Category: Corporate Affairs

ABU DHABI, UAE (NPA) — Etihad Airways, the national airline of the United Arab Emirates, and Nigerian carrier Ibom Air have signed an interline agreement that will enable travellers to connect to five Nigerian cities on a single ticket when Etihad’s Accra and Lagos services begin in March 2027.

Under the agreement, Etihad passengers arriving in Lagos or Accra will be able to continue their journeys on Ibom Air to Abuja, Uyo, Port Harcourt, Calabar and Enugu.

The arrangement will also provide connections between Accra and Abuja, and between Accra and Uyo. Passengers will be able to make the entire journey under a single booking, with baggage checked through to their final destinations.

The agreement expands Etihad’s connectivity beyond Lagos and Accra, giving international travellers access to key destinations across southern Nigeria, including Uyo and Calabar, as well as Abuja, Port Harcourt and Enugu.

Etihad’s non-stop services between Abu Dhabi and the region are scheduled to begin in March 2027, with four weekly flights to Accra commencing on March 24 and a daily service to Lagos starting on March 23.

Arik De, Etihad Airways Chief Revenue and Commercial Officer, said the partnership reflected the airline’s long-term ambitions in Africa, with Nigeria playing a central role.

“Our ambitions in Africa are long-term, and Nigeria sits at the centre of them. Ibom Air has built a strong domestic network from its base in Uyo, and partnerships with airlines that know their own markets are how we grow on the continent,” he said.

De said having the agreement in place before Etihad’s Accra and Lagos services begin would ensure that the airline entered the region with connections to cities beyond its two initial destinations.

George Uriesi, Managing Director and Chief Executive Officer of Ibom Air, said the agreement represented a significant milestone in the airline’s drive to become a world-class African regional carrier.

He said the partnership would enable international travellers to access Ibom Air’s destinations through a single booking while improving convenience and connectivity.

“It positions Ibom Air as the key domestic and regional connection for Etihad Airways’ operations into Nigeria and Ghana from next year,” Uriesi said.

He added that the airline looked forward to welcoming Etihad passengers and showcasing its service.

Tickets combining the two airlines’ networks will be available from November 3, 2026.

Etihad Airways, established in 2003, operates from its Abu Dhabi base to passenger and cargo destinations across the Middle East, Africa, Europe, Asia, Australia and North America. Its codeshare partnerships provide access to hundreds of international destinations.

Ibom Airlines Limited, wholly owned by the Akwa Ibom State Government, focuses on schedule reliability, on-time departures and service quality.

Ibom Air operates a fleet comprising seven Bombardier CRJ 900 aircraft and two Airbus A220-300s, serving seven domestic destinations and Accra, Ghana.

ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Ltd recorded N3.087 trillion in revenue and N279 billion in profit after tax in July 2026, according to its Monthly Report Summary for the month.

The report also showed that the company recorded crude oil and condensate production of 1.68 million barrels per day (mmbopd), while natural gas production stood at 7,489 million standard cubic feet per day (mmscf/d).

NNPC Ltd said statutory payments between January and July 2026 amounted to N7.913 trillion.

The company’s upstream pipeline availability stood at 100 per cent during the period, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline recorded 95 per cent progress. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline recorded 100 per cent in the reported milestone.

The report said pre-commissioning activities for the OB3 River Niger Crossing had been completed in preparation for first gas in August 2026.

It also stated that construction and installation works on the AKK Gas Pipeline were at an advanced stage, with efforts focused on delivering early gas to Abuja in 2026.

On gas sales, NNPC Ltd recorded 4,581 mmscf/d in July, compared with 4,970 mmscf/d in June and 4,921 mmscf/d in May, according to the report’s monthly trend chart.

The company’s crude oil and condensate sales stood at 22.37 million barrels (MMbbls) in July, compared with 28.23 million barrels in June and 18.95 million barrels in May.

NNPC Ltd attributed the July crude oil production performance to a combination of operational disruptions across several assets.

It listed facility outages, equipment unavailability, pipeline incidents and other production constraints among the factors that affected output during the month.

The company said production improvement efforts would focus on sustaining high facility uptime through effective preventive maintenance programmes and reducing unplanned downtime.

According to the report, other initiatives include optimising export operations at FEPL and Nembe EP, developing incremental production opportunities across the portfolio and strengthening operational reliability at key facilities.

NNPC Ltd also said tandem offloading operations at Akpo and Erha would be activated to enhance export flexibility, while the restoration of barging operations at Obodo would improve production evacuation and help sustain output.

