Business

Foreign Airlines Fume, Accuse FG Of Blocking Repatriation Of $700 Million

Published

4 years ago

October 17, 2022

Editor

Airline operators under the International Air Transport Association (IATA) have accused the federal government of blocking the repatriation of over $700 million from ticket sales.

The operators stated this on Monday during an interactive session organized by the Speaker of the House of Representatives, Femi Gbajabiamila.

It would be recalled that Emirate Airlines had planned to stop operations in Nigeria over $85 million trapped funds until the intervention by the Central Bank of Nigeria.

As of August, the total trapped fund was $464 million US dollars. But the IATA stated that the funds have increased to over $700 million.

Samson Fatokun, who spoke on behalf of the foreign airlines said several times that the government must obey the international laws and treaties governing the aviation sector.

He stated that under the BASA principle, the Nigerian government has an obligation to support the airlines to repatriate their funds in the US dollar.

“These are contractual obligations that have been signed. As of today, after the CBN intervention of August 29, we have about $700 million in blocked funds. This is astronomically high and it is the highest in the world. There is no country in the world that has that amount of blocked funds. Nigeria accounts for 32% of the trapped funds in the world. That is 1/3 of the total blocked funds in the world,” he said.

However, local operators who were at the meeting disagreed with their foreign counterparts.

Allen Onyema, the owner of Air Peace, said the local operators are more patriotic and can perform better if given the opportunity.

Onyema said some countries like the United Kingdom and the United Arab Emirates are not reciprocating the bilateral agreement in the aviation sector.

He also raised the maltreatment of Nigerian-owned airlines by the UK government.

Also speaking on behalf of the local airlines, Obiora Okonkwo, said foreign airlines should use the I and E window to source for dollars instead of waiting for the CBN to give them dollars.

“The money is in the account, they have access to it. It is in Naira and they can use it as they please, including investing in Nigeria if they wish. But we understand that the policy of Nigeria is simple,” he said.

Following today’s meeting, the Speaker of the House, Femi Gbajabiamila adjourned the meeting till Thursday to allow the Minister of Finance, Zainab Ahmed, and the Central Bank Governor, Godwin Emefiele to attend the next meeting.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

12 hours ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 days ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.