Foreign Airlines Concern Over Naira Depreciation

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February 9, 2024

The International Air Transport Association, the Geneva-based trade association representing world airlines, has expressed fears that foreign airlines operating in Nigeria, may lose about $200m to exchange rate depreciation.

IATA Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi, said the issue of trapped funds was being exacerbated by the depreciation of the naira, which had dropped significantly against the dollar. He spoke in an interview with CNBC monitored by our correspondent.

The IATA VP spoke against the backdrop of the over $700m foreign airlines’ ticket revenue reportedly still trapped in Nigeria.

The Central Bank of Nigeria last week said it had paid all verified debts owed foreign airlines but IATA in a swift response said foreign carriers operating in the country still had over $700m trapped in Nigeria.

IATA Head Hits Out At Expensive PCR Tests For Travel, Questions Necessity

Meanwhile, local travel agents under the aegis of the National Association of Nigerian Travel Agencies have asked foreign airlines in the country to release lower fares in their inventory or face severe consequences.

This came on the back of the CBN report of completing payments of foreign airlines debts.

However, IATA VP had insisted the CBN needed to complete all outstanding ticket revenue trapped in the country.

“Airlines should not be unfairly penalised by the lower exchange rate,” the IATA VP warned in a statement last week.

But speaking to CNBC, AlAwadhi said, “You also have to take into consideration the blocked funds and the fair value of the blocked funds. If you have $720m blocked and then you devalue the naira by 30 per cent, you have wiped out over $200m of airlines’ money, and they have to compensate that.”

He added, “Airlines have lost a lot of money operating in and out of Nigeria and it continues to be so under the current environment.”

The President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokoma, maintained that the naira was depreciating.

“I concur with IATA’s observation regarding the diminishing value of trapped funds. The worth of the naira today is different from its value five years ago or even last year. The crucial aspect is for the government to fulfill its payment obligations.”

He proposed that the Nigerian government should consider the possibility of establishing an arrangement with the airlines, considering periodic payments, either monthly or quarterly, as a viable solution.

“We have reiterated numerous times. The reality remains that the magnitude of trapped funds in our system is substantial,” he said.

Nwokoma added that as a result, passengers were opting to book flights from Togo and Ghana due to cost considerations.

Last week, the Central Bank of Nigeria announced the completion of payments for all verified claims by foreign airlines, disbursing an additional $64.44m to the concerned parties.

The apex bank clarified that this recent payment brought the total verified amount disbursed to the air transport sector to $136.73m, adding that all verified claims from airlines had been settled.

NNPCL Board Approves Dollar Revenue Transfer to CBN

By

Rhoda Onuzulike

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February 9, 2024

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The Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday.

Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant portions of the company’s revenues to the apex bank.

This came as the national oil major declared that there was no imminent hike in the pump price of Premium Motor Spirit, popularly called petrol. NNPCL is the sole importer of petrol into Nigeria, a role it has shouldered for several years.

Increase in fuel price informed by market realities – NNPCL

In January, it was reported that President Bola Tinubu had directed the CBN to assume the responsibility for crude oil sales proceeds from the NNPCL. Consequently, NNPCL is expected to submit the receipts for crude oil sales to CBN for vetting and documentation.

In a video made available to journalists in Abuja on the meeting between CBN delegation, led by the bank’s Governor, Olayemi Cardoso, and the management of NNPCL at the latter’s headquarters, Kyari welcomed the decision to move the oil firm’s transactions to CBN.

He said, “We welcome the governor of the CBN and his senior management team to NNPC Ltd. We understand very clearly that this review of our decision to move significant portions of our revenues to the CBN is very timely.

“We made that decision in line with the directives of our Board of Directors to maintain safe obligor limits with commercial banks. And for us to do this, we do need additional support, particularly from the CBN to achieve this.

“We are a very huge company, our transaction and liquidity levels are very high, and perhaps we are the largest business in this country. We are also happy that the CBN has created a robust digital platform for our transactions.”

“It has created a department that will deal with NNPC issues and will create no hindrance to our operations. We will continue to collaborate with the CBN to ensure that further improvements are received so that this relationship serves the best interest of our company and, of course, our country.”

On his part, Cardoso said the CBN had restructured its internal processes to be capable of taking on the enormous responsibility that would be placed on the bank by the national oil company.

He said, “We have come to this particular stage where the NNPC has made the decision to move a respectable part of its business to the CBN.

“I also want to say that we have restructured and strengthened our internal processes such that we will be very capable of taking on this enormous responsibility that will be placed in the central bank.

