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Heritage Bank Honoured for Supporting Tourism Industry

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By Dipo Olowookere

Heritage Bank Plc has once again proven to be Nigeria’s most innovative banking service provider, as Institute for Tourism Professionals, organisers of the National Tourism Transport Summit and Expo 2018 (NTTS), crowned Heritage Bank the best ‘Financial Institution, for Outstanding Support for Tourism.’

The award, according to the organizers, was in recognition of the contribution of the bank to the growth and development of the tourism industry over the years.

Receiving the award on behalf of the bank at the Gala night in Abuja, the MD/CEO, Mr Ifie Sekibo, who was represented by Mr George Oko-Oboh, Regional Executive, Abuja & North, said it was a well-deserved honour for the bank, because over the years the bank had believed in tourism and had tried as much as possible to increase its support to the sector.

He disclosed that the bank is partnering with stakeholders and plans to increase its investment in the sector in the years ahead.

Mr Sekibo said, “It is a well-deserved award for the bank because over the years the bank has believed in tourism and we always keep trying as much as possible to support the tourism sector. Over the years we think it is something we have done with a quite a number of stakeholders and we have done that quite well.

“In the coming years, we should expect more of better handshake. We intend to do more; because looking at what they are trying to achieve here now, we have seen that they are trying to take in much into the other sectors. We think we would still be there for them.

“The sector is quite lucrative, but for us, what we are doing basically is like partnership. That is what we have done with them over the years. We have done quite a few investments in the sector.”

Also speaking on the award, a member of the Local Organising Committee of the NTTS, Mr Kayode Adesola, said several banks were selected for the honour, but Heritage Bank emerged the winner because of its unique approach and support for operators in the industry.

He said, “It is not as if the banks have given money to operators, but there have been some banks that have been of help to some of the players in the industry; like the travel agents, tour operators and others.

“In giving out this particular award, we consider the fact that banks such as Heritage Bank and a few others had been helping to facilitate smooth engagements in the industry. For instance, some the banks serve as guarantors; they give us bank guarantee to be able to cope with the requirement outside there to operate as travel professionals.

“There are several banks involved in these, but after some vetting by the committee in charge, they decided to give the award to the bank the cap fits, which is Heritage Bank in this instance.”

Mr Adesola, who is also the Vice President of the National Association of Nigeria Travel Agents (NANTA) Abuja Zone, stated that over the years, the tourism business in Nigeria had suffered many challenges and neglect, especially from government, mostly in the area of poor funding and poor infrastructure.

However, he said the present administration, spurred by the support of financial institutions, had increased its collaboration with private sector players in the tourism industry

He said, “Now, the government thought of partnering with us in order to synergise together and move the tourism potentials of this country to the next level. That is one of the reasons why we decided to put together the transport and tourism sector together because we came to realize now that the two have to work hand in hand.”

He further called for increased support from financial institutions and governments at all levels, especially in creating enabling environment for operators to thrive.

“If government can just leave the private sector to run tourism and support us then I think the tourism sector in Nigeria would contribute more to the economy of this country,” he noted.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Travel/Tourism

Airline Operators to Meet FG Wednesday Over Jet Fuel Crisis

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Choosing an Airline

By Adedapo Adesanya

Nigerian airline operators will meet with the federal government on Wednesday after they temporarily suspended a planned nationwide shutdown of flight operations over crippling jet fuel prices.

The halt in the planned strike came after the federal government appealed to the airliners, pending the talks scheduled for tomorrow.

The Airline Operators of Nigeria (AON), which is an industry body composed of a dozen mainly domestic carriers, had earlier threatened to halt services from Monday, April 20, saying surging jet fuel costs had ⁠made operations unsustainable.

AON said it agreed to pause the action following an appeal from the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, who called for restraint and dialogue.

“Rising from an emergency meeting held this evening, the Airline Operators of Nigeria has reached a concessionary but conditional decision to temporarily suspend its earlier planned shutdown action,” AON said in a statement.

The body said the suspension was conditional pending the outcome ‌of ⁠a meeting for all concerned parties scheduled for Wednesday, April 22, convened by the minister.

As part of their conditions, the airlines urged government agencies and service providers to keep services running and to stop demanding ⁠upfront payments, which they said were adding to their financial strain.

The US-Israel war on Iran has led to rising jet fuel prices, which have equally affected the global aviation industry. The development has ⁠forced airlines to raise fares and curb growth plans.

At the centre of the crisis is the Strait of Hormuz, a chokepoint through which roughly one-fifth of global oil supply flows. With shipping constrained, the effects are cascading across the global economy, raising fuel costs, fueling inflation, and increasing the risk of economic slowdown across many economies.

Nigerian airlines say the jet fuel price surge has been worsened ⁠by supply constraints and foreign exchange pressures, significantly increasing operating costs.

Last week, the organisation said it wrote to the Major Energies Marketers Association of Nigeria (MEMAN) on April 14, complaining that jet fuel prices had risen by about 270 per cent since late February, and accused the country’s fuel marketers of artificially inflating the cost.

Oil prices have dropped below $100 after surging above $115 per barrel as markets react to escalating tensions and the risk of prolonged disruption.

