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Nigeria Lifts Ban On Emirates Airlines1 minute read



The Nigeria Government has lifted a ban it slammed on Emirates Airlines barring it from operating into and out of the country.

Mr James Odaudu, Director, Public Affairs, Ministry of Aviation, in a statement on Wednesday said that the lift of the ban was based on an undertaking by the authorities of the United Arabs Emirates (UAE)

Odaudu said the Minister of Aviation, Senator Hadi Sirika, had said the commencement of the airline’s operations would however depend on the commencement of visa issuance by the UAE.

“UAE has written to state that they agree to issue visas to Nigerians, consequently decision has been reached to allow Emirates to fly into Nigeria.

“Commencement of the Visa issuance is condition precedent. Please bear with this unusual situation.”

The Minister appreciates the understanding of everyone who has been negatively affected by the recent policy decisions which forbade some airlines from operating into the country when Nigeria reopened its air space to international flights.

The decisions, he said, were taken to protect the interests of the nation and its citizens who deserve to be treated with respect and dignity, same Nigeria treats other nationals.

It will be recalled that Emirates Airlines was initially given approval to operate into the country, an approval which was withdrawn following the inability of Nigerians to obtain/use valid tourist visas to enter the UAE.

Business News

Anonymous Didn’t Hack Our Website – First Bank



Anonymous, an online network known for launching cyberattacks against government institutions, has reportedly hacked the website of First Bank of Nigeria Limited.

But the financial institution has denied the hack.

A visit to the bank’s website at 01:30pm showed that it had been brought down completely.

In a string of tweets, Anonymous confirmed bringing down the bank’s website while alleging that the bank deducted money from the accounts of customers who are in support of the #EndSARS campaign.

Anonymous also accused the bank of instructing its staff not to join the #EndSARS campaign.

It stated, “Now #ENDSARSOPPRESSION Official website of First Banks Nigeria has been taken #Offline. You remove money from users because they support #EndSARS.

“We #Anonymous have taken-down your website in support of #EndSARS

“You will pay for your actions. you should have expected us!

“Enjoy your server taken down. no money is gone.”

Anonymous, however, said it would restore the website after it “keep it down for some time”.

However, First Bank said the website was never brought down in the first place.

The bank said, “Our attention has been drawn to the tweet making the rounds on social media on shutting down the FirstBank website following a false tweet that the Bank prevented staff from joining the ongoing protests in the country.

“As the largest banking institution in Nigeria, it is not unlikely that we may be seen as a target in circumstances such as these. This is rather unfortunate as we believe far-reaching reform is necessary and we have said as much on a number of occasions across our platforms.

“In the process of change, some pain will be borne by all and some anger may well be misdirected. We understand this as a part of the process of the struggle.

“”We have a large staff strength and an even larger customer base who may be affected by any disruption and this would be a pity as a number are also contributing in many ways to ensure that voices are heard and required action is taken.

“We have been consistent in our message on the need to end all brutality and carry out necessary reforms. We will continue to lend our voice accordingly.”

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Business News

Nigeria’s Bourse Sees N164Bln Growth



After two days of cautious trading, the Nigerian Stock Exchange (NSE) on Friday recorded N164 billion growth following renewed investors interest.

Specifically, the market capitalisation which opened at N14.815 trillion rose by N164 billion or 1.11 per cent to close at N14.979 trillion.

Also, the All-Share Index rose by 315.41 points or 1.11 per cent to close at 28,659.45, from 28,344.04 on Thursday.

Total led the gainers’ table growing by N10.20 to close at N112.20 per share.

Presco followed with N5.40 to close at N65.90, while Zenith Bank garnered N1.55 to close at N21.55 per share.

NASCO gained 90k to close at N13, while Guaranty Trust Bank added 85k to close at N30.35 per share.

On the other hand, Eterna topped the losers’ chart, dropping 39k to close at N4.90 per share.

Cutix trailed with 18k to close at N1.62, e Transact also dipped 18k to close at N1.73 per share.