“We are looking forward to further collaboration with NNPC and I have absolutely no doubt in my mind that this effective collaboration will work in the best interest of NNPC and Nigeria in general.”

The decision to move NNPCL’s oil sales transactions to CBN elicited diverse reactions last week, as some persons commended the move, while others kicked against it.

The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, for instance, said the Federal Government’s directive to CBN to take over the responsibility for crude oil sales proceeds from NNPCL was illegal.

According to him, Tinubu’s directive undermined the operational independence of the national oil company.

“Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the CBN take over the responsibility for crude oil sales proceeds from NNPCL, it must be clearly stated that the action is not legal in its application,” Atiku had stated in a statement.

The former Vice President, who noted that little had been communicated to the public about explaining details of the decision, declared that “whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.”

Atiku stated, “It is an arbitrary order capable of undermining the operational independence of the NNPCL. By this order, Mr President has wrested control of the finances of NNPCL and donated the same to the Federal Ministry of Finance and CBN.

“This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration. State-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.”

Meanwhile, NNPCL assured the public on Thursday that there was no imminent increase in the cost of petrol.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, stated in a statement.

Headies Awards Returns To Nigeria After Two Editions In U.S.

By

Koko Lawrence

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February 9, 2024

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The Headies Awards is one of Nigeria’s most prestigious prizes in music which has contributed to the advancement of the Nigerian music industry.

In new developments, the Headies Academy has announced that the prestigious award is set to return to Nigeria in 2024 after two consecutive editions in Atlanta USA.

The announcement was made in a press release issued by the Headies Academy on February 7, 2024.

“over the past few years, afrobeats-as music and as a movement-has exploded beyond our shores and beyond our dreams. our songs have recorded billions of streams and sat comfortably on some of the world’s biggest charts.

The Headies followed the music in honor of this explosion. As the event that recognized the arrival of our major music talents way before they conquered the world, we understand the importance of taking the good news of great music to new frontiers. So, the 2022 and 2023 editions of The Headies held in the US.. The world got a chance to see our global stars and our future stars like.

This year-2024 (The 17th Headies)-we are bringing the world back home!:

To the place that birthed the sound that has led everybody to the dancefloor, that has launched viral videos, that has put our continent right at the center of global pop culture. Ladies and gentlemen, The Headies is coming back home.”

The Headies Academy is yet to fix a date for the 17th Headies Awards which will celebrate the feats achieved in the Nigerian music industry in 2023.

Nollywood, Kazakhstani Movie Industry Produce First Joint Film ‘Adam BOL’

By

Koko Lawrence

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February 9, 2024

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The Nigerian film industry, Nollywood and the Kazakhstani film industry, for the first time, have come together to work on a joint project called Adam BOL, shot in both Kazakhstan and Lagos.

The film recently wrapped up principle photography in Lagos and features a diverse cast from both countries.

Nigerian filmmaker, Cheta Chukwu and the Kazakhstani filmmaker, Almaz Alimzhanov worked on the project as co-directors.

Adam BOL is an action comedy that follows the story of three reckless Kazakhstani men on a trip to America, but experience an emergency landing in Nigeria, which sets off series of misadventures that test their life ideals, leading to profound personal lessons.

The film captures their time in Lagos as they try to navigate the hustle and bustle of the West African city and how they navigate their way back to America.

The cast of Adam BOL includes for the Nigerian actors, Chimezie Imo, Bisola Aiyeola, Broda Shaggi, Ebele Okaro-Onyiuke, Victor Udochukwu Nwaogu, Charles Inojie and Toyin Oshinaike while for the Kazakhstani actors, Kuanysh Kudaibergen, Ryskul Konakbayev and Roman Rauan are on the cast.

Nigerian Cinemas Grossed ₦7.2 Billion In 2023

By

Koko Lawrence

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February 9, 2024

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Nigerian cinemas grossed more than 7.2 billion naira in 2023 from over 2.6 million admissions, with Nollywood averaging a 39% market share, according to a new report.

According to reports, the earnings are over 416 million naira more than in 2022 with a 7% year-on-year increase in market share.

However, while 2022 gross was earned from 64 locations, there was a total of 70 locations in 2023. According to data insights from the industry, a journal by film insights publication, in Nollywood, over 14% of the total gross was earned by Funke Akindele’s ‘a Tribe Called Judah’, which has become the first Nollywood film to hit one billion naira in the cinema.

