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Airfares drop as foreign carriers unleash low-priced tickets
Airfares drop as foreign carriers unleash low-priced tickets
Foreign airlines operating in Nigeria have begun to unblock their low-priced fares on Nigerian routes as the Central Bank of Nigeria completes the payment of about $7bn backlog, which includes over $700m unremitted ticket revenue.
The CBN had about two weeks ago announced the completion of payment of $7bn legacy debt, which included FX forward contracts among foreign exchange-denominated debts.
The CBN, however, declared about $2.4bn of the $7bn debt invalid, saying it could not be verified due to improper documentation among other infractions.
The International Air Transport Association, the trade body representing foreign airlines, has yet to verify the clearance of the entire $700m but findings showed on Saturday that the foreign carriers had begun to unblock their low-priced tickets.
To maximise their yields, foreign carriers had over 24 months ago blocked their low-priced tickets on Nigerian routes after ticket revenue running to hundreds of millions of dollars became trapped in Nigeria.
The development led to a sharp increase in fares on the Nigeria routes and was exacerbated by the sharp depreciation of the naira against the United States dollar, with economy fares on popular destinations such as the Lagos-London-Lagos route going for over N3m.
The CBN began the gradual clearance of the debt but the new administration of the apex bank later fast-tracked the payment, leading to clearance of major parts of the debt between late last year and so far this year.
Following the CBN announcement of the clearance of the $7bn, findings revealed that most of the airlines had released their low-priced fares.
The development was confirmed by the Chairman of the National Association of Nigerian Travel Agents, Susan Akporiaye.
She, however, revealed that virtually all the foreign carriers opened their low fares before the CBN announcement of the payment of the $7bn about two weeks ago, adding that low fares were opened about two weeks before the apex bank announcement.
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Akporiaye said, “All of them (foreign airlines) have opened up all the inventories before the final backlog of forex was cleared. It is not now that it was cleared. It was cleared earlier in March.
“It is the only airline that has not done that. All of them have opened up all the inventories before the final forex backlog was cleared.
“We had a few that had issues – the unverified ones. There were some transactions for which some documents were not available. They were unverified. And those that were not cleared in February because they were unverified are those that have just been cleared.”
The NANTA chairman pointed out that one foreign airline had yet to open up its low-priced tickets, saying, “Before this final clearance, the airlines had already reduced inventories, except for one airline, which I won’t mention due to privacy, and I’m sure that the reason why they haven’t complied is a management thing.”
She emphasised that the airlines had been cooperative, but challenges such as unverified transactions caused delays.
“The money the airlines are saying that they are still owed is money with the commercial banks and not with the government, because commercial banks are private. They are not government entities,” Akporiaye added.
Findings showed that commercial banks were still reconciling with the foreign airlines with a view to clearing the final payment following the announcement of the clearance of the final backlog by the CBN two weeks ago.
“At times, the commercial banks are slower than the communication from the CBN. We will ask the airlines to contact their banks and we will have a clearer position. Then we will be able to respond to your inquiry based on verified data,” an IATA official told one of our correspondents on condition of anonymity because the official was not authorised to speak on the matter.
An IATA spokesperson confirmed the development, noting that the body would come with its position on the matter soon.
“IATA is engaging with its members on the situation regarding blocked funds in Nigeria,” a spokesperson for the global body in Geneva said when an update was sought following the CBN announcement.
However, findings showed that the airfares on the Nigerian route recorded a drop despite the opening of low inventories by foreign carriers.
This was confirmed by the NANTA chairman, Akporiaye.
“The release of lower inventories will not necessarily make airfares low because of the rate of exchange,” she noted.
It was discovered that there was a notable difference in the costs of air tickets sold on March 4, 2024, compared to those on Saturday.
As of Saturday, the round-trip economy class ticket from Lagos to London varied in cost among different airlines.
RwandAir Express offered it at N1,102,563; Royal Air Maroc at N1,628,675; and Ethiopian Airlines at N1,641,249.
