UAE/Nigeria face-off: We’re waiting for directives from Aviation Ministry, says  NCAA – Newstrends
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UAE/Nigeria face-off: We’re waiting for directives from Aviation Ministry, says  NCAA

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  • Ethiopian airline denies Nigerians boarding

The face-off between Nigeria and the United Arab Emirates, UAE, over allocation of flight frequencies to each country’s flag carriers, Air Peace airline and Emirates airline took a dramatic twist on Monday, with the Gulf country directing foreign airlines not to bring Nigerians to its territories.

Consequently, Nigerian passengers were denied boarding on Ethiopian Airline at the Muritala Muhammed International airport, Lagos yesterday.

Sources also confirmed yesterday that Ethiopian Airlines, Turkish Air, and other international airlines going to Dubai from their bases have also been directed not to board any passenger with Nigerian passport whose final destination is Dubai, UAE.

There were, however, indications yesterday that the Federal Government was preparing to react appropriately to the latest move by United Arab Emirates.

Although the Director of Public Affairs of the Ministry, Dr James Odaudu, said he was very busy when contacted yesterday, feelers from the Ministry indicated that the federal government was preparing a comprehensive response to the UAE latest onslaught.

Also speaking on the issue, the General Manager Corporate Affairs, Nigeria Civil Aviation Authority, NCAA, Sam Adurogboye, said the agency was waiting for directives from the Ministry of Aviation.

“This is a diplomatic row between Nigeria and United Arab Emirates. It is within the purview of the Ministry of Aviation to react and give directives to NCAA. We are waiting for the directives from the Ministry,” Adurogboye told Vanguard.

Recall that on Friday, the Minister of Aviation, Hadi Sirika, canceled the 21 frequencies earlier given to Emirates and restricted it to one flight to Abuja every week.

While announcing the withdrawal of earlier granted approval on Friday night, the Director General of Nigeria Civil Aviation Authority,NCAA , Captain Musa Nuhu, had in a letter with the reference number: NCAA/DG/AIR/11/16/329, dated December 9, 2021, entitled ‘’Withdrawal of Ministerial Approval of Emirates Airlines Winter Schedule,’’ and addressed to the Country Manager, Emirates Airlines, withdrew the initial approval granted the airline.

The letter read: “I write to inform you of the withdrawal of the approval granted to Emirates Airlines winter schedule. This approval was conveyed via a letter with reference number FMA/ATMO/501/C.104/XV/356, dated December 1, 2021. The withdrawal becomes effective on Sunday, December 12, 2021 at 2302.

 

“Please kindly note, henceforth, Emirates Airlines is granted approval to operate only one weekly passenger frequency to Abuja on Thursdays.”

 

Emirates also on Friday reacted by unilaterally suspending flights to Nigeria. The airline had said:  “With the recently imposed directive limiting Emirates to operate one flight per week to Nigeria via Abuja, Emirates will be suspending its flights between Nigeria and Dubai from December 13, 2021.

-Vanguard

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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