Category: Business

  • Max Air Suspended for Three Months After Kano Incident

    Max Air Suspended for Three Months After Kano Incident

    Max Air has been slammed with three months grounding following an incident on January 28, 2025 at Mallam Aminu Kano International Airport.

    In the incident the plane lost its landing tyre as it burst into fames during landing.

     The Boeing 737, with 53 passengers aboard, was safely evacuated, and the airport reopened by 8:00 AM the next day.

     This marks the third safety issue for Max Air in recent months.

    The Nigerian Civil Aviation Authority (NCAA) confirmed the suspension of the airline’s domestic flights starting January 31, 2025, to allow for internal reviews.

     During this period, the NCAA will also conduct an audit of Max Air’s safety and financial operations. 

    The airline will resume operations only after passing the necessary evaluations. 

    The Nigerian Safety Investigation Bureau (NSIB) has launched an inquiry into the incident, though the exact cause remains unclear until the investigation is completed. 

    The NCAA has assured the public that passenger safety remains the top priority, and the suspension will help address ongoing concerns.

  • FG gives ten companies 25-year gas distribution licenses

    FG gives ten companies 25-year gas distribution licenses

    The Federal Government has issued 25-year gas distribution licenses to 10 companies, marking a major step in expanding Nigeria’s gas infrastructure.

    The licenses, awarded by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), cover franchise areas in Lagos, Ibadan, Port Harcourt, and Benin.  

    The issuance ceremony, held in Abuja, was overseen by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo.

     He explained that the initiative aligns with the government’s efforts to improve gas accessibility and support the country’s energy transition.  

    According to Hon. Ekpo, the licences grant the companies the rights to construct and operate gas distribution systems in designated zones, ensuring efficient gas supply to industries and households.

     The beneficiaries include major players such as NNPC, Shell, Axxela, NIPCO, Falcon, and Central Horizon Gas Company.  

    NMDPRA’s Chief Executive, Engr. Farouk Ahmed, stated that the licences will enable the distribution of over 1.5 billion cubic feet of gas daily through a 1,200km pipeline network and 500 customer stations. 

    He added that this development would create investment opportunities, boost domestic gas markets, and enhance economic growth.  

    In a bid to support this expansion, NNPC Limited and its partners announced plans to invest $500 million in five Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State.

    Ogunleye Olalekan, Executive Vice President of Gas and Power for NNPC, promised license holders a steady supply of gas throughout the franchise territories.  

    The Federal Government called on stakeholders and investors to collaborate in advancing Nigeria’s gas infrastructure, with a focus on job creation, investment attraction, and a sustainable energy future.

  • $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena

    $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena

    A Federal High Court in Port Harcourt has ordered the detention of crude oil cargo on the FPSO vessel Tamara Tokoni, owned by General Hydrocarbons Limited, a company linked to Nduka Obaigbena, chairman of THISDAY and ARISE Media Group. 

    The legal case involves a debt recovery dispute between General Hydrocarbons and First Bank, led by businessman Femi Otedola.  

    (L-R): Obaigbena, Otedola

    The court, presided over by Justice E.A. Obile, issued the ruling on January 9, directing the Nigerian Navy and other agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Ports Authority (NPA), to ensure the detention of the vessel and its cargo.

     The order will remain in effect until General Hydrocarbons provides a guarantee of $19.7 million, along with interest and legal costs, from a first-class Nigerian bank.  

    First Bank alleged that General Hydrocarbons owes $225.8 million due to missed repayment deadlines on credit facilities extended to the company. 

    The financial institution also claimed that Obaigbena and his family members, who hold key positions in the company, used the loans to amass significant debt without fulfilling repayment obligations.  

    In a prior development, the Federal High Court in Lagos froze the accounts and assets of Obaigbena, his company, and family members involved in General Hydrocarbons. The bank justified this move as necessary to recover outstanding debts.  

    General Hydrocarbons, through its legal representatives, has criticized the court orders as an abuse of the judicial process.

     The company alleged that First Bank violated an earlier court ruling permitting it to access funding for oil and mining lease operations.

     According to the company, the bank failed to disburse funds on time, disrupting oil exploration activities under their loan agreement.  

    The dispute has raised concerns about the management of financial agreements in the oil and gas sector. 

    The case has been adjourned to February 9, 2025, for further proceedings, leaving the fate of the detained crude oil cargo uncertain.  

  • Tour Invitation: You’re Disrespectful – Obasanjo

    Tour Invitation: You’re Disrespectful – Obasanjo

    Former President Olusegun Obasanjo has expressed dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) over what he described as an informal approach to inviting him for a tour of the Port Harcourt and Warri refineries.

