Business

NCAA Suspends Max Air Domestic Flights Indefinitely

Published

3 years ago

July 13, 2023

512 Views

The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of all Boeing B737 aircraft of domestic carrier, Max Air.

The suspension is with immediate effect, according to a letter by the regulator to the domestic airline.

The letter was dated July 12, 2023 and marked NCAA/DG/AIR/11/16/363. It was titled, ‘Suspension of Parts A3 and D43 of the Operations Specifications Issued to Max Air with Immediate Effect’.

The letter was signed by NCAA Director of Operations, Training and Licensing, Capt. Ibrahim Bello Dambazau, on behalf of NCAA Director General, Capt. Musa Nuhu.

By implication, all domestic flights of the airline will be on hold until the suspension is lifted.

The letter read, “The Authority’s action is due to the several occurrences that involved your Boeing B737 aircraft as listed hereunder:

“Loss of Number 1 Main Landing Gear (MLG) wheel during the serious incident involving a Boeing 737-400 aircraft, registration marks 5N-MBD which occurred between Take-off at Yola Airport Adamawa State and on landing at Nnamdi Azikiwe International Airport, Abuja Nigeria on 7th May, 2023.

“Fuel Contamination of the main fuel tanks of aircraft B737-300, Registration Marks; 5N-MHM, leading to the Auxiliary Power Unit (APU) shutdown on ground Yola Airport on the 7th of July, 2023.

“Aborted take-off of Boeing 737-400 aircraft, registration marks 5N-MBD, which occurred at the Mallam Aminu Kano International Airport (MAKIA) due to high Exhaust Gas Temperature (EGT) indication on the 11th of July, 2023.

“An air return by aircraft B737-300, Registration Marks; 5N-MHM to Nnamdi Azikiwe International Airport (NAIA) due to duct overheat indication in the cockpit on the 11th of July, 2023.

“The authority has constituted a team of inspectors to conduct an audit of your organization. The result of this audit must be found satisfactory by the Authority prior to considering the restoration of the privileges of the operations Specifications to your organisation to further operate the aircraft type.”

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

49 minutes ago

July 21, 2026

OCHEFA

8 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

10 hours ago

July 21, 2026

OCHEFA

18 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.