The International Air Transport Association (IATA) has revealed that passenger demand has been on a consistent upward trajectory for 36 consecutive months. The IATA Passenger Survey highlights that 88% of respondents believe that “air travel makes my life better.” Willie Walsh, IATA’s Director General, commented on this positive sentiment: “As our members prepare for the IATA Annual General Meeting and World Air Transport Summit in Dubai next week, this strong endorsement of air connectivity’s ability to enhance lives and economies is significant. However, it underscores the critical need to achieve net-zero carbon emissions by 2050, ensuring that the benefits of…
Author: Temitope Nlewemchi
Renowned Nigerian chess prodigy Tunde Onakoya is gearing up for an epic showdown against Deborah Quickpen in what is being dubbed as a ‘mother of chess battle’ scheduled for Tuesday, June 11, 2024. The much-anticipated chess match aims to advocate for education and unearth the latent potential of numerous children across Nigeria. Onakoya, holder of the Guinness World Record for the longest marathon chess game, in anticipation of the formidable challenge posed by 12-year-old women’s candidate master Deborah Quickpen, described the upcoming three-hour chess duel as his ‘hardest match yet.’ In a statement posted on his official X account on…
The presidency has refuted claims regarding documents suggesting ongoing N5.4 trillion fuel subsidy expenditures, emphasizing that the costly venture ceased on the day President Bola Tinubu declared its end. Bayo Onanuga, the special adviser to the president on Information and Strategy, clarified in a Thursday post on his X account that the viral documents were not approved by the federal government but were rather policy proposals under review. One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” and the other, a 65-page draft document labeled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing…
The Nigerian naira maintained its stability on Thursday, exchanging at N1,495 against the dollar on the parallel market, also known as the black market. This steady rate represents a marginal change of 0.33 percent compared to the previous day’s exchange rate of N1,490. The data, sourced from online trading platforms and street traders, indicates a consistent performance in the currency market. Meanwhile, at Broad Street Lagos, the dollar was observed selling at N1,475. This attracted a considerable crowd around some banks, reflecting the ongoing demand for the greenback. Despite an increase of 1.45 percent in foreign currency reserves within a…
The Maritime Workers Union of Nigeria (MWUN) announced it will join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Monday, June 3rd. The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. Kennedy Ikemefuna, spokesman for MWUN, stated on Saturday that the strike would affect port operations nationwide. “The Maritime Workers Union of Nigeria has directed its members in all ports, jetties, terminals, oil and gas platforms to ensure total compliance with the strike as directed by the NLC and TUC,” Ikemefuna…
Nigeria’s oldest financial institution, First Bank, recently appointed a risk expert as Chief Executive Officer, highlighting its increased focus on controls. This comes after a staff member reportedly embezzled a staggering forty-four billion Naira over a two-year period. The immediate past Chief Executive Officer, Adesola Adeduntan, suddenly resigned in April with a brief letter sent from Washington during the annual World Bank/IMF meetings. “I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” said Adeduntan, who joined the bank in 2014. First Bank has not explained the circumstances of Adeduntan’s departure. However,…
Flight delays and cancellations are expected on Monday, June 3rd, as aviation workers join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. In a letter from the Association of Nigeria Aviation Professionals (ANAP), signed by Secretary General Abudul Rasaq Saidu, the association expressed solidarity with the complaints and hardships faced by the working class. “Despite the masses’ outcry, the federal government did not take the necessary steps to pay acceptable wages,” Saidu stated.…
The International Air Transport Association (IATA) disclosed on Sunday that $19 million remains uncleared in Nigeria due to the Central Bank’s ongoing verification of outstanding forward claims filed by commercial banks. According to IATA, in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly impacting airline operations and finances in the country. The organization stated that airlines faced difficulties repatriating revenues in US dollars, which led some carriers to reduce their operations and one to temporarily cease operations in Nigeria, severely affecting the country’s aviation industry. As of April 2024, IATA reported that 98 percent of these funds have…
The Nigeria Union of Railway Workers, an affiliate of the Nigeria Labour Congress (NLC), has announced an indefinite nationwide strike beginning at midnight on Monday, June 3rd, 2024. This decision follows what the union describes as the Federal Government’s ‘insensitivity’ to two critical issues: the failure to agree on a new national minimum wage as directed by organized labour, and the government’s refusal to revert electricity tariffs to N66 per kilowatt-hour (kWh), along with its implementation of a banded electricity system. The union claimed that the government failed to meet their demands for a new minimum wage by the end…
The Federal Government has labelled the strike action called by the organized labour, set to commence on Monday, June 3rd, as “premature, illegal, and illegitimate.” The government asserts that the labour unions have failed to comply with Sections 41 and 42 of the Trade Dispute Act of 2004, which mandates a 15-day notice before embarking on a strike. In a letter addressed to the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), Lateef Fagbemi, the Minister of Justice and Attorney General of the Federation, emphasized that the strike is “premature” as the Federal Government and…
