Business
Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions Mourns Passage of Herbert Wigwe and Others

The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions Mourns The Passage of Herbert Wigwe and Others
In his words:
I am devastated by the sad news of the helicopter crash in California, United States of America, that claimed the life of my dear friend, brother and professional colleague, Herbert Wigwe, the Group Chief Executive Officer of Access Holdings PLC, his lovely wife of many years, son, and Abimbola Ogunbanjo, the Group Chairman of the Nigerian Exchange Group PLC, alongside two others.
Herbert Wigwe’s visionary leadership and commitment to excellence have left an indelible mark in the business world, particularly banking and financial services industry . His passion, dedication, and innovative spirit have inspired many, and his legacy will be remembered far beyond his years.
A fearless and accomplished accountant and businessman, Herbert exemplified commitment to causes of public good and national development, evident in initiatives like the Wigwe University project and numerous philanthropic gestures across Nigeria and beyond. This is a national tragedy of monumental proportion.
Having maintained a personal relationship with Herbert since our days at Guaranty Trust Bank in 1991, I witnessed his extraordinary goal-driven professionalism. He reached the pinnacle of his career in the banking industry and business, leaving an indelible mark on the generation of accomplished bankers who cut their teeth at Guaranty Trust Bank.
As we come to terms with this devastating loss, we share in the grief of Access Holdings PLC, the families, friends, and colleagues of those who lost their lives in this unfortunate incident.
Our thoughts and prayers are with you during this unimaginably difficult time. May the memories of Herbert Wigwe and all those who died in the helicopter crash comfort and strengthen all those who knew and loved them. Ameen. Let us remember their contributions and honor their lives by continuing to uphold the values they believed in.
And in this time of sorrow, and as we navigate this dark moment, let our resolve in Almighty God remain unwavered. God bless.
Business
Trump slams 14% reciprocal tariffs on Nigeria
The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.

US President Donald Trump has slammed a 14 percent reciprocal tariff on all Nigerian goods entering the US as the much talked about “Liberation Day” tariffs comes into effect.
Trump had said that countries would face a tariff rate at half the level they charge the US, as deemed by the White House, with a minimum tariff rate of 10 percent, saying that the calculation included non-monetary trade barriers and currency manipulation.
The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.
The new tariffs, which affected 185 countries, has therefore, ended months of anxious wait and uncertainty, which had plummeted stocks around the US, Europe and Asian markets.
The moves today are the latest escalation of a trade war that also includes plans to impose 25 percent tariffs on all foreign-made vehicles this week.
Accordingly, Trump slammed a baseline tariff of 10 percent across all countries, while upping the duties for various partners whom he described as bad actors with country like Lesotho getting as much as 50 percent levies on their exports to America.
The tariffs will be not a full reciprocal,” he said. “I could have done that, yes, but it would have been tough for a lot of countries who didn’t want to do that.”Auto tariffs of 25 percent will go into effect tomorrow as planned.
Business
Algiers-Abuja direct flights begin April 6

The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Business
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
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