New Post Africa

Category: Business

  • Federal Government, Bi-Courtney resolve 20-year MM2 Airport dispute

    Federal Government, Bi-Courtney resolve 20-year MM2 Airport dispute

    ABUJA, Nigeria (NPA) — Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, announced that the Federal Executive Council, presided over by President Bola Tinubu, has approved a settlement to end the two-decade-long dispute between the Federal Government and Bi-Courtney Ltd over the Murtala Muhammed Airport Terminal Two (MM2) in Lagos.

    Keyamo explained that negotiations had been ongoing for more than a year to break the impasse. Under the agreement:

    • Bi-Courtney wrote off ₦132 billion in court-assessed damages against the Federal Government.
    • Bi-Courtney handed back MMI Airport (the old local terminal), which the Supreme Court had ordered to be transferred to it.
    • Bi-Courtney relinquished its exclusive right to operate any private or domestic airport in Lagos State.
    • Bi-Courtney agreed to commence payment of concession fees under the 2003 Concession Agreement, which had been suspended during the dispute.

    In exchange, the Federal Government agreed to:

    • Write off all unpaid concession fees accumulated over nearly 20 years.
    • Return the uncompleted hotel and conference centre opposite the airport to Bi-Courtney, with a 24-month deadline for completion and shared revenue arrangements.
    • Move regional flights to MM2, subject to capacity.
    • Provide Bi-Courtney with additional land to expand the MM2 apron for more aircraft.

    The settlement brings closure to one of Nigeria’s longest-running aviation disputes. For years, the disagreement had revolved around unpaid concession fees, exclusive rights claims, and conflicting court judgments, creating uncertainty for both the government and Bi-Courtney. By resolving these contentious issues, the agreement is seen as a balanced compromise that restores revenue streams for the government, secures operational clarity for Bi-Courtney, and ultimately benefits passengers and the aviation sector by ensuring stability and growth.

  • Reps order 11 DISCOs to refund N55.42bn NMMP loan over metering failures

    Reps order 11 DISCOs to refund N55.42bn NMMP loan over metering failures

    ABUJA, Nigeria (NPA) — The House of Representatives has directed 11 electricity distribution companies (DISCOs) to refund N55.42 billion obtained under the National Mass Metering Programme (NMMP), following findings that the scheme failed to achieve its intended objectives.

    Lawmakers on Thursday adopted the report of the House Committee on Public Assets, giving the beneficiary companies a seven-month deadline to repay the loan to the Central Bank of Nigeria (CBN).

    Presenting the report before the House, the committee chairman, Uchenna Okonkwo, said the investigation uncovered significant gaps in the implementation of the metering intervention programme introduced in 2020.

    According to him, the NMMP was designed to bridge Nigeria’s metering deficit, reduce estimated billing, promote local meter manufacturing and curb revenue losses in the power sector.

    He listed the beneficiary firms as Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano and Yola electricity distribution companies, among the 11 DISCOs that received disbursements under the scheme.

    Okonkwo said the committee engaged the CBN, Meristem Wealth Management, NESI-SSL, the Nigerian Electricity Regulatory Commission (NERC), and other stakeholders during the probe.

    “The report indicates the programme, initiated in 2020, was to be implemented in three phases.

    “N59.28 billion was earmarked for the 11 companies, repayable at nine per cent interest, with six per cent to financiers and three per cent to the CBN.

    “The investigation revealed DISCOs received N55.42 billion, leaving N3.85 billion unaccounted for,” he said.

    The lawmaker also raised concerns over a contractual clause granting Meristem Wealth Management 0.5 per cent of DISCO collections annually until 2030.

    He disclosed that the company had already received N450 million for its services under the programme, a development the committee criticised.

    The committee further recommended that the firm provide its corporate profile, ownership structure and a comprehensive report detailing its role in the implementation of the metering initiative.