     Obasanjo, who previously criticized the NNPCL’s management of the refineries, stated through his media aide that no official letter was sent to him, deeming the invitation disrespectful to his status as a former head of state.

    The issue arose after Obasanjo questioned the functionality of the refineries despite significant funds reportedly spent on rehabilitation.

    READ ALSO: FG to Continue Borrowing Despite Rise in Revenue

     NNPCL responded by inviting him to witness the progress at the facilities.

     However, Obasanjo’s camp dismissed the gesture, emphasizing the lack of formal communication.

     The matter adds to ongoing debates about the efficiency of Nigeria’s refinery management and past decisions, including a declined offer from the Dangote Group to oversee the facilities.

  • Air Peace Airfares: Keyamo lashes out at FCCPC

    Air Peace Airfares: Keyamo lashes out at FCCPC

    He says about the Federal Competition and Consumer Protection Commission (FCCPC): “We cannot have an agency of government floating all over the place, having all the powers. That means if there is problem with yam pricing, they will go and call the agricultural minister.”

    Mr. Festus Keyamo, the Aviation and Aerospace Development Minister lampooned the FCCPC for their lack of circumspection for coming to the media space to attack Air Peace without due regard to the effort the ministry is putting in to develop the aviation industry.

    Earlier this December, FCCPC had threatened to probe Air Peace over what it called “exploitative practices”, especially “significant price hikes for advance bookings on certain domestic routes” following consumer complaints.

    Mr. Keyamo, while appearing on Arise TV this Sunday, berated the FCCPC for their statement, calling it “very carless.”

    “I think it was a very careless statement – I say that with all apologies – by the agency, without even consulting the core agency involved in regulation, which is the NCAA,” the Minister said.

    “We cannot have an agency of government floating all over the place, having all the powers. That means if there is problem with yam pricing, they will go and call the agricultural minister.”

    “They should have contacted the NCAA for them to look at the figures and the books which we have been doing, so we would have given them facts. But to single out a few airlines while we are struggling to expose them to the world for them to get more enhanced capacity was a bit careless,” Mr. Keyamo, SAN, reasoned.

  • Borno Dep. Gov Escapes Engine Fire Disaster on Max Air Flight  

    Borno Dep. Gov Escapes Engine Fire Disaster on Max Air Flight  

    Borno State Deputy Governor, Umar Usman Kadafur, and over 100 passengers narrowly avoided an aircraft fire disaster on Wednesday in Maiduguri.

    The incident happened when a Max Air flight encountered an engine fire caused by a bird strike shortly after taking off from Maiduguri International Airport.  

    The flight, headed to Abuja, experienced the issue around 7 p.m., about 10 minutes into the journey. 

    The bird strike damaged one of the engines, forcing the pilot to return the plane to Maiduguri for an emergency landing.  

    While passengers were visibly shaken, Max Air promptly arranged for another aircraft from Kano to complete the trip later that night.

     Some passengers, however, chose to abandon their travel plans.  

    The damaged aircraft remains at Maiduguri Airport for repairs.

     Authorities assured travelers of their dedication to maintaining safety standards.

  • FG Commences Free CNG Bus Service in Abuja  

    FG Commences Free CNG Bus Service in Abuja  

    The federal government has rolled out a free Compressed Natural Gas (CNG) bus service in Abuja, offering temporary relief to commuters grappling with high transportation expenses. 

    The service officially started operations on December 2, 2024.  

    The buses are operating along key routes, connecting suburban areas like Mararaba to central locations such as Eagle Square and Berger bus stop.

     Passengers can enjoy free rides for 40 days, with the initiative set to conclude on January 6, 2025.  

    This move is part of ongoing efforts to provide cost-effective transportation solutions while promoting cleaner energy alternatives. 

  • National ID: NIMC to Launch New Card with New Opportunities for Nigerians

    National ID: NIMC to Launch New Card with New Opportunities for Nigerians

    The National Identity Management Commission (NIMC) has disclosed that it has completed arrangement to issue new national identity card with capabilities for financial access and job opportunities.

    The new multipurpose identity card will offer Nigerian citizens access to key government services, including social interventions, and provide an easier pathway to secure loans through recognized financial institutions.

    The card’s integration into the financial system will support efforts to bring more Nigerians into the formal banking sector, addressing long-standing gaps in financial inclusion. 

    By linking to a person’s financial history, the card will also help generate reliable credit scores, allowing users to gain access to loans with financial institutions and government programs.

