Emirates Airline to Resume Nigeria Flights in June

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April 8, 2024

The Minister of Aviation and Aerospace Development, Festus Keyamo, said Emirates Airline will resume operations in Nigeria on or before June 2024.

The minister who disclosed this in an interview, noted that President Bola Tinubu played a significant role in resolving the frosty relations between the two countries.

According to the minister, the Nigerian government and the United Arab Emirates have resolved issues, and the airline is set to announce the date for its first flight.

Keyamo said the UAE airline sent a letter confirming its readiness to resume flight operations in Nigeria.

“Emirates flight resumption is almost happening. I just received a letter from Emirates. The letter is on my phone now. They have gone through all the gamut, and they are ready to come back. They will announce the date because to restart a route, they have to get an aircraft for that route,” he said.

Emirates Airline Extends Suspension Of Flights from Nigeria till September 5

In November 2023, after the Dubai Airshow, Keyamo announced that he spoke with the representatives of Emirates Airlines concerning a possible resumption.

He said the airline was working on the small details and would announce the exact date of their resumption of the flights.

Speaking further, Keyamo stated, “I am announcing to Nigerians for the first time; that I just received a letter from Emirates now. The letter is with me. I have a hard copy thanking you for all the efforts we made. Mr. President was the showman here. He was the one who pushed for it.

“He made my job easy because he went there, and had a diplomatic shuttle to resolve all the issues. That was why I said the last announcement was hasty and not fake news. They will announce the date for their next flight. We have received a letter confirming that all the issues have been resolved and that we are prepared to start coming back. It may be before June,” the minister said.

Emirates Airline halted its flight operations to Nigeria in October 2022 because it couldn’t repatriate funds held in the country.

The airline attributed the October suspension to the $85bn revenue trapped in Nigeria.

Lagos Terminates Multibillion-Naira Kantagua Market Project

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Rhoda Onuzulike

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April 8, 2024

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The Lagos State Government has terminated the contractual relationship with Bridgeway Global Project Limited on the development of the Kantagua Market.

The Special Adviser to the Lagos State Governor on e-GIS and Urban Development, Dr Olajide Babatunde, disclosed this during an inspection of the vast land area earmarked for the relocation of Ikeja Computer Village in the urban regeneration programme of the state government.

He said, “The contract with the Kantagua Market Project consultant, Bridgeway Global Project Limited, has since been terminated over two years ago due to non-performance of the contractor on the agreement reached with him and it is, therefore, illegal for him or his representatives to collect any fees or money from anyone in any disguise on the development of the market after termination of his contract.

Lagos to Convert Computer Village to Residential Area

“The Urban Development Department in the Ministry of Physical Planning and Urban Development headed by Bola Bello has taken over the management of the Kantangua project till further notice. He also directed that anything that has to do with project control has to be in line with Lagos State Building Control Agency’s guidelines and regulations.”

Speaking on the fate of subscribers who had paid Bridgeway Global Project Limited for the allocation of shops in the market, Babatunde said, “All of you that have paid any money to the project consultant after his contract was terminated, I can assure you that Bridgeway Global Project Limited will be made to refund all fees collected illegally to the subscribers after the conduct of proper identification and verification by the State government to determine the real occupants and how much they paid.

“From this moment, nobody should pay any kobo to them again as they no longer represent the state government on this project. The Director of Urban Development, Bola Bello, and her team will be the ones to represent the State Government on this market project till further notice and if you have anything to do on this market project, please liaise with her.”

He directed that eight members of staff of Bridgeway Global Project Limited found in the market gate collecting tolls and fees be arrested and prosecuted in a court of law.

The General Manager of the Lagos State Building Control Agency, Gbolahan Oki, while addressing the multitude of subscribers and sellers in the market, warned against any environmental infringement as well as blocking roads leading into the market.

He warned, “Nobody should pay any money to anybody for now till further notice when things are put in the right perspective.”

He disclosed that some buildings and structures erected illegally in some parts of the market would give way to the proper development of the market.

The Chairman of the Committee on Physical Planning and Urban Development in the State House of Assembly, Ogunkelu Sylvester, along with other members of the House of Assembly, visited the market to carry out a fact-finding mission.

He stated that they were sent on the directive of the speaker, in response to a petition filed by leaders of the market association, adding that findings would be delivered to the speaker for further action.

Bureaux De Change Operators Seek Lower Exchange Rate

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Rhoda Onuzulike

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April 8, 2024

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The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

The association National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.

The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.

Gwadabe lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.

CBN Directs BDCs to Sell Dollar at N1,269

He further expressed concerns that many BDCs, who funded their accounts for dollar allocations, were yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to scrutinisation of the BDCs’ documents for collections at the various designated centres.

