FG Assures Aero Workers Of FG’s Intervention

By Bliss Okperan The Minister of Aviation and Aerospace Management, Mr Festus Keyamo, has expressed displeasure over the inability of foreign airlines to take their funds away from Nigeria to their home countries. According to the International Air Transport Association (IATA), as of June 2023, the total amount of foreign airlines’ trapped funds in Nigeria has risen to $812.2 million. Airline operators have been unable to repatriate their money because of the foreign exchange (forex) issues Nigeria is experiencing due to a decline in FX earnings. Speaking at the 7th Aviation Africa Summit in Abuja on Wednesday, the Minister said

By Modupe Gbadeyanka On October 24, 2023, stakeholders in the tourism industry will gather at the Victoria Yards in Johannesburg, South Africa for the Airbnb Africa Travel Summit to discuss the role of technology in inclusive and sustainable tourism in Africa. A statement from the organisers disclosed that over 200 policymakers, tourism experts, innovators and changemakers are expected at the event, which will have the Minister of Tourism, Ms Patricia de Lille, opening the conference, with Afua Osei, co-founder of She Leads Africa, moderating, and actress and activist, Zozibini Tunzi, presenting the final keynote. Also, the founder of Tech Cabal,

By Prince Tonye Pricewill We have taken the time to bring you ten key reasons why Rwanda has to be on your list of places to see not just once but more than once. It took us 10 days to visit a variety of choice locations, and the only reason why we didn’t feel the impact of the hectic schedule was simply because of how amazing each and every one of the experiences was. Safest Cities The internet is riddled with stories and statistics about why Rwanda is the safest country in Africa and possibly the sixth safest in the

By Adedapo Adesanya The Minister of Transportation, Mr Saidu Alkali, inaugurated the first cargo movement from the Lagos-Ibadan rail corridor during his first official tour of the rail corridor on Tuesday. This effort is expected to decongest the Apapa port as shippers moved 92.28 per cent of Nigeria’s total exports and 60.77 per cent of imports through the facility in the first quarter of 2022 (Q1’22), according to the latest available data. The Minister kicked off the tour at the Ebute Meta station before proceeding to Apapa for the launch, then travelled to Ibadan using the 157 km rail corridor.

By Kestér Kenn Klomegâh The Russian and Western media headlines have glaringly shown the future of Britain-Russia’s bilateral relationship and how that will further work in a multilateral format in the context of the current global changes as Ms Liz Truss becomes Britain’s new Prime Minister. Of course, this does not need a simplified or detailed explanation, as both have locked horns over many publicly-known issues within the context of geopolitical changes. Media articles’ headlines, “Kremlin scathing over Truss but Kyiv praises Britain’s new PM” (The Guardian) and, “Russia says relations with Britain could get worse as Truss elected PM”

By Adedapo Adesanya A federal high court sitting in Lagos has directed the Asset Management Corporation of Nigeria (AMCON) to take over property belonging to Donald Duke, former governor of Cross River state. Chuka Obiozor, the judge who presided over the case also authorised AMCON and the United Bank for Africa (UBA) to takeover Duke’s account in any bank in the interim. Obiozor gave the order in a judgement delivered on August 8 to take over the property located on No. 3, Temple Road, Ikoyi in Lagos. In the lawsuit, Stonehedge Investment Limited and Owanari Bob-Manuel Duke, the wife of

By Modupe Gbadeyanka The Nigerian equities market fell again on Thursday after it ended its eight consecutive losses on Wednesday, giving investors hopes that the market would continue the positive run. But at the close of market activities on the floor of the Nigerian Stock Exchange (NSE) today, the market went down by 0.10 percent, dashing investors’ earlier expectations. Even the number of stocks traded at the capital market on Thursday was lower than what was achieved on Wednesday by 68,585,967 shares. A total of 97,139,930 units were exchanged today in 1,929 deals valued at N1.14 billion, though N13.7 million

By Adedapo Adesanya The International Energy Agency (IEA) lowered its global oil demand forecasts for the first time in several months as the number of COVID-19 infections remains high and amid ongoing weakness in the aviation sector. In its monthly report, the IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day. This revised forecast is 140,000 barrels per day lower than the IEA’s previous projection. The agency also revised down its 2021 global oil demand estimate by 240,000 barrels per day to 97.1 million

By Dipo Olowookere Former employees of Mobil Producing Nigeria have requested from management of the company a payment of N11.4bn as terminal benefits. The affected workers said they were entitled to the amount as contained in the Collective Bargaining Agreement (CBA) reportedly reached between them and the company. Spokesman of the dismissed staff, Mr Godwin Idim, said on Wednesday in Akwa Ibom State that some of their members had died in the course of the struggle to get the company pay their entitlements. About 1,444 members of staff were employed as service contract workers by Mobil, but sacked in 2012

By Dipo Olowookere The board of Cement Company of Northern Nigeria (CCNN) Plc has decided to reward shareholders of the firm through the payment of dividend. The company’s highest decision making organ is proposing to pay shareholders a dividend of N1.50k per 50k ordinary share, subject to appropriate withholding tax and approval of the shareholders at the Annual General Meeting (AGN) scheduled for next month in Lagos. The firm said in a notice to the Nigerian Stock Exchange (NSE) that the dividend would only be paid to shareholders whose names appear in the Register of Members as at the close

By Dipo Olowookere The first trading session of the new week and month on the floor of the Nigerian Stock Exchange (NSE) ended bearish on Monday, November 2, 2020. The market depreciated by 0.17 per cent yesterday and the major driver of this was the profit-taking embarked upon by investors during the session. The losses were mainly from the energy sector, which was down by 1.21 per cent; the banking index, which was down by 0.78 per cent and the industrial goods space, which was down by 0.06 per cent This reduced the All-Share Index (ASI) by 51.30 points to

By Adedapo Adesanya Oil traded mixed on Monday as tight global supply and strengthening fuel demand in the United States and beyond supported prices, just as oil producers remained cautious about adjusting their approach. Brent crude rose by 22 cents or 0.26 per cent to trade at $85.75 per barrel while on the other hand, the US West Texas Intermediate (WTI) crude lost 28 cents or 0.33 per cent to sell at $83.48 per barrel. The global energy supply crunch continues to move oil prices upward this week, a result of traders pricing in the ongoing rise in fuel demand.