry.”
According to Ali, “the return of direct flights between Russian cities and the two Red Sea resorts of Hurghada and Sharm El-Sheikh is set to increase Egypt’s tourism revenues by at least $2 billion.”
MP Sahar Talaat Mostafa, Chair of the Egyptian Russian Business Council, also said in a statement that the return of direct flights between Russian cities and the two Red Sea resorts of Hurghada and Sharm El-Sheikh after a six-year hiatus comes after a long period of cooperation between Russian and Egyptian authorities.
“Egypt has done all it can to make sure that direct flights between Russia and Egyptian Red Sea tourist resorts operate smoothly and that Russian tourists enjoy holidays in Hurghada and Sharm El-Sheikh,” said Mostafa. According to Mostafa, Hurghada and Sharm El-Sheikh are expected to see 20 direct flights from Russian cities.
Maya Lomidze, Executive Director of the Association of Tour Operators of Russia Maya Lomidze said the resumption of regular tours to Egypt for Russians is a huge step forward for the entire tourism industry, but it is still not enough to say that the flow of tourists will grow rapidly.
Russia has its own airlines, and EgyptAir will simultaneously run four direct flights weekly between Moscow and Hurghada, while three flights are scheduled between Moscow and Sharm El Sheikh. Hurghada International Airport received on August 9 the first flight coming from Moscow after nearly six years of suspension prompted by a plane crash disaster that took place in 2015.
Flight MS724 of Airbus A330-300 arrived in the Red Sea resort city of Hurghada with 300 Russian tourists on board. The airport staff received them with roses, souvenirs, and flyers that include information about Egyptian tourist destinations in the Russian language. A ceremonial water salute was held upon the flight landing at the airport.
In a statement, Board Chairman of EgyptAir Holding Company Amr Abul Enien said EgyptAir’s operation of direct flights between Moscow and each of Hurghada and Sharm El Sheikh coincides with the resumption of tourism flights between Egypt and Russia. He said such a step would greatly contribute to providing more services and travel options and lure in more tourists from Russia to Egypt.
All flights between Russia and Egypt were completely suspended in November 2015 after a passenger jet owned by Russia’s Kogalymavia airline bound from Sharm El Sheikh to St. Petersburg exploded over the Sinai carrying 217 passengers and seven crew members, killing everyone on board. The Federal Security Service (FSB) ruled the incident as a terrorist attack leading to the abrupt cancellation of all flights from Russia to Egypt.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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