However, on March 4, 2024, a round-trip economy class ticket from Lagos to London attracted significantly higher prices. Air France priced it at N2,482,138, while Lufthansa offered it at N1,966,165. Qatar Airways provided the same ticket for N2,016,824, and KLM priced it at N2,448,740.
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The average fare for flights on March 30 amounted to approximately N1,457,495.67, reflecting a decrease from the prices observed on March 4, which averaged approximately N2,478,466.75
This price drop represents a 41.19 per cent decrease in the cost of round-trip economy class tickets from Lagos to London.
A trip from Lagos to New York also recorded a drop in fare in the same period.
For the Lagos to New York route on Qatar Airways, the ticket was sold for N2,982,049 as of March 4. However, as of Saturday, it was sold for N1,989,098.
KLM charged N3,158,314; Air France priced it at N3,148,308; United Airlines listed it at N3,193,185, and Delta Air Lines offered the ticket for N3,310,097, on March 4, 2024.
Agents speak
A travel agent with Fadpaulo Travel and Tours Limited, Fadeyi Paul, expressed concerns about the actual impact of the low inventory fares on consumers, saying, “It is still on the high side; there are no low inventories yet. Like Lufthansa.
“But the European airline that I worked with a few days ago has low fares.”
He noted that despite the appearance of low fares, taxes attached to the fares often inflate the final cost for travellers.
Paul stated, “Moreover, the ones which have low inventories, the taxes attached to them are high? They find a way around it and make you still pay one way or the other. If you see a fare that costs $211, you will still end up paying N1.4m.
“So some of them have released low inventories but still make taxes high. So they have a way of working around it to get their money back.”
Another travel agent, Enebeli Alloy, acknowledged that airlines were indeed releasing cheaper fares but noted that the rates were still relatively high.
“The airlines are complying. They are releasing some cheap classes on the system now. The only complaint now is that the rate at which they are selling is still high. But I believe it will reduce gradually. It won’t be done overnight.”
Adewale Adediran of Untamed Travels and Tours echoed similar sentiments, stating, “The inventories have been released although not all, but it is better than what we were experiencing before now.”
Adediran raised concerns about the significant fare differences between travelling from Nigeria compared to neighbouring countries on similar routes.
“The fares are on the high side compared to our neighbouring countries. For example, if one is travelling from Lagos to London and Cotonou to London with the same airline and at the same hour, what they are charging there is lower than what they are charging here. They need to work on that situation,” he added.
Sanction threats
The Federal Government had earlier this month issued a warning to foreign airlines regarding the release of low inventory tickets, threatening sanctions for non-compliance.
During a meeting with the Nigerian Civil Aviation Authority and aviation stakeholders, foreign airlines pledged to enhance transparency by making low-inventory tickets more accessible to the Nigerian middle class.
The Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, said that the meeting had in attendance representatives of the National Association of Nigerian Travel Agencies.
While some airlines claimed to have opened low inventory tickets, NANTA confirmed discrepancies, leading to instructions for all airlines to comply.
“A majority of them are reported to have complied by opening low inventory tickets. For those who have yet to do so, we have given them a week or so,” stated Achimugu.
He also mentioned that sanctions would apply to airlines failing to comply, pending confirmation of the exact deadline.
The government had recently disbursed part of the $700m trapped air ticket funds to foreign airlines, signalling ongoing efforts to address aviation industry challenges.
Airfares drop as foreign carriers unleash low-priced tickets
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JUST IN: Iran Reimposes Strait of Hormuz Blockade, Suspends Nuclear Talks With US
JUST IN: Iran Reimposes Strait of Hormuz Blockade, Suspends Nuclear Talks With US
Tehran announced a renewed closure of the strategic Strait of Hormuz on June 19, accusing Washington of violating a newly signed ceasefire agreement as Israeli forces continue military operations in southern Lebanon, casting doubt over a fragile diplomatic breakthrough. In a statement broadcast through maritime radio channels, Iran’s Islamic Revolutionary Guard Corps declared that the waterway would remain shut until three key conditions are met: Israel’s complete withdrawal from Lebanon, the full lifting of the US naval blockade, and the withdrawal of American forces from the Persian Gulf and the region. The IRGC warned all commercial and private vessels to avoid the strait, stating that “any vessel that defies this directive will be targeted.” The dramatic escalation came just hours after the planned first round of US-Iran nuclear negotiations in Switzerland was cancelled, with hardline elements within Iran reportedly opposing participation until Israel withdraws from southern Lebanon. A regional source claimed that hardliners insisted on Israel’s complete withdrawal before any diplomatic engagement could proceed.