On petroleum products availability, the report showed that PMS availability across NNPC Retail stations stood at 52 per cent during the reporting period.

NNPC Foundation, NYSC strengthen youth entrepreneurship partnership

The report also highlighted the activities of the NNPC Foundation, which reaffirmed its partnership with the National Youth Service Corps (NYSC) to promote youth entrepreneurship through the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme.

According to the report, the Foundation has, since 2023, provided financial literacy empowerment to more than 1.3 million corps members and supported 531 beneficiaries with start-up packs and business grants.

The partnership is aimed at strengthening entrepreneurial development through financial literacy, enterprise support, digital innovation and data-driven impact measurement.

The initiative seeks to equip corps members with skills and resources to become job creators and future business leaders.

NNPC Ltd noted that all production, sales and financial figures contained in the July report were provisional and subject to reconciliation with relevant stakeholders.

CAIRO, Egypt (NPA) — China Chengxin International Credit Rating Co. Ltd. (CCXI) has affirmed the African Export-Import Bank (Afreximbank)’s AAA issuer credit rating with a stable outlook for the second consecutive year. 

The affirmation, according to a statement issued on Saturday by Afreximbank’s Communications and Events Manager, Vincent Musumba, underscores the bank’s financial strength and strategic importance. 

CCXI, in its 2026 Credit Rating Report for Afreximbank, released in Beijing on July 30, said it expected the bank’s credit rating to remain stable over the next 12 to 18 months. 

Musumba said the rating agency identified Afreximbank’s strong strategic positioning, sound risk management system, flexible business development and strong profitability among its key strengths. 

The agency also highlighted the bank’s prudent liquidity management and very high coverage ratio of current assets to short-term debts, which it said strongly supported Afreximbank’s overall credit strength. 

According to Musumba, the latest affirmation would further strengthen Afreximbank’s access to diversified funding sources, particularly in China, while enhancing its profile and market presence in one of the world’s largest capital markets. 

“In 2025, the bank issued its inaugural 2.2 billion Chinese yuan Panda bond, becoming the first African multilateral development institution to access the Panda bond market,” he said. 

Musumba added that Afreximbank had subsequently become a direct participant in China’s Cross-border Interbank Payment System (CIPS), strengthening its role in facilitating China-Africa trade, investment flows and partnerships. 

The CCXI affirmation follows S&P Global Ratings’ assignment earlier in 2026 of BBB+ long-term and A-2 short-term issuer credit ratings to Afreximbank, also with a stable outlook. 

Afreximbank also holds investment-grade ratings from GCR (A), Japan Credit Rating Agency (A-) and Moody’s (Baa2), according to the statement. 

Commenting on the latest rating, Chandi Mwenebungu, Managing Director, Treasury and Markets, and Treasurer, Afreximbank, described the affirmation as a strong endorsement of the bank’s financial strength and disciplined risk management. 

“The affirmation of our AAA rating for a second consecutive year is a strong endorsement of Afreximbank’s financial strength, disciplined risk management and enduring relevance to Africa and Global Africa,” Mwenebungu said. 

He said the rating demonstrated the bank’s capacity to deliver on its mandate, support member states during periods of uncertainty and mobilise capital from diverse funding pools across local and global markets. 

Mwenebungu added that the rating reflected Afreximbank’s ability to maintain the financial resilience and institutional strength expected of a leading multilateral development bank. 

LAGOS, Nigeria (NPA) — Nigeria and West Africa’s leading carrier, Air Peace, has expanded its African operations with the launch of its Lagos–Douala–Libreville route, reinforcing its commitment to strengthening regional air connectivity and promoting seamless travel across West and Central Africa.

The inaugural flight, which took off on Sunday, August 2, 2026, comes barely 24 hours after the airline commenced services on the Lagos–Conakry–Bamako route, highlighting its sustained drive to broaden its continental network and position Lagos as a strategic gateway for travel, trade and investment across Africa.

According to a report by Aviation Monitor, the new service links Nigeria’s commercial capital with Douala, Cameroon, and Libreville, Gabon, creating new opportunities for business, tourism, commerce, cultural exchange and stronger people-to-people ties between West and Central African countries.

Leading the Air Peace delegation on the inaugural flight were the airline’s Chief Commercial Officer, Mr Nowel Ngala, and Director of Flight Operations, Captain Augustine Kamano.