AON called the jet fuel increase in Nigeria “astronomical and artificial,” saying it far outpaced global crude oil prices.

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Travel/Tourism

FG Begs Airline Operators Not to Suspend Operations April 20

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festus keyamo

By Adedapo Adesanya

The federal government has appealed to domestic airlines under the Airline Operators of Nigeria (AON) to refrain from increasing air ticket prices or embarking on the planned suspension of operations.

Recall that yesterday, the airlines said they would halt operations from April 20 following a sharp rise in the cost of aviation fuel, known as Jet A1, by 300 per cent.

In a letter dated Thursday, April 16, 2026, addressed to the President of AON, the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, urged the operators to exercise restraint despite mounting operational pressures.

The appeal came amid threats by airline operators, in an earlier correspondence to the federal government, to halt flight operations from next Monday over what they described as an unsustainable increase in aviation fuel prices.

Mr Keyamo, who acknowledged the severity of the situation, especially with the price of Jet A1 surging dramatically within a short period, however, called for calm.

“I write in reference to your correspondence dated April 14, 2026, concerning the operational challenges currently confronting your member airlines, especially the sudden hike in Jet A1 fuel from N900 per litre as at February 28, 2026, to N3,300 per litre as at today, representing a three hundred per cent (300%) increase,” he said.

The minister commended airline operators for maintaining services despite the challenges, describing their efforts as critical to the nation’s economy.

He reiterated the strategic importance of the aviation sector to the administration of President Bola Tinubu, stressing its role in national development, and made a direct appeal to operators to avoid passing the burden to passengers.

“First, I urge your members to exercise restraint with respect to any proposed increase in airfares at this time. While the prevailing cost pressures on your operations are fully acknowledged, any immediate upward adjustment in ticket prices would impose significant hardship on the travelling public,” he said.

He also warned against suspending operations, noting the broader implications for the economy and public confidence.

“Secondly, I appeal for the reconsideration of any planned suspension of flight operations. Such action would have far-reaching adverse implications for the national economy, disrupt critical mobility and logistics networks, erode public confidence, and undermine the progress recorded under the ongoing reforms within the aviation sector,” he added.

Mr Keyamo assured operators that the federal government was actively working to address the crisis.

“I wish to formally assure you that the concerns raised by your members have received the full attention of the Federal Government and we shall take immediate steps to address the issues,” he said.

As part of efforts to resolve the impasse, the minister disclosed that an emergency meeting had been convened.

“Accordingly, a high-level emergency stakeholders’ meeting has been scheduled to be held on Wednesday, April 22, 2026, in Abuja, bringing together all relevant stakeholders and regulatory authorities with a view to achieving a prompt, practical, and sustainable resolution,” he said.

The development came as Nigeria’s aviation sector grapples with rising operational costs, with fuel accounting for a significant portion of airline expenses. Industry stakeholders warned that without urgent intervention, the situation could lead to widespread disruptions in domestic air travel.

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Nigerian Airlines to Suspend Operations from April 20 Over Jet Fuel

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Aviation Sector

By Adedapo Adesanya

The Airline Operators of Nigeria (AON), an industry body grouping around a dozen mainly domestic carriers, have announced plans to suspend all flight ​operations from April 20, due to the high cost of jet fuel.

The organisation wrote to the Major Energies Marketers Association ​of Nigeria (MEMAN) on April 14, complaining that jet fuel prices had risen ​by about 270 per cent since late February, and accused the country’s fuel marketers of artificially inflating the cost.

The cost of fuel has generally risen in the last two months due to the escalating war with Iran by the US and Israel, which has triggered one of the most severe energy shocks in decades. Oil prices have surged above $115 per barrel as markets react to escalating tensions and the risk of prolonged disruption.

At the centre of the crisis is the Strait of Hormuz, a chokepoint through which roughly one-fifth of global oil supply flows. With shipping constrained, the effects are cascading across the global economy, raising fuel costs, fueling inflation, and increasing the risk of economic slowdown across many economies.

AON called the jet ​fuel increase in Nigeria “astronomical and artificial,” saying it far outpaced global crude oil prices.

The airline’s body said the hike situation has now become unbearable and clearly unsustainable.

“Currently, airline revenues are insufficient to cover the cost of fuel alone, which is only one of many operational expenses incurred daily. The situation continues to deteriorate.

“The actions of fuel marketers are effectively decimating the aviation industry and putting the nation’s economy, safety, and security at risk, as airlines are gradually being forced to suspend operations.

“For the avoidance of doubt, this arbitrary increase has already severely impacted one airline, forcing it to ground all operations since March 13, 2026. This may become inevitable for other airlines if the situation does not change immediately.

“Aviation remains a sector of strategic national importance. The continued arbitrary rise in jet fuel prices is both unhealthy and detrimental to national well-being. Airlines are now facing existential threats, with serious consequences for the broader economy.

“If ticket prices are adjusted to reflect the current cost of aviation fuel, flights will operate with low passenger loads. Conversely, if airlines cease operations, financial institutions will be impacted, millions of livelihoods will be lost, and insecurity may increase.

“We therefore urge you to prevail on marketers to proportionately adjust jet fuel prices in line with international market realities, as airlines can no longer sustain purchases at the current exorbitant rates,” the letter read.

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