Connect with us


BIG STORY

BUSINESS: Aviation Sector’s GDP Crashes By 61% Amid Crisis

Published

on

The foreign exchange and fuel crises that have plagued the aviation sector seem to have led to a decline in the sector’s contribution to the Gross Domestic Product by 61.47 percent.

The nominal GDP output of the sector crashed from N84.73bn in the first quarter of 2022 to N32.65bn by the second quarter of the year, according to the latest Q2 2022 GDP data from the National Bureau of Statistics.

There have been serious concerns over millions of dollars earned by foreign airlines operating in the country, which they could not repatriate due to foreign scarcity.

There have also been concerns about the rising cost of aviation fuel, which has made the cost of operations high for domestic airline operators.

Domestic and international airlines operating in the country have been raising airfares and reducing flights due to these crises.

The Chairman, United Nigeria Airlines, and spokesperson for Airline Operators of Nigeria, Prof. Obiora Okonkwo, in an interview (not with PorscheClassy), noted that domestic airlines had been struggling with high operating costs due to the hike in aviation fuel.

He also noted that the lack of adequate forex from the Central Bank of Nigeria had pushed airline operators to get forex from the black market at high costs.

Obiora said, “It is a big problem because 95 percent of the funds we need are sourced from the parallel market, which makes things very expensive. Sometimes, it is not even available.

“This cash, even when you have naira, is not available in US dollars, and then it affects your delivery time, further increases your aircraft-on-ground period and your operational efficiency. So, it is really a huge issue.”

The Chairman, of Air Peace, Allen Onyema, recently disclosed that over 70 airlines had gone into extinction in Nigeria in the past few years and three others currently in operation might collapse in the coming weeks.

He attributed the incessant collapse of airlines in Nigeria to the excessive charges confronting operators in the sector, among other concerns, adding that the major reason capable of crumbling the operations of airlines currently was the high cost of aviation fuel, popularly called Jet A1.

He added, “There are so many issues in the aviation industry. Issues like high taxes are making airlines unprofitable here.

“We pay excessive charges to the Nigerian Airspace Management Agency. Paying navigation charges is absurd for domestic operations. The mortality rate of airlines in Nigeria is alarming. Over 70 airlines have gone into extinction in the last few years.”

The International Air Transport Association, the Switzerland-based global body representing international airlines, had warned Nigeria that more carriers might suspend flights to Nigeria if the government failed to address the repatriation of the $464m trapped in Nigeria.

The British Airways stopped travel agents in Nigeria from selling their tickets amid the difficulty of foreign airlines to repatriate over $464m ticket sales proceeds to their respective home countries.

The development came barely a week after Middle East carrier, Emirates Airlines, announced the suspension of flights to Nigeria effective September 1, 2022. The Dubai-based carrier linked the development to the inability to repatriate $85m ticket sales proceeds.

However, the CBN announced on Friday that it had released $265m to airlines operating in the country, to settle outstanding ticket sales to check a brewing crisis in the country’s aviation sector.

A breakdown of the figure indicated that $230m was released as a special foreign exchange intervention while another $35m was released through the Retail SMIS auction.

BIG STORY

Court Jails Gospel Singer Moses Otitoju, Eight Others For Cybercrime

Published

on

The Federal High Court in Ilorin, Kwara State, has sentenced Moses Otitoju, a self-proclaimed gospel singer, and eight others to prison for crimes linked to cybercrime, conspiracy, and misuse of funds.

Otitoju was sentenced along with Ayodele Joseph, Adeoye Joseph, and Abubakar Abdulmalik, all charged with similar offences by the anti-corruption agency.

The charges were filed by the Ilorin Zonal Office of the Economic and Financial Crimes Commission.

According to a statement issued Friday by Dele Oyewale, Head of Media and Publicity at the EFCC, the 31-year-old gospel singer from Iyamoye in Ijumu Local Government Area of Kogi State was sentenced to six months in prison by Justice Abimbola Awogboro without the option to pay a fine.

Otitoju was convicted for keeping over N8.4 million in his bank account, which was traced to illegal activities.

One of the charges read, “That you, Otitoju Moses Sesan, sometime between October 2024 and December 2025, within the jurisdiction of this honourable court, did retain control of the gross sum of N8,404,339 in your account, being proceeds of criminal conduct, thereby committing an offence contrary to and punishable under Section 17(a) and (b) of the EFCC Act, 2004.”

Ayodele, who had N243,750 in his account, received an eight-month jail sentence without an option of fine.

His Tecno 19 phone was confiscated by order of the court and handed over to the Federal Government.

Adeoye, a native of Okene LGA in Kogi State, was also sentenced to eight months without the option of a fine.

He forfeited $220, an iPhone 13, and a Tecno Pop 9 phone to the Federal Government.

