Business

How Air Peace lost N700m in one day over NLC, TUC Action

Published

2 years ago

May 8, 2023

…My business sabotage under NPF, others watch — Allen Onyema

…Stay away from aviation business, FG warns NLC, TUC

Nigeria’s airline, Air Peace has bemoaned the recent activities of the Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, on its business.

A development which grounded their daily operations, thus creating massive flight disruption and ultimately denying the airline over N700 million in one day.

The incident has further created serious upset to many Nigerians who wondered about the rationality behind Air Peace’s involvement and why the unions would engage in such activity on a day when the airline voluntarily airlifted stranded Nigerians in war-torn Sudan.

Vanguard had reported that Air Peace airlifted 277 evacuees from war-torn Sudan to the Abuja airport with its Boeing 777 aircraft at no cost.

However, stakeholders have faulted the organized unions’ action, thus calling on the airline to sue NLC and TUC, stressing they are not above the law.

Also, the Federal Airport Authority of Nigeria, FAAN, directed the unions to stay away from the aviation industry, stressing that their actions are inimical to air safety.

It would be recalled that the unions’ official last Wednesday, stormed the Lagos Airport and took over Air Peace, check-in counters, disrupting operations due to an alleged misunderstanding they had with the Governor of Imo State Hope Uzodinma.

The group held that no flights should be operated into Owerri airport because Uzodinma had disrupted their May Day activities earlier in the week.

The protesters barged into the airport destroying and causing havoc at the airport while the security officials did nothing.

In the wake of the development, the management of Air Peace raised alarm over the deliberate massive disruption of their operation by the unions.

My business sabotaged as NPF, others watch —Allen Onyema

According to the Chief Executive Officer of the airline, Allen Onyema, the unwarranted actions channelled to his business by the unions was uncalled for.

He lamented that he feels unprotected following the development.

He said: “You can imagine how I felt, while I was out there in the war front trying to rescue Nigerians, the NLC and TUC went disrupting every Air Peace flight across the country today.

“We lost over N700 million as a result of the unions’ action. For somebody who has contributed so much to the nation, how do we get that money back?

“This is so insensitive of the NLC and TUC. They chose today to disrupt our operations why? For something that does not even concern Air Peace. Because the governor disrupted their May Day activities, therefore no flight should go to Imo State.

“They wrote to us that we should not fly to the state. Already we have a contract with the passengers, not NLC or TUC. They have no right whatsoever to instruct an airline not to obey the contractual relationship or obligations they have to their passengers.

“They do not have that right. It is a shame to our nation that security agencies are watching while an airline is out there doing all it can for the country was being attacked by some people, making sure our operations were destabilized causing massive delays and massive cancellations.

“Who is going to bear the brunt? Yet this same airline is out there in Egypt risking the lives of their crew and spending hundreds of millions of naira on behalf of this country.”

Stay away from aviation business, FG warns NLC, TUC

However, as a reaction to the development, the Federal Government through the FAAN, has directed the unions’ to desist from engaging in union activities in the industry.

According to the Managing Director, FAAN, Captain Rabiu Yadudu, “The action of the organized labour is unacceptable and a deliberate plan to undermine aviation and other workers.

“We have written to the minister of aviation telling him the government needs to protect the sector from the action of the NLC, the airports are not places for anybody to come and exercise violent behaviour or mob action.

“We will not take it, What happened to Air Peace was very regrettable and just a sign of ego massage and I think that has no place in aviation. NLC should stay away from aviation, I think picketing needs to evolve. Nobody pickets in modern society now.”

Stakeholders react

Meanwhile, the development has raised much concerns, as stakeholders insisted that it is an abuse of power and that the airline should set up a legal team to address the issue judiciary as a way of forestalling it in the future.

According to the President, Aircraft Owners and Pilots Association of Nigeria, and former Chief Executive Officer of Associated Airlines, Alex Nwuba, “We need to engage NLC under the leadership of Comrade Joe Ajaero to separate aviation from labour issues with the State government

“Aviation must speak one voice, enough of contradictory voices. If he continues to channel his energy in the wrong place, he will be put on the aviation no-fly list as an industry treat.”

Similarly, former military commandant, Murtala Mohammed Airport, Group Captain John Ojikutu, said: “The Nigeria Civil Aviation Authority, NCAA, needs regulations to come hard on the union, in the same manner, the disruptive passengers are dealt with. These irresponsible acts of the unions that may bring us to disrepute in the aviation international community should be stopped now.

“Any disruption in the airport operational area of airport security restricted area must be considered as acts of unlawful interference that need to be legally sanctioned. What has been happening to the industry from the unions are acts of unlawful interference too many.”
VANGUARD

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

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

Published

3 weeks 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.