Business

Aviation Crisis: We Are Yet To Feel Impacts Of FG’s Intervention – Airline Operators

Published

3 years ago

June 14, 2022

Editor

The Airline Operators of Nigeria (AON) has said it is yet to feel the impacts of the Federal Government’s intervention in the aviation fuel crisis.

The airline operators, Nigeria National Petroleum Company Limited (NNPC), Central Bank of Nigeria (CBN) and relevant regulators in May reached agreements to end volatility in the price of aviation fuel, also known as Jet A1.

The parties agreed that six million litres of aviation fuel would be provided at N480 a litre for three months in what seems like a forex subsidy pending when the carriers would be granted a license to import the commodity.

The agreements were reached at the end of the meeting summoned by the House of Representatives leadership to avert airline operators’ planned shutdown after aviation fuel reached an all-time high of N700 per litre.

But the airline operators said the aviation industry in Nigeria has continued to struggle because the Federal Government’s interventions have not been fully implemented.

The Chairman, United Nigeria Airlines Limited and AON spokesperson, Obiora Okonkwo stated this on Tuesday while speaking with newsmen on the sidelines of an investiture in Abuja where he was installed as the National Grand Patron of Ndigboamaka Progressives Market Association, the umbrella organisation of all Igbo traders in Lagos State.

Speaking on the government’s measures to address the aviation fuel price increase, Okonkwo said, “Nothing much has changed except that the government of the day was very magnanimous, kind, listened to us (airline operators) and put a lot of things in motion to soften the impact of the aviation fuel price increase.

“We are very happy and grateful to them but the truth of the situation is that those initiatives taken are still at the implementation stage. They have not been fully implemented, so we are not feeling the impacts yet.

“The aviation fuel has continued to rise but I can tell you that some of those promises are being implemented but we hope to feel the impacts soon.

“For that reason, the aviation industry continues to struggle. But we thank the travelling public for their understanding.”

He also thanked the Lagos Igbo traders for finding him worthy to be crowned as their grand patron, saying that he was very proud to be associated with them.

DAILY TRUST

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

21 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

21 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

21 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.