Abubakar was handed a six-month prison term. His iPhone 16 and Samsung S10 were also ordered forfeited to the Federal Government.

EFCC prosecutors Aliyu Adebayo, Sesan Ola, Rashidat Alao, and Mustapha Kaigama led the cases, presenting statements, exhibits, and recovered funds as evidence, all of which were admitted in court.

In another case, Justices Haleema Saleeman and Sulaiman Akanbi of the Kwara State High Court found Emeka Achi, Isaac Oluwafemi, Afolabi Olatoye, Zubeiru Zubeiru Junior, and Abdulkadir Taofeek guilty of cybercrime and diversion of funds.

Justice Akanbi sentenced Abdulkadir to three years in prison with an option to pay a N500,000 fine, and ordered that N800,000, an iPhone 14 Pro Max, and a Samsung phone be permanently forfeited to the Federal Government.

Justice Saleeman sentenced Emeka, Isaac, and Afolabi to six months in jail each, with the option to pay N100,000 as a fine.

In addition, Emeka was ordered to repay N3.35 million within three months and report to the EFCC every two weeks alongside his parents until full payment is made.

Tunde Oyekola

Continue Reading

BIG STORY

Kogi University Lecturer Dies During Sex Romp In Hotel Room With 200-Level Student

Published

on

A senior lecturer at Kogi State University, Anyigba, named Dr. Olabode Abimbola Ibikunle, reportedly died in a hotel room following a sexual encounter with a 22-year-old student in her second year.

It was reported that the event happened on Tuesday, July 15, and the police at Anyigba were alerted shortly after. The student involved was taken into custody for questioning.

The lecturer, known across the university for his strict approach, was allegedly infamous for taking advantage of female students in return for academic favours.

Sources claim Dr. Ibikunle, who was married with children, had booked a room in a hotel alongside the student, who is studying Social Studies Education.

According to those familiar with the situation, the lecturer consumed several energy drinks prior to the incident, presumably in anticipation of vigorous activity.

Unfortunately, the lecturer collapsed and passed away during the act.

The Kogi State Police Command verified the incident to SaharaReporters on Friday, labeling it as unfortunate.

In a statement to SaharaReporters, the Command’s spokesperson, SP William Ovye Aya, stated that the student had been moved to the State Criminal Investigation Department (SCID) for deeper inquiry and potential charges.

Aya explained: “The report was received on July 16, but the unfortunate incident happened on July 15, 2025. It was the manager of the hotel (name not disclosed), who came to the police station at Anyigba and reported about his guest, the lecturer who had lodged in their facility with a 22-year-old 200-level student, 22 years old, named Gloria Samuel.

“According to the manager, the girl on that fateful day rushed to the reception and complained that the lecturer took her to the hotel, and after they had sex, the man slumped.

“So the manager rushed and informed the DPO, and the DPO rushed to the scene, and they moved the man to the hospital. On arrival, a doctor on duty confirmed the lecturer’s death.

“So the girl in question has been transferred from Anyigba Police Division to the State CID for further investigation and prosecution. An autopsy has been conducted, but right now I don’t know whether the result of the autopsy is out because I haven’t spoken with the SCID.”

Continue Reading

BIG STORY

FULL LIST: Tinubu Appoints IBB’s Son, Muhammad Babangida Chairman Bank Of Agriculture, Others As Heads Of Govt Agencies

Published

on

President Bola Ahmed Tinubu has appointed Muhammad Babangida, the son of the former military President, as chairman of the revamped Bank of Agriculture.

President Tinubu approved the appointment today, along with seven others. Some of them will serve as chairmen or directors-general of Federal agencies.

Muhammad Babangida, 53, is an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication. He later attended Harvard Business School’s Executive Program on Corporate Governance in 2002.

Others appointed by the President are:

Lydia Kalat Musa (Kaduna State) Chairman, Oil and Gas Free Zone Authority (OGFZA).

Jamilu Wada Aliyu (Kano State) Chairman, National Educational Research and Development Council (NERDC).

The Hon. Yahuza Ado Inuwa (Kano State) is the Standard Organisation of Nigeria (SON) chairman.

Sanusi Musa (SAN, Kano State) is the Chairman of the Institute of Peace and Conflict Resolution(IPCR).

Prof. Al-Mustapha Alhaji Aliyu (Sokoto State) is the Director-General of the Directorate of Technical Cooperation in Africa (DTCA).

Sanusi Garba Rikiji (Zamfara State) is the Director-General of the Nigerian Office for Trade Negotiations (NOTN).

Mrs Tomi Somefun (Oyo State) is the Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC).

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State) has been appointed Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).

 

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

July 18, 2025

Continue Reading



 

Join Us On Facebook

Most Popular