The reimposed blockade appears to stem from ambiguities in the 14-point Islamabad Memorandum of Understanding, signed electronically on June 17 by US President Donald Trump and Iranian President Masoud Pezeshkian. The agreement committed both sides to an “immediate and permanent termination of military operations on all fronts, including in Lebanon,” while also requiring the US to “begin the removal of its naval blockade” immediately, with a full end within 30 days. This phased approach has allowed Iran to argue that the blockade has not yet been “completely” lifted. Simcha Brodsky, president of the open-source intelligence organization OSINT613, told the New York Post: “What we’re seeing is a direct result of the wording in the US-Iran MoU. The deal lifts the US blockade in phases, fully within 30 days, so the US is still in the middle of that process by design.” Brodsky added: “Iran has now linked the Israel-Lebanon conflict to that justification, effectively halting the agreement and drawing Israel into a deal it neither approved nor negotiated.” On June 18, the US Central Command had formally announced it had lifted the two-month blockade of Iranian ports. However, it remains unclear why the IRGC believes the lifting is not yet “complete.”
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Despite the ceasefire provisions in the US-Iran memorandum calling for an end to all hostilities in Lebanon, Israeli forces have continued military operations against Hezbollah. Lebanese authorities reported that nearly 50 people were killed and close to 100 wounded in a wave of Israeli airstrikes across southern Lebanon and the eastern Bekaa Valley on Friday. The southern towns of Harouf and Haboush suffered the highest death tolls, with nine and seven fatalities respectively, while at least two children were reported killed. Earlier reports from the Health Ministry’s Emergency Operations Center confirmed at least 24 deaths and 33 wounded from intensive strikes across 11 towns. Israeli Prime Minister Benjamin Netanyahu insisted that Israeli forces “will remain in southern Lebanon for as long as security requires,” directly contradicting the memorandum’s call for an immediate end to hostilities. The Israel Defense Forces have also published a new map showing an expanded zone of occupation, with troops deployed more than 6 miles across the Lebanese border, including areas north of the Litani River. Lebanese President Joseph Aoun condemned the latest strikes, saying they undermined efforts to consolidate the ceasefire and represented a “dangerous escalation.” Lebanon’s Parliament Speaker Nabih Berri reaffirmed Lebanon’s commitment to the ceasefire agreement, provided that Israel fully complies with its terms.
US President Donald Trump responded to the developments by claiming the conflict had significantly weakened Iran’s military capabilities. In a post on Truth Social, he wrote: “The War has diminished Iran! It doesn’t, any longer, have an Air Force, a Navy, Antiaircraft Equipment, Radar, or practically anything else.” Trump dismissed criticism from Democrats over his administration’s handling of the conflict, stating: “We didn’t meet out of desperation, Iran did. They are FINISHED! We’ll play out the 60 days. They get no money, not ten cents!” He also described Iran’s signing of the memorandum as “unconditional surrender” in an interview with Axios.
