Business
JUST IN: Max Air Voluntarily Suspend Domestic Operations for 90 Days
Max Air has voluntarily its domestic flight operations for three months.
In a statement announcing the temporary suspension which will take effect from Friday 31 January 25, the management said that suspension is a demonstration of its unwavering commitment to passengers safety and service excellence.
“The safety of our passengers and crew members remain our highest priority and we believe this voluntary suspension will allow us to exceed the industry’s standards and restore public confidence in our operations, “said the management.
However, the Nigeria Civil Aviation Authority (NCAA) refers to the incident involving Max Air B734 aircraft with registration marks 5N-MBD, on landing at Mallam Aminu Kano International Airport, Kano on Tuesday, 28th, January 2025 at about 2251 hours.
In a statement, Mr. Michael Achimugu, Director, Consumer Protection and Public Affairs, NCAA, said that statutorily, the Nigerian Safety Investigation Bureau (NSIB) has initiated investigation into the occurrence.
The NCAA will provide the required support to the NSIB in this regard. It must be stated that the specific cause(s) of this incident can only be established after the NSIB has conducted its investigation.
It is instructive to note that the NCAA had commenced organizational risk profiles for each scheduled operator, including Max Air, which is nearing its conclusion.
However, as a result of this incident, Max Air is suspending its domestic flight operations for a period of three months with effect from midnight, 31st January, 2025, to allow for an internal appraisal of its operations by its management.
During this 3-month period, the NCAA will conduct a thorough safety and economic audit on Max Air.
The safety audit will entail a re-inspection of Max Air’s organization, procedures, personnel and aircraft as specified by Part 1.3.3.3(b) of the Nigeria Civil Aviation Regulations, while the economic audit will critically examine the financial health of the airline to guarantee its capability to sustain safe flight operations.
The resumption of Max Air’s domestic flight operations will be predicated on the satisfactory completion of this audit.
The NCAA is aware of the inconvenience this action may cause intending passengers of Max Air.
However; the safety and well-being of passengers is paramount.
Thus, NCAA appeals for patience and understanding while it ensures the protection of passenger rights.
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,420 Sell ₦1,425
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,915
EURO (EUR) Buy ₦1,585 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Access Bank
Currency Sell
USD / NGN ₦1378.00
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1795.89 ₦1884.00
EUR / NGN ₦1536.93 ₦1618.33
ZAR / NGN ₦82.34 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,363.85
GREAT BRITISH POUND (GBP) ₦1,837.38
EURO (EUR) ₦1,575.25
SWISS FRANC (CHF) ₦1,686.26
JAPANESE YEN (JPN) ₦8.65
CHINESE YUAN (CNY) ₦202.05
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859.53
SAUDI RIYAL (SAR) ₦363.12
SOUTH AFRICAN RAND (ZAR) ₦83.35
Police Rescue 16 Kidnapped Victims in Kogi, Neutralise Armed Bandits (Video)
Troops Rescue 33 Hostages in Zamfara (Photos)
147 Lagos Structures to Face Impact From Coastal Highway
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Crime3 days agoBREAKING: DSS Arrests 3 More Fleeing Suspects Linked to Kidnap of Nasarawa Varsity Professor
-
News17 hours agoTinubu Flags Off Eko, Marine Bridge Repairs
-
News3 days agoICPC: Adeyemi’s fake letter not from Presidency
-
Sports2 days agoBREAKING: Lionel Messi Loses Father Jorge Messi at 68
-
News17 hours ago147 Lagos Structures to Face Impact From Coastal Highway
-
Crime17 hours agoTroops Rescue 33 Hostages in Zamfara (Photos)
-
Crime4 hours agoPolice Rescue 16 Kidnapped Victims in Kogi, Neutralise Armed Bandits (Video)