Business
United Nigeria Airlines becomes IATA Member
Nigeria’s fastest growing airline, United Nigeria Airlines Company Limited, has been admitted as a member of the global aviation body, the International Air Transport Association (IATA).
The airlines’ admittance into IATA was conveyed to the management of United Nigeria Airlines in a letter dated October 9, 2023, and addressed to Prof. Obiora Okonkwo, chairman and chief executive of the company.
The letter signed by William Walsh, IATA Director General, it said the group was happy to welcome United Nigeria Airlines into its fold.
“It gives me great pleasure personally to welcome United Nigeria Airlines as an IATA member,” the Director General said in the letter.
According to him, “IATA mission is to represent, lead, and serve the aviation industry and is the collective voice of some 300 Airlines from over 120 countries worldwide. Our vision is to work together to shape the future growth of a safe, secure, and sustainable air transport industry that connects and enriches our world.”
The IATA Director General further informed United Nigeria Airlines that the group’s priorities “include improving global safety, protecting the industry’s ability to grow sustainably, driving digital transformation within the industry and becoming the trusted source for aviation data.”
Expressing his happiness about United Nigeria Airlines’ membership of the group, the Director General said, “I sincerely hope that you, your airline, and employees will reap the full benefits of IATA membership.”
Commenting on the feat, Chief Operating Officer of the airline, Mazi Osita Okonkwo, said the IATA membership is an indication that United Nigeria Airlines was on course to becoming a global carrier.”
According to him, “the membership is a boost to our strategic engagements towards achieving our goals and becoming an airline that operates in accordance with global aviation standards.”
“We welcome the admission into IATA membership and assure that it will propel us to exceeding customer expectations on safety, quick service delivery, and top-notch customer services,” he added.
The IATA membership is coming in the heels of the accreditation of United Nigeria Airlines, last May, as an IATA Operational Safety Audit (IOSA) certified carrier.
United Nigeria Airlines is currently engaged with its expansion programme with immediate expectations for direct flight operations to Accra in Ghana and other regional destinations alongside expanded operations to Sokoto, Kano, Jos and Benin.
Already, management of the airline has concluded arrangements to boost its fleet size with the arrival of two Airbus A320 aircraft expected to arrive Nigeria mid-October and early December while another set of E-190 Embraer aircraft will join the services of the company in the first quarter of 2024.
The airline was also recently granted approval by the Federal Government of Nigeria to commence direct flight operations into North America, Europe, and the Middle East.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
Illicit Financial Flows Draining National Resources – Adedeji
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