Business

NCAA Suspends Dana Licence, Carrier Fails Financial Audit

Published

3 years ago

July 21, 2022

The Nigerian Civil Aviation Authority has suspended Dana Air’s Air Transport Licence and Air Operator Certificate indefinitely.

This is said to take effect from midnight of Wednesday, July 20, 2022.

This, the NCAA disclosed in a statement signed by its Director General, Captain Musa Nuhu.

According to The PUNCH, the suspension has since been communicated to the management of Dana Air.

The statement partly read, “The decision is the outcome of a financial and economic health audit carried out on the Airline by the Authority, and the findings of an investigation conducted on the Airline’s flight operations recently, which revealed that Dana Air is no longer in a position to meet its financial obligations and to conduct safe flight operations.

“The NCAA acknowledges the negative effect this pre-emptive decision will have on the airline’s passengers and the travelling public and seeks their understanding, as the safety of flight operations takes priority over all other considerations.”

Meanwhile, Dana Air has reacted to the suspension. While appealing to passengers, the management of the airline promised to cooperate with the NCAA.

In its statement, the management of the airline confirmed its suspension.

The statement read in part, “Our operations have been suspended as advised by the Nigerian Civil Aviation Authority in order to undergo a full operational audit with effect from midnight 20th July, 2022.

“Operational audits are regulatory and airlines are obligated to suspend their operations when the NCAA calls for it and we understand the impact this suspension will have on our partners, staff, passengers and the general public but we are very confident that we would come out stronger as we have done in the past.

“We crave the understanding and patience of our customers, travel and business partners and sincerely apologise for any inconvenience our short absence from the market might cause.

“Our customer service team will continue to operate 24/7 to assist affected customers with necessary information on refunds and our offices will be open to all our existing partners.”

Business

14 Nigerian Banks Yet To Meet CBN’s Recapitalization Deadline [FULL LIST]

Published

44 minutes ago

January 9, 2026

Editor

With barely eleven weeks to the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the requirement.

This comes as DAILY POST reports that 19 Nigerian banks had met the apex bank’s recapitalisation requirements as of January 6, 2025.

The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.

However, as of the time of filing this report, fourteen Nigerian banks are yet to comply.

The banks that have not met the apex bank’s recapitalisation requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.

Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.

Meanwhile, financial experts have predicted possible mergers and acquisitions ahead of the March 31 deadline.

Business

Naira Extends Appreciation Against US Dollar

Published

15 hours ago

January 8, 2026

Editor

The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

3 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.