Fidson Healthcare was down by 6k to close at N3.50, Red Star Express lost 5k to close at N3.25 per share.

In the same vein, the volume of shares traded rose by 42.52 per cent with an exchange of 489.11 million shares valued at N4.72 billion in 5,652 deals.

This was in contrast 343.19 million shares worth N5.04 billion transacted in 4,048 deals on Thursday.

United Bank for Africa was the most active stock, trading 100.23 million shares valued at N696.29 million.

Zenith Bank came second with an account of 73.93 million shares worth N1.56 billion, while FBN Holdings sold 54.22 million shares valued at N344.04 million.

Fidelity Bank traded 34.57 million shares worth N70.88 million, Access Bank exchanged 29.25 million shares valued at N229.97 million.

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Business News

Nigeria’s Inflation Rises to 13.71%



The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) for September, says inflation rate in September rose by 0.49 per cent to 13.71 per cent from 13.22 per cent recorded in August.

NBS released the Consumer Price Index (CPI) for September on Thursday in Abuja.

It said the increase in the inflation in September was on a year-on-year basis.

It said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

It said on a month-on-month basis, the headline index increased by 1.48 per cent in September, showing 0.14 per cent rate higher than the rate recorded in August of 1.34 per cent.

“The percentage change in the average composite CPI for the 12 months’ period ending September over the average of the CPI for the previous 12 months period was 12.44 per cent.

“Showing 0.21 per cent point from 12.23 per cent recorded in August.”

The NBS said that urban inflation rate increased by 14.31 per cent (year-on-year) in the month under review from 13.83 per cent recorded in August.

“While the rural inflation rate increased by 13.14 per cent in September from 12.65 per cent in August.

It added that on a month-on-month basis, the urban index rose by 1.56 per cent in September, up by 0.14 per cent from 1.42 per cent recorded in August.

The rural index also rose by 1.40 per cent in September, up by 0.13 from the rate recorded in the previous month 1.27 per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September.

“This is higher than 12.85 per cent reported in August, while the corresponding rural inflation rate in September is 11.86 per cent compared to 11.66 per cent recorded in August.

The NBS also said that composite food index rose by 16.66 per cent in September compared to 16.00 per cent in August.

It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

It said that on month-on-month basis, the food sub-index increased by 1.88 per cent in September, up by 0.21 per cent points from 1.67 per cent recorded in August.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September, up by 0.06 per cent when compared with 10.52 per cent recorded in August.

NBS said that on month-on-month basis, the core sub-index increased by 0.94 per cent in September. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August.”

It said the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, pharmaceutical products and passenger transport by road.

Others are motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and paramedical services.

For state profiles, the report said that all items inflation on year –on-year basis was highest in Bauchi at 17.85 per cent, Zamfara followed with 17.42 per cent and Kogi with 16.66 per cent, while Lagos which stood at 11.19 per cent, Abuja 10.59 per cent and Kwara 10.53 per cent recorded the slowest rise in headline Year on Year inflation.

On a month-on-month basis however all items inflation was highest in Bauchi at 3.36 per cent, Kogi at 2.63 per cent and Zamfara 2.75 per cent.

While Nasarawa, which stood at 0.66 per cent, Abuja 0.64 per cent and Ondo with 0.31 per cent recorded the slowest rise in headline month-on-month inflation.

For food inflation, the NBS said that on a year-on-year basis, it was highest in Zamfara at 20.94 per cent, Kogi 19.06 per cent and Plateau/Yobe 18.90 per cent.

Nasarawa stood at 13.94 per cent, Lagos 13.87 per cent and Ondo 13.59 per cent recorded the slowest rise.

On month-on-month basis, however, food inflation was highest in Zamfara at 3.65 per cent, Anambra 3.19 per cent and Kaduna 3.15 per cent.

Nasarawa is put at 0.51 per cent and Abuja at 0.15 per cent recorded the slowest rise.

“However, Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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