Business
Court Orders Seizure Of Emirates Airline’s Aircraft Over N8m Judgment Debt
A Federal High Court sitting in Lagos on Monday ordered the seizure of an aircraft belonging to Emirates Airline over an N8.1 million judgment debt.
The order was sequel to a motion filed by Dr. Charles Mekwunye seeking the enforcement of a Supreme Court judgment in a suit between Promise Mekwunye and the airline.
In a judgment delivered on November 15, 2010, the Federal High Court held that the refusal of Emirates Airline to carry Mekwunye amounted to a breach of contract of carriage.
Consequently, the court ordered a full refund of the ticket without any deduction or charge and further granted N2.5 million in general damages and N250,000 in legal costs against the airline.
Granting the reliefs sought by Mekwunye, Justice Mohammed Liman held that “it is accordingly ordered that an attachment is hereby issued on the judgment debtor’s aircraft registered as ‘A6 Aircraft Type 77W EK: 783/784’, or any other aircraft belonging to the judgment debtor which flies into Nigeria Territory, to be arrested and detained until the judgment debt is fully paid. If there is default after 30 days, the aircraft shall be auctioned to satisfy the judgment debt.”
The judge also ordered that Emirates Airline to bear the cost of maintenance and custody of the detained aircraft.
Miss Mekwunye, who was then a student of North Texas University, Denton, Texas, United States had in 2008 dragged the airline to court for refusal of her two-way flight ticket from Dallas to Nigeria and back for no reason and for also refusing to fully refund the cost of the American Airline ticket she bought for her return trip to Nigeria.
She claimed that the airline offered no reason for its action leaving her stranded for days at the airport until she was able to secure a more expensive flight ticket on a longer route to Lagos.
Vanguard
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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