Business

Airline Owners Give Update On Threat To Shutdown Flight Operations

Published

4 years ago

March 18, 2022

Local airlines under the aegis of Airline Operators of Nigeria (AON) have suspended their threat to shut down flight operations over the outrageous hike in the price of Jet – A1 fuel.

The Vice President of AON, Mr Allen Onyema, disclosed this in a telephone interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

Recall that on March 15, AON had threatened to shut down their operations on Friday, March 18, if the government could not find a lasting solution for the marketers to reduce the JET-A1 price.

Onyema, the Chairman of Air Peace, told NAN that airlines collectively agreed to suspend the shutdown to avert further disruption in economic activities considering the key role air transportation plays in the logistic mix.

“We are not going to shut down flight operations because discussions are ongoing between us and the relevant players in the oil and gas value chain to find a lasting solution to the problem.

“We are negatively affected by the increasing price of aviation fuel, but as patriotic investors, we will not take any action that will paralyse the economy.

“As patriotic Nigerians and investors, we will continue to engage government and its agencies on the way out of this problem,” he said.

Onyema noted that the decision taken by the local carriers was a patriotic contribution to President Muhamadu Buhari’s led administration.

According to him, the administration is presently utilising every instrument by engaging stakeholders in the oil and gas and air transportation sectors to seek a permanent solution to the price hike.

The Air Peace chairman recalled that the Buhari-led administration had contributed immensely to the development of airlines operations in the country.

“Since the Buhari administration came on board, it has shown sufficient commitment to improving the aviation industry.

“The President signed an Executive Order that granted waivers on aircraft and its spares and other interventions, the least we could do is to continue to engage until challenges in the sector are resolved,” Onyema said.

He said the association considered very delicate the precarious situation of aviation fuel scarcity and increment in price as a development that could be exploited for political capital by players in the governance space.

Onyema, however, said the price hike was suffocating for local carriers to continue to operate flights under increasing costs regime, as they spend millions of naira to fill an aircraft with aviation fuel.

He said airline operators were presently considering scaling down on the number of flight frequencies to minimise the cost of operations.

Onyema said local carriers were not considering any further increase in airfares so as not to shut out ordinary Nigerians who desire to travel by air.

A NAN correspondent who monitored activities at the Murtala Muhammed Airport Terminal II (MMA2) and General Aviation Terminal (GAT) terminals, reports that airlines are working and passengers are also boarding.

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Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

13 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

13 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

2 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.