On arrival at Douala International Airport, the delegation received a warm reception from Cameroonian aviation officials, representatives of the Nigerian diplomatic mission and leaders of the Nigerian community.

Among those who welcomed the airline were Mrs Suliat A. Paramole, Foreign Affairs Officer at the Nigerian Consulate General, representing the Nigerian Ambassador to Cameroon; Hon. Chief Sir Lovinus Ezeh, President-General of the Nigerian Community in the Littoral Region; Lt. Col. Adolphe Nyamke Bongkwaha, Deputy Chief of the Airport Security Unit, representing the Douala Airport Authority; as well as officials of the Civil Aviation Authority and the country’s transport regulator.

Speaking during the reception, Mrs Paramole commended Air Peace for strengthening the long-standing relationship between Nigeria and Cameroon through improved air connectivity.

She said the new route would facilitate greater movement of people, boost commercial activities and promote closer bilateral cooperation between the two neighbouring countries.

Chief Ezeh also welcomed the development, describing the direct connection as a significant milestone for Nigerians residing in Cameroon.

He expressed optimism that the route would make travel easier for passengers while enhancing economic, business and social interactions between both countries.

Representing the Douala Airport Authority, Lt. Col. Bongkwaha described the commencement of the route as an important addition to the airport’s regional network, saying it would strengthen Douala’s position as a key aviation gateway in Central Africa.

Speaking on behalf of the airline, Mr Ngala said the launch represents another major milestone in Air Peace’s vision of building an interconnected African aviation network.

According to him, the Lagos–Douala–Libreville route offers passengers greater access to destinations across Air Peace’s domestic and regional network while improving connections to international destinations, including London and the Caribbean.

He reaffirmed the airline’s commitment to making intra-African travel more convenient through reliable connectivity between major cities across the continent.

Following its stop in Douala, the inaugural flight continued to Libreville, where it was received by senior officials of Gabon’s aviation authorities and representatives of the Nigerian community.

Those on hand to welcome the airline included Mr Georges Renaud Maxime Moubamou Malekou, Director of Flight Operations at the Agence Nationale de l’Aviation Civile; Mr Igor Simard, Managing Director of Aéroport de Libreville (ADL); and Mr Mike Iwu, representing the President of the Nigerian Community in Gabon.

The Gabonese officials described Air Peace’s entry into the market as a welcome development that would improve regional air connectivity, expand travel options and foster stronger economic and diplomatic relations between Gabon, Nigeria and other African countries.

Similarly, representatives of the Nigerian community in Gabon praised the new service, saying it would provide greater convenience for Nigerians living in the country while strengthening links with home.

The latest expansion, coming immediately after the launch of the Lagos–Conakry–Bamako service, underscores Air Peace’s strategy of pioneering new regional connections and advancing intra-African air travel.

With the addition of Douala and Libreville to its growing network, the airline continues to play a leading role in promoting regional integration, facilitating trade and tourism, attracting investment and supporting economic growth across Africa through improved connectivity.

LAGOS, Nigeria (NPA) — Neimeth International Pharmaceuticals Plc has commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its ongoing regulatory reforms and renewed efforts to strengthen local pharmaceutical manufacturing in Nigeria.

The commendation came during a courtesy visit by the company’s Board of Directors to NAFDAC’s Lagos office, where members of the delegation met with the agency’s Director-General, Prof. Mojisola Adeyeye.

According to a statement issued by NAFDAC on Sunday, the Neimeth board expressed appreciation for the agency’s initiatives aimed at promoting local drug production, improving regulatory efficiency and supporting pharmaceutical manufacturers to attain international Good Manufacturing Practice (GMP) standards.

The company also reaffirmed its commitment to working closely with NAFDAC to advance the growth and competitiveness of Nigeria’s pharmaceutical industry.

Receiving the delegation, Prof. Adeyeye thanked the board for the visit and reiterated the agency’s commitment to building a globally competitive pharmaceutical sector through transparent, science-based regulation and sustained collaboration with industry stakeholders.

She said NAFDAC would continue implementing reforms designed to strengthen Nigeria’s regulatory framework and improve international confidence in locally manufactured medicines.

The Director-General highlighted the agency’s ongoing efforts to secure membership of the Pharmaceutical Inspection Co-operation Scheme (PIC/S) and its continued progress towards attaining higher levels under the World Health Organization’s Global Benchmarking Tool.

According to her, the initiatives are expected to enhance the quality and global acceptance of Nigerian pharmaceutical products while expanding export opportunities for local manufacturers.

