Business
Air Peace CEO indicted in bank fraud, money laundering
Published
6 years agoon
By
Editor
Allegation is false – Onyema
The United States Department of Justice had charged the Chairman and Chief Executive Officer of Air Peace , Mr . Allen Onyema , with bank fraud and money laundering for moving more than $20m from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplanes .
The American government in a statement said the airline’ s Chief of Administration and Finance, Ejiroghene Eghagha , has also been charged with bank fraud and “aggravated identity theft ” in connection with the scheme.
US Attorney Byung Pak , was quoted to have said “Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud.
“We will diligently protect the integrity of our banking system from being corrupted by criminals , even when they disguise themselves in a cloak of international business , ” he added .
According to Pak , the indictment , and other information presented in court , beginning in 2010 , Onyema began travelling frequently to Atlanta , where he opened several personal and business bank accounts. Between 2010 and 2018 , over $44 . 9m was allegedly transferred into his Atlanta -based accounts from foreign sources.
the statement reads in part, “Beginning in approximately May 2016 , Onyema, together with Eghagha , allegedly used a series of export letters of credit to cause banks to transfer more than $ 20 m into Atlanta – based bank accounts controlled by Onyema .
“The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace . The letters were supported by documents such as purchase agreements , bills of sale , and appraisals proving that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia.”
It stated that , however , the supporting documents were fake as Springfield Aviation Company LLC, which is owned by Onyema and managed by a person with no connection to the aviation business , never owned the aircraft , and the company that allegedly drafted the appraisals did not exist .
“ Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager ’ s identity to further the fraud.
“ After Onyema received the money in the United States , he allegedly laundered over $ 16 m of the proceeds of the fraud by transferring it to other accounts, ” it added .
The Chairman and CEO of Air Peace has however denied the allegation, describing it as false, saying it has “no way in line with my character as a person and as a business man whose only aim has been to build Nigeria and improve wellbeing.”
He said he “has never laundered any money whatsoever as every aircraft bought was transacted through the Central Bank of Nigeria (CBN).
“As the press statement clearly stated, these are indictment that only contains charges. I am innocent of all charges and the US government will find NO dirt on me because I have never conducted business with any illegalities.
“Be rest assured that I also have my lawyers on this and these mere allegations will be refuted.
“I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used for the same purpose. The American companies that received the funds are still in business. I never took a penny from any US bank or Nigerian bank. I am willing to defend my innocence in the US courts,” he added
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Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
4 weeks agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
1 month agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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