    Additionally, the new ID card will play a critical role in employment. It will be required for individuals applying for both public and private sector jobs, ensuring that job seekers are verified citizens with transparent records.

     Employers will be able to verify applicants more confidently, reducing the risks associated with hiring.

    The NIMC has partnered with banks nationwide, making it possible for Nigerians to easily apply for the card at local branches. 

    With the process decentralized, citizens can expect to obtain their cards without hassle, which will soon be available to all eligible Nigerians.

  • Private Jets Must Get Clearance Before Leaving Nigeria, Says Keyamo

    Private Jets Must Get Clearance Before Leaving Nigeria, Says Keyamo

    Aviation Minister, Festus Keyamo, says no private jet, including those belonging to high-profile individuals can depart the country without official approval.

    Speaking on Channels Television’s Politics Today, Keyamo addressed concerns over the movement of private planes and airstrips, stressing that all departures, whether for private or military aircraft, must undergo proper clearance.

    Keyamo explained that private jets must land at international airports for customs, immigration, and other checks before flying out of Nigeria.

     He also confirmed that Oyedepo’s airstrip follows the same procedures, dispelling misconceptions that private airstrips could bypass these regulations. 

    He said: “They were only concerned about the fact that they thought that somebody can take off from a private airstrip and fly out of Nigeria or fly into Nigeria. It is not possible.

    “You must land in an international airport first. Then the Customs, immigration and NDLEA will process you before you take off from there to your private airstrip. If you are also flying out, you must land at an international airport. You will go through Customs, immigration and all the normal process before flying out.

    “So nobody uses an airstrip for any such purpose without seeking clearance. At every point in time, the authorities must approve.”

    The Minister also shared that the country operates around 40 airstrips, with 23 federal and about 8 or 9 state-owned airports.

  • FG to complete digitisation of 774 LG headquarters by 2027

    FG to complete digitisation of 774 LG headquarters by 2027

    While still unable to provide stable electricity nationwide, the Federal Government has promised to digitize the nation’s 774 LG headquarters by 2027. As of 2023, about 60.5% of Nigeria is connected to the national power supply infrastructure, even as actual supply of electricity remains unstable or epileptic most times.

    Not minding this inadequacy, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed on Thursday the Ministry aims to complete the digitisation of all the LG headquarters.

    He disclosed this at a stakeholders’ retreat on Project 774 Connectivity, Thursday in Abuja.

    Tijani explained that the project would be executed in collaboration with other agencies under the ministry’s purview.

    He stated that the government aimed to digitalise all the remaining LGAs in the country by 2027.

    “If you are asking about the timeline for reaching all 774 LGs, the goal is that by 2027, we will have achieved this,” he said. “We have outlined this in the blueprint that was presented.”

    The minister highlighted that one of the key objectives of the project was to foster inclusive development and provide access to digital public infrastructure in government offices throughout Nigeria, including the most remote areas that may have previously been underserved or unserved.

    He also mentioned that the ministry would provide affordable and reliable internet access and the resources needed to deliver efficient public services through strategic partnerships and the deployment of cutting-edge technology.

    He emphasised the important role of LGs in delivering public services in Nigeria, which include healthcare, education, social welfare, infrastructure development, and waste management, among others.

    “They are responsible for providing essential primary healthcare services, including immunisation, maternal and child health programmes, and disease prevention initiatives.

    “They also oversee the management and administration of primary and secondary schools and the implementation of education policies. They ensure the implementation of social assistance programmes to support vulnerable populations, including the elderly, disabled, and economically disadvantaged individuals and families,” he said.

    He stated that the benefits of connecting LG Secretariats in Nigeria included enhanced access to information and services.

    “Some of the benefits include empowering local entrepreneurs and businesses. It fosters digital skills and innovation, promotes inclusive development, and strengthens governance and accountability,” he added.

    Earlier, the Executive Secretary of the Universal Service Provision Fund, Oluyomi Arowosafe, explained that internet access, widespread internet coverage, and ICT in underserved, unserved, and rural areas would promote social inclusiveness and equity.

    Arowosafe said, “The USPF is working on this through its strategies to provide connectivity. We do this by granting subsidies to our implementers, who then deliver services to rural areas.”

    “We intend for our contribution to the LGs to help improve the standard of living, health, and other areas,” he added.

    “All of these efforts align with the Federal Government’s eight strategic priority areas, particularly priorities three and five, which focus on economic growth and inclusiveness.”

    “All these efforts are aimed at supporting Project 774 LG Connectivity and promoting citizens’ engagement within the LGAs,” Arowosafe concluded.