He noted that this had made the BDCs vulnerable to exchange rate risk and significant losses.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement. This is happening in the face of the prevailing open market rate of N1,235/$, which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the letter said.

Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON president stated that the positive fallout of the CBN’s efforts to restore the naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of the government towards exchange rate stability and economic growth.

He added that ABCON’s forecasts in the ongoing market development indicated a willingness of the market to correct itself with realistic price discovery as the naira is forecast to continue to appreciate further across the market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery.

“This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” he noted.

The association also requested that the process of payments at the various disbursement centres be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of transactions.

According to the group, the apex bank should introduce a cut-off time for payments and collection of bids, adding that the current open-ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” it elucidated.

ABCON insisted that the disturbing exchange rate disparity could be addressed by a quick and decisive response of the apex bank, which would go a long way in bolstering BDC operators’ confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

External Reserves Drop by $950m In days — CBN Report

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Rhoda Onuzulike

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April 8, 2024

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Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

External Reserves Fall by $915m After Naira Float

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.

The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

Nigeria Gets Afreximbank’s $1bn Loan in May

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Rhoda Onuzulike

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April 8, 2024

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Nigeria is set to receive a $1.05bn syndicated loan backed by oil from the African Export-Import Bank next month.

The loan is part of a larger $3.3bn prepayment facility arranged by Afreximbank, with repayment terms tied to crude cargoes from the Nigerian National Petroleum Company Ltd.

According to Bloomberg, Afreximbank’s Senior Executive Vice President for Finance, Administration, and Banking, Denys Denya, confirmed the verification of crude availability, paving the way for the final release of the balance within the next month.

Afreximbank Invests all-time High $36bn in Nigeria

The loan aims at reviving Nigeria’s economy and enhancing the supply of hard currency in the local foreign exchange market. A substantial portion of it — two-thirds, was already disbursed in January.

This financial manoeuvre is designed to provide Nigeria with immediate funds based on future oil production, offering a lifeline to the country’s struggling economy.

Niger State Signs $114M Deal With ECOWAS Bank

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Rhoda Onuzulike

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April 8, 2024

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The Niger State Government, North Central Nigeria, has successfully finalized a significant Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development.

This landmark agreement aims to finance four major projects totaling $114 million across various socio-economic sectors.

The MoU was formalized during the ECOWAS Investment Forum (EIF) held in Lome, Togo. The projects earmarked for funding include the construction of the Madalla-Suleja-Maje dual carriage road ($30 million) and the establishment of the Madalla Green Economic Market ($11 million).

Niger State To Invest N1tr In Infrastructure

According to the MoU, funds will also be allocated for the construction/conversion of the former Secretariat into a School of Medical and Health Sciences ($40 million), as well as the development of eight International Trailer Parks in strategic locations such as Mokwa, Tafa, Lambata, Bida, Makera, Dikko, Tagina, and Kontagora ($43 million).

During the signing ceremony, representatives from the Niger State government, including Commissioner of Finance Lawal Adamu Maikano and Sammy Adigun, Chairman of Niger Foods, were present.

They were joined by representatives from the ECOWAS Bank of Development and Investment, including Dr. Olagunju M. Olalekan Ashimolowo, Vice-President of Operations, and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors, among others.

This strategic partnership signifies a concerted effort to expedite the ongoing transformation of Niger State, fostering new avenues for investment promotion and accelerating infrastructure development. Moreover, it is poised to generate numerous job opportunities, enhance the healthcare sector, and actualize Governor Mohammed Umaru Bago’s visionary “New Niger” agenda.

By leveraging the resources of the EBID Bank, established to promote cooperation, integration, and economic development among West African countries, Niger State is positioned to realize its full potential. The EBID Bank currently comprises fifteen Member States, including Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This collaboration underscores Niger State’s commitment to regional development and prosperity.

Nigeria, Spain Forge Ties To Boost Maritime Security

By

Rhoda Onuzulike

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April 8, 2024

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The Spanish Ambassador to Nigeria, His Excellency, Ambassador Juan Ignacio Sell, has expressed the Spanish Government’s keen interest in strengthening cooperation with Nigeria through enhanced collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA).

Ambassador Juan reiterated this commitment during his inspection of two state-of-the-art bulletproof security boats, constructed for NIMASA by the Spanish company Aresa.

Meanwhile, the Director General of NIMASA, Dr. Dayo Mobereola, has emphasised the paramount importance of deploying these vessels promptly to bolster maritime security and safeguard Nigeria’s waters.