The meeting concluded with both NAFDAC and Neimeth reaffirming their shared commitment to strengthening local pharmaceutical manufacturing, improving the quality of medicines and ensuring a sustainable supply of safe, effective and quality-assured medicines for Nigerians.

Both parties also pledged to sustain collaboration in promoting regulatory excellence, supporting industry growth and enhancing Nigeria’s competitiveness in the global pharmaceutical market.

LAGOS, Nigeria (NPA) — Air Peace has announced disruptions to its flight operations following heavy rainfall affecting Lagos, Benin City and other parts of its domestic network.

In a statement issued on Friday by the airline’s spokesperson, Osifo-Whiskey Efe, Air Peace said adverse weather conditions had affected flight schedules, stressing that passenger safety remains its highest priority.

“Due to the heavy downpour of rain in Lagos and Benin, some flights across our operating network will be disrupted,” the airline said.

Air Peace appealed to passengers for understanding as it works to minimise the impact of the weather and restore normal operations.

“While weather is beyond our control and safety remains our utmost priority, we appeal for your understanding as we manage the disruptions as best as we can and get you to your destinations safely,” the statement added.

The airline advised passengers requiring information on flight schedules or other enquiries to contact its customer service channels for updates.

Air Peace reaffirmed its commitment to maintaining the highest safety standards for passengers and crew, noting that operational decisions would continue to be guided by prevailing weather conditions and established aviation safety procedures.

The airline thanked customers for their patience, understanding and continued support while the disruptions persist.

LAGOS, Nigeria (NPA) — As xenophobic attacks against African foreign nationals continue to generate concern in South Africa, Nigeria’s flagship carrier, Air Peace, has completed another humanitarian evacuation flight, bringing home more Nigerians caught up in the violence.

The airline on Thursday concluded the fourth phase of its evacuation operation from South Africa, airlifting 284 Nigerian nationals in collaboration with the Federal Government.

The latest mission, operated with Air Peace’s Boeing 777-200 wide-body aircraft, brings the total number of Nigerians evacuated by the airline to 1,085 across four humanitarian flights.

According to Air Peace, the evacuation forms part of its corporate social responsibility and continued support for national emergency response efforts aimed at assisting Nigerians affected by the recent wave of xenophobic attacks in South Africa.

“West Africa’s largest airline and Nigeria’s premier carrier, Air Peace, has successfully completed the fourth phase of its humanitarian evacuation operation from South Africa, safely bringing home another 284 Nigerian nationals in collaboration with the Federal Government of Nigeria,” the airline said in a statement.

The airline disclosed that it had previously evacuated 262 Nigerians on June 11, 271 on June 30, and 268 on July 3, before completing the latest operation on July 9.

With the completion of the latest mission, Air Peace said it had successfully repatriated 1,085 Nigerians, reaffirming its readiness to deploy its fleet and operational capabilities whenever required in the national interest.

The airline described the evacuation exercise as more than a transportation mission, saying it reflected its commitment to humanitarian service, patriotism and the welfare of Nigerians abroad.

“More than an airlift, the ongoing evacuation exercise reflects Air Peace’s unwavering humanitarian philosophy, one rooted in compassion, patriotism and an abiding commitment to ensuring that Nigerians, regardless of where they may be, can always count on a safe journey home in times of crisis,” the statement said.

Air Peace added that it would continue to support government efforts whenever necessary, stressing that its mission extends beyond commercial aviation to connecting families and providing hope during emergencies.

The airline said it remains committed to deploying its resources whenever Nigerians require assistance, both within and outside the country.

ABUJA, Nigeria (NPA) — The Corporate Affairs Commission (CAC) has announced that it will begin full enforcement of statutory requirements governing the information companies must display on their business letters from August 1, 2026.

In a public notice issued on Wednesday, the commission said the enforcement would be in line with Sections 304(1) and (2), and 729(1)(c) of the Companies and Allied Matters Act (CAMA) 2020.

According to the CAC, all companies registered under CAMA 2020, or under any repealed legislation, are required to include specified information on their business letters in clear and legible characters.

The required details include the company’s registered name, registration number and registered office address, as well as the present forename or initials and surname of every director.

The commission added that companies must also disclose any former forename and surname of directors and, where applicable, the nationality of directors who are not Nigerian citizens.

The CAC warned that sanctions would apply to companies that fail to comply with the requirements after the August 1 enforcement date.

The commission said the measure forms part of its commitment to promoting transparency, accountability and a more responsive corporate regulatory environment.