Business

Court Orders Seizure Of Emirates Airline’s Aircraft Over N8m Judgment Debt

Published

6 years ago

December 2, 2019

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

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

1 day ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

3 days 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

3 days 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.