Ambassador Juan said, “This is one more milestone in the cooperation between Spain and Nigeria for maritime security, while the Spanish government sees Nigeria as prime in attaining security in the Gulf of Guinea.

FG Declares NIMASA As Most Digitally Transformed Agency

“We also have a naval ship present in the Gulf of Guinea to enhance security. The message from our President back home is for the Embassy to seek more partnership with Nigeria in the Maritime Sector.

“The creation of the Marine and Blue Economy Ministry by President Bola Tinubu is a sign that this administration is committed to harnessing the ocean potential, and Spain is ready to support Nigeria all the way. This is why I came from Abuja to see the DG,” he said.

On his part, the Director General of NIMASA, Dr. Dayo Mobereola, noted that management, under his leadership, will fast-track the deployment of the patrol boats as soon as possible.

He also welcomed the partnership with Spain, noting that security in the maritime domain cannot be done in silos.

“Maritime security cannot be done in silos by any country. Collaboration plays a major role in achieving safety and security in the maritime domain. We appreciate the gesture from the Spanish Government and we will explore areas of collaboration, particularly in terms of both human and infrastructural development.

“We will work out the logistics so that these vessels can be deployed immediately. I am confident that they will be instrumental not just to enhance security in Nigerian waters, but also shore up revenue accruable to the Federal Government as Port calls by vessels will increase, and Fishing in Nigerian Coastal waters will become a major industry in Nigeria,” he stated.

The 8-passenger, 13.2-meter-long Security Boats with a fuel capacity of 3000 litres are fully air-conditioned with a range of 500 Nautical Miles. They are powered by two 2,300 Horsepower outboard engines with a maximum speed of 45 Knots and 25 Knots at cruising speed. NIMASA now has seven fast-intervention bulletproof Aresa boats to be deployed soon.

NPFL: Katsina End Rangers 10-Game Unbeaten Run

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Emenike Agu

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April 8, 2024

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Seven-time champions Enugu Rangers are holding on to a slim goal difference league at the top of the 2023/24 Nigeria Premier Football League table after falling to a 4-3 defeat against Katsina United at the Muhammadu Dikko Stadium in Katsina on Sunday.

The match-day 29 encounter opened up to a frenetic start with four goals in the opening 20 minutes.

Midfielder Azeez Falolu opened the floodgates in the seven-goal thriller with his fourth goal of the season for Katsina as early as the fourth minute, but Godwin Obaje responded for the visitors six minutes later.

Michael Ibe restored Katsina United’s lead in the 16th minute, but it took Rangers just two minutes to level up again through Saviour Godwin.

Ibe bagged his brace on the stroke of halftime to give the hosts a 3-2 lead while Andrew Idoko doubled the advantage five minutes after the restart, before Joel Odoh reduced the deficit to 4-3 for Rangers in the 81st minute.

In Lafia, Danbani Alao’s 58th minute goal was all Lobi Stars needed to secure a 1-0 win over Enyimba and keep the pressure on Rangers in second place.

Niger Tornadoes continued with their impressive goal scoring form as they hit relegation-threatened Gombe United 5-0 in Kaduna, while Heartland also won for the first time in four matches beating Sporting Lagos 3-1 in Owerri.

Kwara United needed a penalty from Isiah Ejeh to secure a 1-1 draw at home against Bendel Insurance, who took a first half lead through Meyiwa Oritseweyinmi.

In Akure, Tunde Adeniji marked his return to Sunshine Stars with a goal, which secured a 1-1 draw against visiting Bayelsa United. The result means Kennedy Boboye’s side remain winless after three matches, just as Bayelsa United continue to swim out of relegation waters.

I Respect Anthony Joshua – Oleksandr Usyk Ahead Of Fury Bout

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Emenike Agu

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April 8, 2024

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Oleksandr Usyk has revealed his respect for Anthony Joshua and expressed that he didn’t require an apology from the Briton ahead of his upcoming fight with Tyson Fury next month.

Back in August 2022, Usyk clinched victory over Joshua in Saudi Arabia, following a previous triumph over the 34-year-old at Tottenham Hotspur Stadium. However, post-fight, Joshua’s actions drew controversy when he took some of Usyk’s belts and threw them away.

In February last year, Joshua apologized for his actions, stating: “Listen, I’m not perfect. It’s not the right thing to have done. I didn’t speak to Usyk but I spoke to Wladimir [Klitschko] and said give yourself a pat on the shoulder and tell him ‘well done and I apologize’, that’s man-to-man. But it was just raw, it may not make sense to a lot of people but it made a lot of sense to me and it was just how much it means, to a degree. I thought I would feel like that at the end of my career and when it’s all said and done I’d just be like ‘wow, what a rollercoaster, I made it through the trenches’.”