    Following the adoption of the report, the House approved the establishment of a joint loan recovery committee comprising the CBN and NERC to recover the funds from beneficiary DISCOs before the end of 2026. (NAN).

  • NNPC completes River Niger crossing of OB3 gas pipeline

    NNPC completes River Niger crossing of OB3 gas pipeline

    ABUJA, Nigeria (NPA) — The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, has announced the successful completion of the River Niger crossing of the OB3 Gas Pipeline.

    He said the project was executed 2km beneath the riverbed using advanced HDD technology, unlocking a transport capacity of 2 billion scf/day to strengthen Nigeria’s energy security, power generation, and industrial growth. Ojulari noted that the achievement builds on the AKK crossing success and reflects disciplined execution, innovative engineering, and the commitment of NNPC’s team and partner, PCE Nig. Limited.

    Ojulari expressed appreciation to President Bola Ahmed Tinubu, GCFR, for his Gas‑to‑Prosperity agenda, the NNPC Board led by Chairman Ahmadu Musa Kida, host communities, and the NGIC team for their support.

    According to him, the OB3 Pipeline links East to West and connects to the Northern corridor via the AKK Pipeline, unlocking over 500 million scf/day of domestic gas.

    He explained that the AKK will supply power plants, fertiliser companies, manufacturing, and new industries across Kaduna, Kano, and beyond—driving job creation, economic diversification, energy access, and West African exports.

    Ojulari summed up the success of the project as “BIG ENERGY.”

  • Museveni defends Uganda Sovereignty Bill, reaffirms commitment to free economy

    Museveni defends Uganda Sovereignty Bill, reaffirms commitment to free economy

    KAMPALA, Uganda (NPA) — President Yoweri Kaguta Museveni has defended Uganda’s proposed Sovereignty Bill, insisting that the legislation is aimed solely at protecting the country’s independence in policy decision-making and not restricting economic freedoms, investments or legitimate financial transactions.

    In a statement released Thursday by the Government of Uganda, Museveni reiterated Uganda’s commitment to maintaining a free and open economy, stressing that there was no government policy preventing Ugandans or foreign investors from sending or receiving legally earned money anywhere in the world.

    “We run a free economy. Forex is bought and sold in privately run Forex bureaus,” Museveni said.

    “None of our policies says: do not send to Uganda or take out of Uganda money you have earned legally anywhere in the world,” he added.

    The Ugandan leader described private sector freedom as one of the pillars sustaining the country’s economic resilience and growth.

    “This is the strength of the Ugandan economy. The freedom of the private sector compensates for the obstructions of corrupt or non-patriotic public servants,” he stated.

    Clarifying the objective of the proposed Sovereignty Bill, Museveni said the legislation was designed to safeguard Uganda’s ability to independently determine its political, social, economic and diplomatic policies without foreign interference.

    “Sovereignty means: ‘Please, muteleke (leave us alone), so that we make our own decisions,’” the president said.

    “The Bill I initiated was about what we fought for — sovereignty in policy decision-making,” he added.

    Museveni also cautioned external actors against funding groups aimed at influencing Uganda’s national direction and domestic decisions. “Do not fund groups to influence our decisions as a country,” he warned.

    The president further emphasized that Uganda’s sovereignty would continue to be exercised constitutionally through democratic mechanisms including elections and referenda.

    Reflecting on Africa’s political history, Museveni noted that the continent’s struggle for independence was deliberate and hard-fought, stressing that political sovereignty also includes the freedom for nations to learn from their own decisions.

    “Independence means the right to make our own mistakes if necessary and learn from them,” he said.

    Museveni, however, assured stakeholders and investors that the proposed bill would be refined to avoid interference with private enterprise, remittances and lawful business operations.

    “The Bill will concentrate on the sovereignty of policy decision-making and not meander into areas of private enterprise or money transfers,” he stated.

    The president concluded by calling for international engagement based on positive example rather than coercion or manipulation. “Influence people by example and not by coercion or manipulation,” he said.

