Business
Aviation Fraud: NCAA Calls for EFCC Intervention
The Nigerian Civil Aviation Authority (NCAA) has urged the Economic and Financial Crimes Commission (EFCC) to escalate its fight against fraud and economic crimes plaguing the aviation industry.
NCAA Director General, Captain Chris Najomo, made the appeal during a courtesy visit to EFCC Chairman, Mr. Ola Olukoyede, at the commission’s Abuja headquarters on Tuesday, according to a statement released on the EFCC’s official X handle.
Najomo highlighted how fraudulent activities are severely undermining safety oversight and operational transparency within the sector. He specifically pointed to high-value transactions like aircraft purchases, leasing arrangements, foreign maintenance contracts, and safety infrastructure procurement as areas particularly vulnerable to abuse.
“Non-remittance weakens the NCAA’s ability to fund safety oversight and operational efficiency, and may require EFCC’s intervention to investigate cases where deliberate withholding, diversion, or misappropriation of these funds is suspected,” Najomo stated.
He further alleged that some aviation operators deliberately under-report revenues, manipulate ticketing systems, or divert funds, actions that cripple the NCAA’s regulatory capacity.
Najomo also raised concerns about illegal charter operations disguised as private flights, which involve unregulated financial flows, emphasizing the critical need for the EFCC’s financial intelligence expertise to uncover such practices.
To address these challenges, Najomo proposed collaborative initiatives, including training NCAA personnel to identify financial red flags, organizing joint sensitization workshops, and establishing robust intelligence-sharing mechanisms to enhance regulatory oversight.
Responding, EFCC Chairman Ola Olukoyede welcomed the partnership and announced that senior EFCC officers would collaborate with the NCAA to finalize a Memorandum of Understanding (MoU).
The agreement will focus on joint investigations, intelligence exchange, and compliance monitoring. “With the kind of work you do, when people see us beside you, they will take you seriously. Aviation is an area where we have seen money laundering, particularly through chartered services.
That is why we have been reaching out to you, and we will continue until we achieve the desired results,” Olukoyede affirmed.
Business
Nigeria’s GDP grew 4.43% in Q2 2026, says NBS
The bureau announced this in its latest GDP report for Q2 2026 , emphasising that the latest growth rate is higher than the 4.23 percent recorded in Q2 2025. That represents a 0.2 percentage-point increase year-on-year.
• President Bola Tinubu
The National Bureau of Statistics (NBS) said on Monday Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026.
The bureau announced this in its latest GDP report for Q2 2026 , emphasising that the latest growth rate is higher than the 4.23 percent recorded in Q2 2025. That represents a 0.2 percentage-point increase year-on-year.
The NBS GDP report tracks the performance of Nigeria’s economy across sectors. It is a key indicator for policymakers, businesses, and investors monitoring the country’s economic direction.
Business
Emzor Pharma raises N26.7bn bond to boost local drug manufacturing
The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.
Image: Drugs manufacturing
Emzor Pharmaceutical Industries has raised a $19.8 million (N26.7 billion) Series 1 Fixed Rate Bond on the FMDQ Group Exchange.
The company is aiming to strengthen local pharmaceutical manufacturing and complete West Africa’s first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.
The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.
It forms part of the company’s broader N40 billion ($29.6 million) bond issuance programme and represents Emzor’s second domestic bond, following strong investor demand that resulted in the issue being oversubscribed.
The funds are expected to support working capital, expand manufacturing capacity and accelerate the completion of the API facility.
Business
Naira Exchange Rates Today, Monday August 31
Today, the Naira Black Market exchange rate for 1 Euro (EUR) is 1590 Naira.
BLACK MARKET
US Dollar: 1 US Dollar is 1390 Naira
Great British Pound: 1 Great British Pound (GBP) is 1895 Naira
EURO:1 Euro (EUR) is 1590 Naira.
Canadian Dollar: 1 Canadian Dollar (CAD) is 1020 Naira.
Chinese Yuan: 1 Chinese Yuan is 190 Naira.
Ghana Cedi: 1 Ghanaian Cedi is 95 Naira.
South African Rand (ZAR): 1 South African Currency, Rand (ZAR) is 75 Naira.
UAE Dirham (AED): 1 UAE Dirham is 350 Naira.
West African CFA franc: 1 CFA Franc (XOF) is 2300 Naira.
Central African CFA franc (XAF) : 1 CFA Franc (XAF) is 2150 Naira.
Australian Dollar (AUD) : 1 Australian Dollar (AUD) is 800 Naira.
CBN EXCHANGE RATES
DOLLAR (USD) ₦1337.29
POUND (GBP) ₦1816.04
EURO (EUR) ₦1556.87
SWISS FRANC (CHF) ₦1662.05
JAPANESE YEN (JPN) ₦8.38
CFA FRANC (XOF) ₦2.38
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1834.42
CHINESE YUAN (CNY) ₦198.97
SAUDI RIYAL (SAR) ₦356.17
SOUTH AFRICAN RAND (ZAR) ₦83.43
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