However, Usyk, speaking to Seconds Out, expressed his respect for Joshua and asserted that he didn’t need an apology in the first place. He stated, “I don’t have bad feelings about Joshua because I respect this man. He’s a great man. He’s a great boxer, an Olympic champion, and two times world champion. I think it’s emotion. I respect this man. No, I’m good.”

Usyk remains confident ahead of his fight with Fury next month. The duo is set to meet in the first heavyweight showdown since the days of Lennox Lewis.

Usyk is optimistic about his chances against Fury, expressing his ambition for a future fight in Ukraine. He stated, “Not if, when? I want to do a fight in Ukraine at the big stadium, Olimsky. My goal is to make a fight in a stadium. I think I [will] do it.”

Regarding the upcoming fight between Jake Paul and Mike Tyson, Usyk believes that the criticism directed towards the duo is exaggerated and sees no issue with the fight. He commented, “Listen, listen, it just shows, Tyson is a big, big famous man, who is well known around the world. Yeah, Jake Paul is young guy who won at boxing who wants to help young guys but it’s a big show. If people want to see the show, OK, give it to them. For me, I think it’s OK.”

The Fury vs Usyk match is scheduled to take place in Riyadh on May 18. With Fury winning 34 of his 35 fights and Usyk clinching victory in all 21 of his bouts so far, the encounter promises to be a thrilling showdown.

EPL Round Up:Liverpool Fail To Go Top After Draw With Manchester United

By

Emenike Agu

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April 8, 2024

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Liverpool failed to return to the top of the table with after a 2-2 draw at Old Trafford as rivals Manchester United did their bit to try and derail the Reds’ quest to send off Jurgen Klopp with an English Premier League title, which would put Liverpool level with United on 20 league crowns.

They are behind Arsenal on goal difference, with both teams locked on 71 points. Champions Manchester City are a further point adrift.

It was an end to end start to the match on April 7 with the home team having a goal by Alejandro Garnacho disallowed after two minutes after the Argentinian strayed just offside.

From then on though, all the action in the first 45 minutes came at the opposite end as United failed to register a shot. The last time they did not record a shot in the first half of a Premier League game was in April 2022, during a 4-0 defeat by the Reds.

The last time that happened at Old Trafford was in October 2015, when they drew 0-0 against City.

Liverpool, meanwhile, had 15 first-half shots, four of them on target as the Red Devils continued their tendency to allow opponents to pepper their goal with shots. Before the game on April 7, the Red Devils had faced 526 shots in the Premier League, more than any other time in the 20 full seasons since Opta began keeping records.

While United have suffered from injury issues all season, which saw them start with three teenagers in a Premier League match against Liverpool for the first time, there was no shortage of experience on the pitch in the likes of Raphael Varane, Casemiro and Harry Maguire.

The Reds opened the scoring on 23 minutes when Darwin Nunez escaped the attentions of Aaron Wan-Bissaka from a corner and headed the ball on to an unmarked Luis Diaz, who finished past Andre Onana.

It was the Uruguayan striker’s 13th assist this term, more than any other Premier League player.

The Reds should have, however, gone into the break with more than a one-goal lead as only Onana kept the Reds in the game with saves from the likes Dominik Szoboszlai and Mohamed Salah.

It was a similar story to the teams’ FA Cup quarter-final clash in March, when United took advantage of the Reds’ profligacy to sneak a 4-3 win.

And so it seemed again at the start of the second half on April 7, when United scored with their first shot of the match.

Bruno Fernandes pounced on a loose pass by Jarell Quansah just inside the Liverpool half in the 50th minute and launched a first-time shot over a stranded Caoimhin Kelleher for his 50th Premier League goal.

Indeed, the Red Devils could take have taken a shock lead minutes with their second shot but a flying Casemiro just failed to get a boot on a cross into the box.

Liverpool’s second-half nightmare continued on 67 minutes when Kobbie Mainoo received a pass into box by Wan-Bissaka with his back to goal and proceeded to swivel and launch a lovely curling shot into the top corner of Kelleher’s goal.

He became the first 18-year-old to score in the Premier League against Liverpool since Cesc Fabregas for Arsenal in May 2005, and became the Red Devils’ youngest scorer against Liverpool in the Premier League.

But as it was in the defeat by Chelsea in midweek, United conceded a needless late penalty after Wan-Bissaka brought Harvey Elliott down in the box.

Salah stepped up and scored from the spot, his sixth goal at Old Trafford, more than any other player in Premier League history.