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$85m Trapped Revenue: Emirates Suspends ALL Flights To Nigeria September 1

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Emirates Airlines has announced the suspension of its flight operations to Nigeria, starting September 1, 2022.

The flag carrier of the United Arab Emirates (UAE) made this known in a statement on Thursday, citing the inability to repatriate its earnings in foreign exchange from Nigeria.

Last month, Emirates asked Hadi Sirika, minister of aviation, to support the repatriation of its revenue, amounting to $85 million. Nigeria is facing a forex exchange crisis and this has also affected the nation’s local currency — Naira — to depreciate against the dollar.

The airline said the suspension would “limit further losses and reduce the impact on its operational costs that continue to accumulate in the Nigerian market”.

“Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market,” the airline said.

“We sincerely regret the inconvenience caused to our customers, however, the circumstances are beyond our control at this stage. We will be working to help impacted customers make alternative travel arrangements wherever possible.

“Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we remain keen to serve Nigeria, and our operations provide much-needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai, and to our broader network of over 130 destinations.”

In May, the International Air Transport Association (IATA) lamented the inability of foreign airlines to repatriate about $450 million in earnings

Of the amount, IATA said Nigeria alone is holding about $450 million due to a shortfall of foreign exchange (FX) and a dwindling reserve.

Sam Adurogboye, spokesperson for Nigeria Civil Aviation Authority (NCAA), in a chat with TheCable, pleaded with the government to help the airlines repatriate the funds.

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Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

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The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

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BIG STORY

JUST IN: Court Remands Yahaya Bello In EFCC Custody Amid Alleged N110bn Fraud Case

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The Federal Capital Territory (FCT) High Court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).

Bello was arraigned on a 16-count charge related to alleged money laundering on Wednesday.

He pleaded not guilty to all the charges.

 

More to come…

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First Phase Of 10,800-Bed Hostel In LASU Ready — Tokunbo Wahab

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The first phase of a 10,800-bed hostel project at the Lagos State University (LASU) is now ready for inauguration, according to Tokunbo Wahab, former special adviser to the governor on education.

Wahab, who is now commissioner for environment and water resources in Lagos, describes the project as ambitious and transformative.

“ It remains one of the most ambitious and transformative projects undertaken during my time as the Special Adviser to the Governor on Education,” he wrote on X.

“It was executed through a Public-Private Partnership (PPP) model under a Build-Operate-Transfer (BOT) arrangement which involves seven reputable investors.”

Wahab commended Babajide Sanwo-Olu, Lagos governor, for his leadership and continuous support.

“Proud of the work done here and to have been a part of this special one,” he added.

“Through the grace of God and the unwavering support and the dedication of the Lagos State Office of Public-Private Partnerships, the relentless efforts of the management staff of LASU, led by Vice Chancellor Prof. Ibiyemi Olatunji-Bello, and the cooperation of other key stakeholders, the first phase of this landmark project has now been completed.”

Wahab emphasized that the project showcases the state government’s commitment to leveraging public-private partnerships to address critical infrastructure needs in the education sector.

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