Category: Business

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According to the CAC, all companies registered under CAMA 2020, or under any repealed legislation, are required to include specified information on their business letters in clear and legible characters.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

ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a scheduled power outage in parts of the Federal Capital Territory and Nasarawa State to enable annual preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line.

In a statement issued on Wednesday, TCN said the maintenance would take place on Thursday, July 9, from 10:00 a.m. to 5:00 p.m.

According to the company, the exercise will allow its engineers to carry out routine preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line bay and its associated switchgear at the Karu 132kV Transmission Substation.

As a result, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the Keffi and Akwanga Transmission Substations during the maintenance period.

Communities expected to be affected include Karu, Nyanya, Jikwoyi, Kurudu, Orozo, Karshi, Mararaba, Ado, Masaka, Auta Balefi, Keffi, Akwanga, Nasarawa Eggon and surrounding areas.

TCN apologised for the temporary disruption and appealed to electricity consumers in the affected communities for their understanding while the maintenance is carried out.

LAGOS, Nigeria (NPA) — Air Peace has taken delivery of its first Embraer E175 aircraft, marking another milestone in the airline’s fleet expansion and regional growth strategy.

In a statement issued on Wednesday, the airline said the newly acquired aircraft arrived in Lagos on the night of July 7.

“Our first-ever Embraer E175 is finally home. Here’s a closer look at the newest addition to our growing fleet as we continue bringing more comfort, flexibility and connectivity to every journey,” the airline said.

Air Peace is currently regarded as West Africa’s largest airline by fleet size, route network and passenger capacity. The carrier operates a fleet of more than 40 aircraft, serves over 20 domestic destinations and 10 regional and international routes, and has been ranked the leading airline in West Africa and the eighth best airline in Africa, reflecting its rapid growth and expanding influence across the continent’s aviation industry.

In a separate post, Air Peace described the arrival as another significant milestone in its commitment to expanding connectivity across Nigeria and the wider region.

The Embraer E175 is expected to strengthen the airline’s domestic and regional operations by providing greater operational flexibility and improved passenger comfort.

The latest acquisition comes as Air Peace accelerates its international expansion.

Newpost Africa reports that the airline secured approval from Brazil’s National Civil Aviation Agency (ANAC) to operate scheduled passenger and cargo services between Nigeria and Brazil, opening the way for regular flights to South America’s largest economy.

Air Peace has also announced the launch of new services from Lagos to Douala in Cameroon, Libreville in Gabon, Bamako in Mali and Conakry in Guinea from August 1, 2026.

According to the airline, the new routes are designed to strengthen connectivity across West and Central Africa while promoting trade, tourism, investment and regional integration.

The expansion is also expected to reinforce Lagos’ position as a major aviation hub connecting West and Central Africa with Air Peace’s growing domestic and international network.

LAGOS, Nigeria (NPA) — Chairman of Heirs Holdings, Mr Tony Elumelu, has described his tenure as Chairman of the United Bank for Africa (UBA) as a mission to build an enduring African institution capable of driving economic growth across the continent.

In a farewell statement published on his blog on Monday, titled “Celebrating an African Institution: My Farewell from UBA – Why Create an Institution?”, Elumelu said he would conclude his tenure as Chairman of the UBA Group Board on August 21, 2026, after 12 years in the role and decades of association with the bank.

He said his vision was to build a financial institution that would outlive individuals while connecting Africa to itself and the rest of the world.

“My objective was to build an institution that would outlive individuals, one capable of connecting Africa to itself and the world, creating opportunities for businesses, empowering entrepreneurs, supporting governments, rewarding shareholders and transforming lives,” he said.

According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but the absence of institutions capable of enduring beyond individual leaders.

“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent, one destiny.

“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men,” he said.

Elumelu noted that under his leadership, UBA evolved from a Nigerian bank into what he described as “Africa’s global bank.”

