Travel/Tourism
Airline Operators, CBN Clash Over FX Backlog Settlement Claims
By Adedapo Adesanya
There is a disagreement between the Central Bank of Nigeria (CBN) and foreign airline operators regarding the claims by the former that it has completed the payment of foreign exchange (FX) backlogs trapped in the country.
The CBN on Tuesday said it has completed the payment of all verified forex liabilities to foreign airlines with the injection of an additional $64.44 million into the sector, noting that the total amount disbursed to the aviation sector was $136.7 million, contradicting the widely reported backlog of over $700 million the operators said is trapped in the country.
A few days ago, in a statement by the acting director of corporate communications at the CBN, Mrs Hakama Sidi-Ali, it was disclosed that $500 million was released to settle some liabilities across sectors, with the CBN saying it has cleared all FX backlogs owed international airlines.
But in a counter statement, the Geneva-Switzerland-based body representing global airlines — the International Air Transport Association (IATA) welcomed the latest $64.44 million payment but highlighted that approximately $700 million remained unpaid, urging further action.
The association said, “IATA welcomes the Central Bank of Nigeria’s announcement this afternoon that it has released an additional $64.44 million in blocked airline funds. While this development is encouraging, it’s crucial to recognise that approximately $700 million remains blocked with Nigeria’s commercial banks.
“As such, there’s a considerable journey ahead in fully addressing the issue. This is exacerbated by the devaluation of the Nigerian Naira, which has dropped significantly against the Dollar. Airlines should not be unfairly penalised by the lower exchange rate.
“We will continue to monitor the situation closely and work with the government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets.”
The CBN also reassured stakeholders that efforts were underway to enhance liquidity within the forex market as a means of reducing pressure on the naira.
Expressing optimism about the positive response to the injection of over $64 million into the market, the CBN has also warned against speculative actions and their potential harm to the Nigerian currency.
It also urged the public to support the reforms in the foreign exchange market, adding that it would continue to promote orderliness and professional conduct by all participants in the Nigerian foreign exchange market to ensure market forces determine exchange rates.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce V-Pass, a biometric facial recognition system designed to make passenger processing faster, safer and more seamless across its domestic airports.
According to FAAN, the new technology will allow passengers to verify their identities through facial recognition after a one-time enrolment, reducing reliance on physical identification documents and shortening queues through automated electronic gates.
The authority said the system is expected to enhance airport security while improving the overall travel experience for domestic passengers.
FAAN added that V-Pass has been developed with data privacy at its core and is compliant with the Nigeria Data Protection Regulation (NDPR).
The agency described the initiative as part of its commitment to delivering smarter, technology-driven airport services and said nationwide sensitisation and rollout updates would be announced in due course.
Airports in countries including the United States, the United Kingdom, Singapore and the United Arab Emirates already deploy facial recognition technology for processes such as check-in, security screening, immigration and boarding, so the move also aligns Nigeria’s aviation sector with a growing global trend towards contactless travel.
These systems have been adopted to improve operational efficiency, strengthen security and enhance the overall passenger experience.
For FAAN, the deployment of V-Pass forms part of its broader digital transformation agenda aimed at modernising airport operations and accommodating rising passenger traffic.
Experts say that beyond improving convenience, the authority expects the biometric platform to strengthen identity verification, reduce the risk of impersonation and support more efficient airport security, while maintaining compliance with data protection.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
By Aduragbemi Omiyale
About 10 hospitality establishments, including hotels and restaurants, were sealed on Wednesday by officials of the Lagos State Environmental Protection Agency (LASEPA).
The affected businesses are located in different locations in the Alimosho Local Government Area of the metropolis, Business Post learned from a statement from the agency.
It was stated that they were sealed by LASEPA for persistent violations of environmental regulations despite repeated warnings, abatement notices, and several opportunities to comply with the agency’s directives.
According to the notice, the enforcement exercise was carried out in line with the directives of the Lagos State government to ensure strict compliance with environmental laws and to safeguard public health.
The affected facilities were said to have breached various environmental regulations, including noise pollution, air pollution, unlawful discharge of untreated effluent, obstruction of official duties, among others.
LASEPA closed the premises of Granduer Meridian at Obasa Akiniyi Street, Oluwaga, Ipaja for non-compliance with the agency’s directives; Lasola (Spazio Bar), located on Ipaja Road, Fatolu Bus Stop, Ipaja, was sealed for noise pollution and non-compliance with directives; Millennium Restaurant, located at Gate Bus Stop, Ipaja, Ayobo, was shut down for non-compliance with directives; O2 Exquisite Suites & Tower on Jimoh Akinremi Street, Jimoh Bus Stop, Akowonjo, was sealed for non-compliance with directives; and Chirozz Hotel & Suites, located on Samuel Street, Akowonjo, by Vulcanizer Bus Stop, Egbeda, was closed for noise pollution and non-compliance with directives.
In addition, House 7 Hotel, located at Remi Akande Street, Egbeda, was sealed for non-compliance with LASEPA’s directives; House 48 on Isiba Oluwo Street, Egbeda, was sealed for non-compliance with directives; Exclusive Hotel, located at Ishan Kimishe, Akesan Bus Stop, was shut down by non-compliance with directives; Sabola Ventures Limited, Iocated at Km 11, LASU–Isheri Road, Igando, was shut down for operating without evidence of an Effluent Treatment Plant (ETP), and discharging untreated effluent into public drains; and City Int’l Motel, located at Chief Olu-Adegbite Street, off Oladun Street, Council Bus Stop, Idimu, was sealed for non-compliance with directives.