Despite Iran’s announcement of a blockade, maritime traffic through the Strait of Hormuz showed signs of recovery following the signing of the US-Iran agreement. Data from analytics firm AXS Marine showed 25 commercial vessel crossings on June 18—the highest single-day count since mid-April and more than five times the average recorded during the first ten days of June. Four supertankers alone carried at least 8 million barrels of crude oil through the strait, with shipments headed primarily to Japan, South Korea, Pakistan, Singapore, India, and China. The French-flagged LNG tanker Mraikh transported 169,000 cubic meters of LNG from Qatar to Pakistan. However, traffic remains well below the pre-conflict level of about 120 daily crossings, and the US navy-led Joint Maritime Information Center advised vessels to avoid the Traffic Separation Scheme because of mine risks as clearance operations continue. Ship broker Braemar noted in a statement: “Risks range from the danger of mines… to that of getting stuck in the Mideast Gulf should tempers flare and Iran block Hormuz once again.”
JUST IN: Iran Reimposes Strait of Hormuz Blockade, Suspends Nuclear Talks With US
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Take Terrorists Off Front Pages, FG Tells Nigerian Media Outlets
Take Terrorists Off Front Pages, FG Tells Nigerian Media Outlets
Minister Mohammed Idris calls for responsible journalism at NUJ-DSS National Security Summit in Abuja
ABUJA, Nigeria – The Federal Government has appealed to Nigerian media organisations to stop giving prominent coverage to terrorists, bandits and other criminal groups, warning that such publicity inadvertently amplifies their activities and undermines national security efforts.
Minister of Information and National Orientation, Mohammed Idris, made the appeal on Thursday during a two-day National Security Summit organised by the Nigeria Union of Journalists (NUJ) in collaboration with the Department of State Services (DSS) in Abuja. The summit, themed “Media and Security Agencies as Partners in Nation Building,” brought together media practitioners, security officials and communication experts to discuss the role of journalism in strengthening national security.
Idris said while the administration of President Bola Tinubu remains committed to press freedom, journalists must exercise responsibility in reporting security-related issues. “Yes, we have to do our work; we have to report whatever happens, but you must know that the best reporter, the best editor, is the one who knows what not to report in the interest of nation-building,” he stated. The minister urged editors to reduce the prominence given to reports of attacks and criminal activities, arguing that terrorists often seek publicity through media coverage. “Please, take these terrorists and criminals off your front pages. This is what they crave, free of charge. It saddens me when I see our front pages reporting the activities of these criminals while underplaying the achievements of our security agencies,” he added.
According to Idris, a secure and peaceful nation is essential for the survival and growth of the media industry. He called on journalists to highlight the sacrifices and successes of security personnel who continue to risk their lives to protect the country. “We must have a Nigeria to report first before we can even have a union or any other media organisation. It is our collective responsibility to ensure that this nation survives,” he said.
The minister noted that Nigeria continues to face complex security threats, including terrorism, banditry, cybercrime, organised crime, misinformation and separatist agitations, all of which require coordinated responses. He stated that sustained operations have weakened terrorist networks in the North-East, while intensified efforts against banditry and kidnapping in the North-West and North-Central have produced positive results. According to him, the government has invested in modern equipment, surveillance systems, intelligence infrastructure and capacity building to enhance the effectiveness of security operations. Beyond military measures, the administration is addressing underlying causes of insecurity through economic reforms, youth empowerment initiatives, infrastructure development, education and social intervention programmes.
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On education, Idris said more than 1.3 million Nigerian students have benefited from the National Education Loan Fund (NELFUND) , which was introduced to ensure that financial difficulties do not prevent young Nigerians from accessing higher education. Reports indicate that over ₦161.97 billion has been disbursed in 2026, including ₦89.94 billion paid directly to public tertiary institutions and ₦72.03 billion transferred into students’ bank accounts as monthly upkeep stipends. He further disclosed that the government is working on improved welfare packages for media professionals to enhance their productivity and well-being.
The minister commended the media industry’s support for the country’s digital broadcasting transition, describing the recent launch of the Digital Switch Over (DSO) as a major milestone achieved through collaboration between government and stakeholders. The platform was officially launched on Wednesday, June 17, 2026, at the NIGCOMSAT headquarters in Abuja, marking a significant step in the modernisation of Nigeria’s broadcasting industry after over a decade of lapsed deadlines. The initiative is projected to serve about 40 million households and generate more than N600 billion in economic value. Idris described the DSO as part of a broader national effort to build a more connected and competitive Nigeria, noting that the government is pursuing a hybrid broadcasting model combining Digital Terrestrial Television, Direct-to-Home satellite delivery, and digital application-based platforms.