Today, he said, the bank serves more than 50 million customers, operates in 20 African countries and across four continents, while supporting trade, investment and economic development across the continent.

He attributed the bank’s growth to the contributions of its management, employees, shareholders, regulators, customers and business partners.

Elumelu also announced Mr Emmanuel N. Nnorom as his successor, expressing confidence in his ability to provide strategic leadership and continuity.

“I have every confidence in his ability to lead the Bank. His experience, leadership and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” he said.

Reflecting on his broader vision for Africa, Elumelu said his commitment to the philosophy of Africapitalism remains unwavering.

He said that through Heirs Holdings and the Tony Elumelu Foundation, he would continue investing in entrepreneurship and critical sectors, including financial services, energy, healthcare, hospitality and technology.

“I have given my life to Africapitalism — the conviction that the African private sector, through long-term investment, can create not only economic prosperity but social wealth.

“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise and the limitless opportunities that lie ahead for our continent,” he said.

ABUJA, Nigeria (NPA) — President of the African Export-Import Bank (Afreximbank), Dr George Elombi, has called on African journalists to reshape global perceptions of the continent by highlighting its economic achievements rather than reinforcing negative stereotypes that discourage investment.

Speaking at a media roundtable in Abuja on Wednesday, Elombi said persistent negative narratives about Africa continue to undermine the continent’s ability to attract investment, mobilise capital and secure the expertise needed for sustainable development.

According to him, international media coverage of Africa is overwhelmingly dominated by stories of conflict, hunger, coups, disasters and political instability, while giving little attention to the continent’s industrial, infrastructure and economic successes.

He said the imbalance reinforces what he described as a “colonised mindset” that leaves Africa dependent on external validation.

“We must change that narrative by highlighting African successes and demonstrating that excellence is an everyday reality across the continent,” Elombi said.

The Afreximbank president also criticised international credit rating agencies for what he described as unfair assessments of African institutions, arguing that they routinely assign lower ratings simply because organisations operate on the continent.

According to him, African financial institutions, including Afreximbank, have consistently recorded lower loan default rates than many institutions in other regions despite being labelled as high-risk.

“What is the basis for describing Africa as a risky environment when less money is lost here than elsewhere? We must change that narrative to show that Africa is not more risky than the rest of the world, at least in terms of loan defaults,” he said.

Elombi expressed support for the African Union’s plan to establish an independent African credit rating agency, saying such an institution would assess African businesses based on local realities rather than external biases.

“We must have an African rating agency run by Africans and based in Africa to rate corporates seeking finance according to our realities on the continent,” he added.

Highlighting Afreximbank’s development initiatives, Elombi cited the African Medical Centre of Excellence (AMCE) in Abuja as a flagship project designed to reduce medical tourism by providing world-class specialised healthcare, particularly in cardiology and haematology.

He disclosed that the bank had established a 75 million-dollar endowment fund to support research into diseases such as sickle cell disorder, which disproportionately affects people of African descent.

Elombi also highlighted Afreximbank’s role in promoting industrialisation through strategic infrastructure financing.

He revealed that the bank provided 2.5 billion dollars in support for the Dangote Refinery to strengthen Africa’s energy security, reduce dependence on imported petroleum products and demonstrate the continent’s capacity to process its own raw materials.

He added that Afreximbank has since supported the refinery with a further one billion-dollar working capital facility while also serving as financial adviser on Nigeria’s naira-for-crude initiative.

On regional trade integration, Elombi said the Pan-African Payment and Settlement System (PAPSS) is now operational in 28 African countries, with participation from their central banks as well as more than 190 commercial banks and fintech companies.

He described PAPSS as a transformative platform that enables cross-border trade using African currencies, reducing reliance on the U.S. dollar and strengthening intra-African commerce.

Elombi urged journalists across the continent to consistently project stories of innovation, industrialisation and economic transformation, stressing that changing Africa’s global narrative is essential to attracting investment, creating jobs and accelerating sustainable development.