  • NGX trading hours extension records hitch‑free debut

    NGX trading hours extension records hitch‑free debut

    LAGOS, Nigeria (NPA) — Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX Group), says the first trading day under the newly extended market hours was smooth, with no operational hitches recorded.

    The new schedule, which commenced on Monday, April 27, shifted trading hours from 9:30 a.m.–2:30 p.m. to 9:00 a.m.–4:00 p.m. as part of efforts to enhance market efficiency and liquidity.

    Kwairanga told reporters in Lagos on Tuesday that feedback from staff confirmed the transition was seamless. “From my observation and feedback, the first day went smoothly. Operators may need a few days to adjust internal processes, but we have started a new trading era successfully,” he said.

    Vice President of Highcap Securities Ltd., Mr David Adonri, also commended the debut session, noting that all schedules were met and systems functioned appropriately.

    The seven‑hour trading window is designed to modernise the exchange, allowing more time to absorb macroeconomic data, corporate disclosures, and global financial developments. It is expected to improve price discovery, enable quicker responses to new information, and create better overlap with major international markets, making it easier for foreign portfolio investors to manage positions in real time.

  • Uganda assures citizens of stable fuel supply, warns against hoarding

    Uganda assures citizens of stable fuel supply, warns against hoarding

    KAMPALA, Uganda (NPA) — The Government of Uganda has assured citizens that the country’s fuel supply remains stable, secure, and firmly under control.

    This assurance was given by Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, in a statement on Tuesday. She noted that Uganda’s fuel supply is managed through her ministry and the Uganda National Oil Company (UNOC), which is mandated to sustainably develop and manage the state’s commercial interests in the petroleum sector.

    Ssentamu said Uganda maintains robust stock levels and a strong import pipeline, with more than 385 million litres of fuel scheduled between May and mid‑June.

    She reminded Oil Marketing Companies (OMCs) that isolated station‑level stock‑outs are operational issues, not national shortages, warning that any OMC found hoarding fuel will have its license revoked.

    The minister reiterated that compliance with distribution guidelines, pricing discipline, and responsible stock management is mandatory. “Government will continue strict enforcement against hoarding, speculative pricing, and illicit trade to protect market stability,” she said.

  • Governor Eno announces commencement of international flights from Victor Attah Airport

    Governor Eno announces commencement of international flights from Victor Attah Airport

    UYO, Nigeria (NPA) — Akwa Ibom State Governor, Pastor Umo Eno, has announced the commencement of international flights from Victor Attah International Airport, Uyo, following Presidential approval for its upgrade to international status.

    According to the governor, the maiden international flight is scheduled for Saturday, May 2, 2026, from Uyo to Kotoka International Airport, Accra, Ghana, with a return flight on Sunday, May 3, 2026. The historic flight will be operated by the state’s flagship carrier, Ibom Air.

    “This milestone marks another major step in our commitment to expanding aviation capacity, improving global connectivity, and positioning Akwa Ibom as a preferred destination for tourism, trade, and investment,” Eno said.

    The governor expressed appreciation to President Bola Ahmed Tinubu, GCFR, for granting the approval, and to the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, for his support in making the vision a reality.

    He also acknowledged the contributions of past leaders of the state who laid the foundation for the growth of Akwa Ibom’s aviation sector.

    The state’s aviation sector has continued to expand, earning accolades as a sustainable investment that has created jobs and positioned Akwa Ibom as an aviation hub in the West African subregion.

  • PTAD completes ₦1.73bn payment of ₦32,000 pension arrears to 54,206 beneficiaries

    PTAD completes ₦1.73bn payment of ₦32,000 pension arrears to 54,206 beneficiaries

    ABUJA, Nigeria (NPA) — The Pension Transitional Arrangement Directorate (PTAD) has completed the payment of outstanding arrears arising from the ₦32,000 pension increment for retirees under the Defined Benefit Scheme (DBS).