In his remarks, NUJ National President Alhassan Yahya said the summit was designed to strengthen cooperation between journalists and security agencies in the interest of democracy and national development. Yahya praised the leadership of the DSS, stating that relations between the agency and the media have improved significantly in recent years. “It may interest you to know that in the last one and a half years, there has been no record of intimidation or harassment by state services in this country,” he said.
Also speaking, President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR) , Dr Ike Neliaku, described the media and security institutions as critical pillars of Nigeria’s democracy. Neliaku announced that Nigeria had secured the hosting rights for the World Public Relations Forum scheduled for November 2026, marking the first time the event will be hosted in Sub-Saharan Africa. The forum is expected to bring communication professionals from 126 countries to Nigeria.
Meanwhile, President of the Nigeria Chapter of the International Press Institute (IPI) , Musikilu Mojeed, stressed that national security and press freedom should not be viewed as competing interests. According to him, democratic societies require both values to thrive, warning that security without accountability could encourage abuse, while freedom without security cannot be sustained. “National security and press freedom are not opposing goals; they are mutually reinforcing pillars of democratic governance,” Mojeed said. He noted that tensions between journalists and security agencies are inevitable because both institutions pursue different objectives, but argued that the task of democratic institutions is not to eliminate such tension but to manage it responsibly through dialogue, professional accountability structures and judicial processes.
The summit was attended by representatives of major security agencies, senior media executives, former NUJ presidents and public relations practitioners from across the country.
Take Terrorists Off Front Pages, FG Tells Nigerian Media Outlets
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Ex-INEC Chairman Yakubu Officially Assumes Office as Nigeria’s Ambassador to Qatar
Ex-INEC Chairman Yakubu Officially Assumes Office as Nigeria’s Ambassador to Qatar
Former Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has officially assumed office as Nigeria’s Ambassador to Qatar, marking the beginning of his diplomatic service in the Gulf state.
Yakubu arrived in Doha, the capital of Qatar, where he was formally received by senior officials of the Qatari Ministry of Foreign Affairs, African diplomats based in the country, and members of the Nigerian community.
At Hamad International Airport, he was welcomed by Ambassador Ibrahim Abdullah Fakhro, Director of the Protocol Department at Qatar’s Ministry of Foreign Affairs, in line with standard diplomatic reception procedures for newly arrived envoys.
His arrival attracted notable diplomatic attention, with about 13 African ambassadors and heads of mission present in Doha to receive him, reflecting his standing within Africa’s diplomatic community.
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The reception was led by Ambassador Thierno Sow of Guinea, who serves as President of the Bureau of the African Group of Ambassadors to Qatar. Diplomats from countries including Algeria, Burundi, Morocco, Tanzania, Mali, Niger, Burkina Faso, Ghana, Senegal, Togo, Benin, and the Central African Republic were also present.
Other dignitaries at the reception included the Secretary-General of the Gas Exporting Countries Forum, Dr. Philip Mshelbila, alongside leaders of the Nigerian diaspora community in Qatar, including the President of the Nigerians in Diaspora Organisation in Qatar, Michael Ihekwaba.
Yakubu exchanged greetings with several diplomats during the reception, including envoys from Mali, Senegal, and Tanzania, before proceeding to the Nigerian Embassy in Doha.
At the embassy, he met with diplomatic staff and officials as part of formal procedures marking his assumption of duties as Nigeria’s envoy to Qatar.
His appointment comes after years of service as INEC Chairman, where he oversaw major electoral cycles in Nigeria. He is now expected to focus on strengthening Nigeria–Qatar diplomatic relations, including cooperation in governance, trade, investment, and diaspora engagement.
Ex-INEC Chairman Yakubu Officially Assumes Office as Nigeria’s Ambassador to Qatar
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