Business

Nigeria Tops With $812.2m As Airlines’ Unrepatriated Funds Hit $2.27bn – IATA

Published

2 years ago

June 5, 2023

The International Air Transport Association (IATA) has revealed that Nigeria tops the list of countries in which airlines’ funds blocked from repatriation account for 68% worldwide.

IATA said the airlines’ funds blocked from repatriation increased from $1.55 billion in April 2022 to $2.27 billion in April 2023.

The association warned that the rapidly rising levels of airline funds blocked from repatriation pose a danger to airline connectivity in the affected markets, as it said the increase amounted to 47%.

“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets,” IATA’s Director-General Willie Walsh said in a statement.

He disclosed that governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.

The air transport association listed the countries with the highest debts as Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million).

Walsh also urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate the funds arising from the sale of tickets, cargo space, and other activities.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

11 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

12 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.