The journal noted that the revenue growth mostly hinged on increased ticket prices, is not happening at the same pace as admissions growth, which is still significantly low. Despite the success of ‘A Tribe Called Judah’, Akindele’s previous film, Omo Ghetto: The Saga (2020) currently holds the record for the most admissions recorded for a Nollywood film at 449,901.

According to reports, nine other films grossed over 50 million naira in the cinemas in 2023. They are Malaika, Ada Omo Daddy, Orisa, Merry Men 3, Kesari, Something Like Gold, The Kujus Again, Afamefuna and A Weekend To Forget.

AFCON: Why Super Eagles Will Beat Ivory Coast — Peterside

By

Emenike Agu

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February 9, 2024

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An ex-Super Eagles goalkeeper, Idah Peterside, has said that the Super Eagles will earn an easy victory over Ivory Coast, ahead of the 2023 CAF African Cup of Nations final on Sunday.

The ex-goalie said that the Nigerian team would defeat the host nation as the former had won the Group A encounter when they met, by 1-0; courtesy of captain Troost-Ekong’s 55th-minute penalty.

In the semi-finals, the Eagles, late Wednesday, defeated the Bafana Bafana of South Africa 4-2 on penalties after a hard-fought full-time game that extended into extra-time and ended 1-1.

Two penalty saves from Nigeria’s goalkeeper, Stanley Nwabali, were enough to help the Eagles cement a place in the final stage of the tourney against host nation Ivory Coast.

The Ivorian Elephants also advanced to the final after Dortmund’s Sebastian Haller struck in the 65th minute to book a date with Nigeria.

Hosts, Cote d’Ivoire And Nigeria Set-Up a Classic Africa Cup Of Nations Final

By

Emenike Agu

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February 9, 2024

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Hosts, Cote d’Ivoire completed their come-back journey by reaching the Finals of the Africa Cup of Nations Cote d’Ivoire 2023 where they will meet Nigeria in what has been billed to be a ‘classic Final.’

The Final of the Africa Cup of Nations Cote d’Ivoire 2023 will be played on Sunday, 11 February at the Alassane Ouattara Stadium in Ebimpe, Abidjan at 20h00 GMT.

The last phase of ticket sales will open on Thursday afternoon for the members of the public.

Cote d’Ivoire laboured to a 1-0 over Democratic Republic of Congo (Congo DR) in front of a packed stadium in the economic hub of the Host Country curtesy of a goal from Sebastien Haller. It was a remarkable come-back from a country that was, not so long ago, written off by pundits.

Nigeria secured their spot in the final after a tense 4-2 penalty shootout victory over South Africa,. Nigeria, chasing their 4th African title since 2013, will face a formidable challenge from Cote d’Ivoire, who are aiming to add a third continental title to their name.

As anticipation builds for this highly-anticipated final, football fans across Africa are eagerly awaiting what is sure to be a memorable clash between two footballing giants.

Meanwhile Congo DR will take on South Africa in the third place playoff on Saturday at 20h00.

AFCON 2023: Peseiro Reflects On Difficult Win Over South Africa

By

Emenike Agu

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February 9, 2024

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This marks Nigeria’s eighth appearance in the AFCON final, but their first in 11 years.

Super Eagles Head Coach Jose Peseiro has declared Nigeria’s hard-fought triumph over South Africa in the AFCON 2023 semi-final a well-earned victory.

Speaking to reporters in Bouake, the Portuguese manager acknowledged the challenge posed by the Bafana Bafana but emphasised his team’s resilience and deservedness to be in the final.

Difficult match

“Beating a well-organised team like South Africa isn’t an easy task,” Peseiro stated at the post-match press conference. “They caused us a lot of problems, so the Super Eagles deserve to progress after achieving this feat.”

This marks Nigeria’s eighth appearance in the AFCON final, but their first in 11 years.

Having conceded only one goal throughout the tournament, the team faced a stern test against South Africa.

After a 1-1 stalemate in regulation and extra time, the Super Eagles emerged victorious 4-2 on penalties.

“It was a very good victory against a good team,” Peseiro acknowledged. “The players deserve to be in the finals, even though they had to achieve that the hard way.”

Commendation for South Africa

The coach highlighted the cohesion and organisation of the South African team, crediting coach Hugo Broos for building a strong unit.

“I think it was very difficult to beat them,” he admitted. “Huge congratulations to Hugo Broos, who put this team together. They played well.”

With their sights set on a fourth continental title, the Super Eagles now face a thrilling final against host nation Cote d’Ivoire on Sunday at the 60,000-capacity Stade Olympique Alassane Ouattara in Ebimpe, outside Abidjan.