    In a statement issued on Monday, PTAD said a total of ₦1.73 billion was disbursed to 54,206 eligible pensioners, marking the full settlement of the one-month balance of the increment approved by the National Salaries, Incomes and Wages Commission (NSIWC).

    The agency explained that the arrears covered a 13-month period from August 2024 to August 2025, noting that 12 months had earlier been paid in phases between December 2024 and December 2025.

    A breakdown of the payments showed that 25,804 pensioners under the Parastatals Pension Department received ₦825.7 million, while 28,402 beneficiaries under the Tertiary Education and Health Pension Department were paid ₦908.8 million.

    With the latest disbursement, PTAD said all obligations tied to the ₦32,000 pension increment have now been fully settled.

    The Directorate, however, clarified that pensioners from agencies such as the defunct Peoples Bank, NICON Insurance, Nigerian Telecommunications Limited, and others who had already benefited from earlier pension increases of 10.6 per cent and 12.95 per cent are exempted from the increment, in line with NSIWC guidelines.

    PTAD reaffirmed its commitment to transparency and timely pension administration, stating that the payments align with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    The agency added that it will continue to prioritise the welfare and dignity of pensioners through improved service delivery.

  • Nigeria Revenue Service disowns fake flyer on new vehicle tax

    Nigeria Revenue Service disowns fake flyer on new vehicle tax

    ABUJA, Nigeria (NPA) — The Nigeria Revenue Service (NRS) has disassociated itself from a flyer circulating online which falsely claims that the agency has introduced a new vehicle tax regime to take effect from July 1, 2026.

    In a statement issued on Monday, the NRS described the flyer as fraudulent and urged members of the public to disregard it. The agency stressed that it had not issued any such notice.

    A portion of the statement reads: “FAKE NEWS ALERT! A fraudulent flyer claiming a new vehicle tax takes effect July 1, 2026 is spreading online. The NRS did NOT issue this notice. If you receive it, delete it. If you’ve shared it, correct the record.”

    The agency reaffirmed its commitment to transparent communication and advised citizens to rely only on official channels for verified information regarding tax policies.

  • Bank customers lament ATM card fee hike, urge CBN intervention

    Bank customers lament ATM card fee hike, urge CBN intervention

    ABUJA, Nigeria (Agency Report) —Bank customers in the Federal Capital Territory (FCT) have expressed frustration over the recent increase in Automated Teller Machine (ATM) card issuance and replacement fees, describing the move as insensitive amid Nigeria’s challenging economic climate.

    The Central Bank of Nigeria (CBN), in a recent circular, announced that effective May 1, the fee for issuing or replacing debit and credit cards would rise from ₦1,000 to ₦1,500.

    Speaking to the News Agency of Nigeria (NAN) on Sunday, several customers appealed to the apex bank to reconsider the decision and engage directly with stakeholders before implementing such policies.

    Mr. Boniface Onne criticized the hike, noting that customers already face multiple transaction charges. “Bank charges are getting out of hand. We still get debits for transfers below ₦5,000 despite CBN’s directive,” he said.

    Chief Ifeanacho Ubaka urged the CBN to hold regular forums with customers to understand their challenges. He lamented that almost every transaction attracts deductions, adding that the additional ₦500 fee was unfair.

    Mrs. Sarah Onifade commended the scrapping of maintenance fees but recounted her experience of being charged twice for a faulty ATM card issued by her bank. “Imagine now that the CBN has added ₦500 to the fee and such issues persist,” she said.

    Mr. Victor Agabi said the economic situation does not warrant any increase, while Miss Hafsat Aliyu, a student, called on the CBN to translate circulars into local languages to improve awareness among customers.

    Economic experts warned that the policy could worsen financial strain. They stressed the need for transparency, customer engagement, and stronger regulation of banks to prevent excessive charges.