At the recent Lagos Career Fair 2024, Otunba Odeyeyiwa Olayemi, Group Managing Director of Repton Group, outlined the essential elements for achieving career advancement. As the keynote speaker, Olayemi emphasized the importance of passion, focus, diligence, special skills acquisition, strategic positioning, and resilience in today’s competitive job market. Olayemi highlighted that the digital technology explosion has transformed the job market into a global village, dismantling geographical boundaries and intensifying competition. Job-seekers now face millions of competitors worldwide, making it crucial to stand out. “You need to sharpen your employability skills, strategically position yourself, and be resilient to stay ahead of…
Guinness Nigeria Plc has reaffirmed its dedication to women’s empowerment and economic development with the successful conclusion of the Plan W training recap and asset handover ceremony held recently in Ibadan. This event marks a significant milestone in the company’s ongoing mission to foster economic empowerment and social progress among women across Nigeria. Speaking at the ceremony, Adebayo Alli, Managing Director of Guinness Nigeria, highlighted the initiative’s extensive impact. “Since 2019, we have empowered 1,150 women across Nigeria. Our vision is bold, our ambitions are high, and our commitment is unwavering. By the second quarter of 2024, we aim to…
Olumide Ogunwo, the founder and CEO of Afriprize, a leading gaming platform, shares his inspirational journey from Okitipupa in Ondo State to becoming a significant player in the gaming industry. Ogunwo’s life story began in an old garage in Okitipupa, with roots tracing back to Ode-Aye. As a student, he was captivated by technology, managing a cyber cafe and diving into the digital world early on. After high school, Ogunwo moved to Awka, Anambra, where he delved into cybersecurity and game development. Reflecting on his journey, Ogunwo stated, “The internet opened doors to global communities, I made friends and discovered…
In a groundbreaking study titled “Vulnerabilities to Changes in the Water System of Conflict-Affected Communities in Adamawa State,” Dr. Robert Inyeneke of Alex Ekwueme Federal University, Ndufu Alike, and Dr. Tafida Ahmadu of Modibbo Adama University Yola have highlighted the severe water insecurity faced by residents in Adamawa. The findings reveal that many people are forced to drink water from the same sources as animals, including pigs, due to the lack of safe water sources. Impact of Climate Change and Conflict The study points to climate change as a significant factor exacerbating water insecurity in Adamawa, compounded by ongoing conflicts…
Fidelity Bank Plc has achieved the highest corporate governance rating, CG+, at the Nigerian stock market, reflecting its strong adherence to best practices and standards. The CG+ rating signifies that Fidelity Bank complies with the highest corporate governance standards, promptly meeting full disclosure requirements and global best practices. A recent review of the bank’s compliance report reaffirmed its sustained CG+ rating, earning commendations from shareholders and market experts for maintaining high corporate governance standards. Corporate governance compliance in the stock market includes timely submission of detailed operational results, full disclosure of all material and regulated information, and accurate reporting. Mr.…
The Senate Committee on Capital Market has approved Dr. Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC), along with other nominees. The Committee, chaired by Senator Osita Izunaso, also cleared Frana Chukwuogor as Executive Commissioner, Legal and Enforcement; Mr. Bola Ajomale, Executive Commissioner, Operations; and Mrs. Samiya Usman, Executive Commissioner, Corporate Services. President Bola Tinubu appointed Agama on April 19, 2024, to succeed Mallam Lamido Yuguda. Following his confirmation, Agama expressed his commitment to accelerating the development of the capital market to enhance wealth creation, attract investments, and generate employment opportunities for Nigerians. “We are bringing…
Chief Executive Officer of MoMo Payment Service Bank (PSB), Eli Hini, has reaffirmed the firm’s dedication to enhancing financial inclusion in Nigeria. Hini highlighted that MoMo PSB provides a platform that exposes SMEs to a broader customer base and connects them with essential services such as seamless online payments, international remittances, and the ability to accept payments from any source. “These solutions eliminate the need for cash transactions, saving time, reducing risk, and providing clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and…
Financial analysts have stressed that Nigeria requires a cumulative 750 basis points interest rate hike implemented over the last three Monetary Policy Committee (MPC) meetings to effectively manage inflation. With the benchmark interest rate now at 26.5%, these measures are considered crucial, necessitating collaboration between monetary and fiscal authorities to achieve the desired outcomes. In a note to investors, Bismarck Rewane, Managing Director of Financial Derivatives Limited, highlighted that Nigeria’s inflationary pressures are multifaceted and require more than just interest rate adjustments to control effectively. He pointed out that managing the inflationary impact of minimum wage increases can be achieved…
Cascador Entrepreneurial and Leadership Initiative, a renowned program dedicated to empowering Nigerian entrepreneurs, has announced the opening of applications for its 2024 cohort. Since its inception in 2019, Cascador has been instrumental in supporting local business growth by providing mentorship, education, and a strong support network to foster the next generation of business leaders in Nigeria. The 2024 Cascador program is scheduled to be held from November 4-8, 2024, at Lagos Business School. It offers African entrepreneurs a unique opportunity to grow their businesses and enhance their leadership skills through direct collaboration with successful American and Nigerian entrepreneurs. Dave DeLucia,…
First Bank of Nigeria Limited, in collaboration with Proparco, a Development Finance Institution, is undertaking significant steps to integrate climate initiatives into its business operations and strategy. This move is part of an effort to position the bank as an African Climate Bank and contribute to reducing Greenhouse Gas (GHG) emissions. The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all branches and offices. This comprehensive assessment includes data on electricity use, diesel use, water consumption, waste management, fuel consumption, and business travels. The goal is to establish the bank’s emission baseline and identify…