AFCON 2023: Nwabali Reveals Secret Of Penalty Saves

By

Emenike Agu

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February 9, 2024

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After a 1-1 stalemate in regulation and extra time, the Super Eagles emerged victorious 4-2 on penalties, thanks to two crucial saves by Nwabali.

Super Eagles goalkeeper and Man-of-the-Match in the semi-final game between Nigeria and South Africa, Stanley Nwabali, has revealed the behind-the-scenes efforts that culminated in his two penalty saves against the Bafana Bafana.

After a 1-1 stalemate in regulation and extra time, the Super Eagles emerged victorious 4-2 on penalties, thanks to two crucial saves by Nwabali.

Speaking to reporters in Bouake after the hard-earned victory over South Africa, Nwabali indicated research and guidance from his coaches aided his penalty saves.

“For me, I give credit to my coaches; when the time for the penalty shoot-out came up, they guided me on what to do and I did my best.”

Asked if he also did his research to know where each player would play their kicks, Nwabali affirmed that was the case.

Man-of-the-match surprise

On his Man-of-the-Match award, Nwabali, who chose to be humble in victory, said he was excited but “surprised” to get the award

“When they gave me the Man-of-the-Match award, I was surprised but I am happy about it.”

Moses Simon (twice) Victor Osimhen and Ademola Lookman are the other recipients of Man-of-the-Match awards for the Super Eagles team at the ongoing AFCON tournament.

While Nwabali continues to get rave reviews for his shootout and general excellence in goal for Nigeria, the goalkeeper is quick to reject any individual praise as he credited the team as a whole for any success recorded so far.

“It has been a good team performance throughout this tournament. I really appreciate the management and coaches,” said Nwabali.

The Chippa United stopper is already the subject of transfer speculation, with offers reportedly coming from France and Saudi Arabia, among other places, for his services.

AFCON 2023: Equatorial Guinea’s Nsue, Lookman, Other Top Scorers

By

Emenike Agu

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February 9, 2024

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As the ongoing African Cup of Nations holding in Cote D’Iviore is gradually coming to an end, some players have made a mark by putting their names on the scoresheet of the tournament.

The final of the tournament is between the hosts, Elephants and the Super Eagles of Nigeria, on Sunday, February 11.

The hosts beat DR Congo 1-0, thanks to Sabatien Haller’s overhead kick in the 65th minute.

The Eagles soared above Bafana Bafana of South Africa on 4-2 penalty shoot-outs.

Emilio Nsue, the captain of unfancied Equatorial Guinea, netted five times in the group stage and couldn’t advance his tally after his team crashed out of Round 16 against Guinea Conakry.

Nsue scored twice in a 4-0 win over the hosts in their final group game, having netted three in a 4-2 win over Guinea-Bissau, the first Cup of Nations hat-trick since 2008.

Gelson Dala (ANG), Mohamed (EGY) – 4 goals

Bayo (GUI), Bounedjah (ALG), Lookman (NGR), Mabululu (ANG), Sinayoko (MLI), Traore (BUR) – 3

J. Ayew, Kudus (both GHA), Camara, H. Diallo (both SEN), Mokoena, Zwane (both RSA), Mendes (CPV), Troost-Ekong (NGR), Wissa (COD) – 2

Adingra, Diakite, Fofana, Haller, Kessie, Krasso (all CIV), Bebe, Monteiro, Pina, Rodrigues, G. Tavares, Teixeira (all CPV), P. Gueye, Mane, I. Sarr, Seck, I. Ndiaye (all SEN), Hakimi, En-Nesyri, Ounahi, Saiss, Ziyech (all MAR), Buyla, Edu, Ganet, Miranda (all GEQ), Castelletto, Magri, Toko Ekambi, Wooh (all CMR), Catamo, Clesio, Reinildo, Witi (all MOZ), Elia, Masuaku, Mbemba, Silas (all COD), Amar, Dellah Yaly, Koita (all MTN), Makgopa, Maseko, Tau (all RSA), Marmoush, Salah, Trezeguet (all EGY), E. Colley, Jallow (both GAM), Daka, Kangwa (both ZAM), Dorgeles, H. Traore (both MLI), Gilberto, Zini (both ANG), A. Camara (GUI), Djiku (GHA), Hotto (NAM), M. Konate (BUR), Msuva (TAN), Osimhen (NGR), Rafia (TUN), Ze Turbo (GNB) – 1

Own goals: Gomez (GAM), Orozco (GEQ), Sangante (GNB), E. Tapsoba (BUR).