Business
Nigeria Customs Acquires Aircraft to Strengthen Air Operations
The Nigeria Customs Service (NCS) has announced the acquisition of a Cessna Grand Caravan EX-208B aircraft for strengthening its surveillance activities.
Comptroller-General of Customs (CGC), Mr. Bashir Adeniyi, inspected the newly acquired aircraft on Friday in Bartlesville, Washington, USA, marking a pivotal moment for NCS’ air wing operations.
In a statement, customs’ National Public Relations Officer, NCS Abdullahi Maiwada, stated that the aircraft, registered as 5N-BAA, was set to enhance the service’s air patrol and surveillance efforts.Powered by the reliable PT6 Pratt and Whitney engine, the Cessna Grand Caravan is globally recognised for its rugged versatility, short-field take-off and landing capabilities, and ability to operate on remote airstrips—making it ideally suited for border security operations in Nigeria.
Adeniyi emphasised the importance of the acquisition, stating that the aircraft is fitted with modern Garmin G1000 Avionics cockpit system, enabling operations under day, night, and low-visibility conditions.
He said, “This aircraft will be a game-changer for the Nigeria Customs Service’s air wing. Its ability to carry 10 officers, coupled with its six-hour aerial endurance, will significantly enhance our capacity for air surveillance and border patrol.
”The aircraft is expected to play a crucial role in air patrols aimed at detecting smuggling routes, deploying armed personnel, and providing swift support for ground operations.
The CGC said, “With this aircraft, we will strengthen our air border patrol capabilities, which will not only help us intercept illegal activities but also provide quick extraction support when necessary.
”He said the aircraft’s mission aligned with President Bola Tinubu’s Renewed Hope agenda.
Adeniyi said the aircraft will also serve as a strategic asset for Nigeria Customs Technical and Hangar Services Limited, offering logistical support and revenue generation for the service.
Adeniyi underscored the cost-efficiency of the aircraft, stating that its operational costs are relatively low compared to other aircraft in its class.
He said , “This is a long-term investment for the service that not only enhances our operational efficiency but also contributes to the sustainability of our air surveillance programs.
”Aircraft Operations Coordinator and Managing Director of Nigeria Customs Technical and Hangar Services, Capt. Kuhi Mbaya, hailed the acquisition as a milestone for NCS’s aviation unit.
Mbaya said, “With this aircraft, the Nigeria Customs Service is poised to revitalise its air border patrol activities, securing our borders more effectively and improving revenue generation for both the service and the nation.
”The statement added, “The acquisition of the Cessna Grand Caravan is expected to provide significant tactical advantages to the Nigeria Customs Service, tightening border security, and sending a clear signal to economic saboteurs that the service is better equipped than ever to combat smuggling activities.”
Business
Tony Elumelu’s United Capital Secures approval to operate in Ethiopia
Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.
United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.
Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.
” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.
Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.
The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.
With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.
According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.
For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.
That narrative is beginning to change.
This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.
Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.
Business
Lagos developing world – class new business district —Sanwo-Olu
Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.
• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.
Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.
Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.
Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.
Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.
The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).
According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.
Official CBN Exchange Rates
US Dollar (USD) ₦1, 362.84
Great British Pound (GBP) ₦1,821. 30
EURO (EUR) ₦1,574. 53
SWISS FRANC (CHF) ₦1,714. 05
JAPANESE YEN (JPN) ₦8.52
CHINESE YUAN (CNY) ₦200.99
West African CFA (XOF) ₦2.42
West African Unit Account (WAUA) ₦1,863.83
SAUDI RIYAL (SAR) ₦302. 83
SOUTH AFRICAN RAND (ZAR) ₦82.75
Black Market Rates
US Dollar (USD) Buy ₦1,395 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,860 Sell: ₦1, 880
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2550
Central African CFA Buy ₦2,320 Sell 2,400
Australian Dollar Buy ₦800 Sell ₦900
Sources: CBN / Aboki Forex
-
News2 days agoCourt Voids ₦110bn N’Assembly Vehicles, Allowances
-
Business2 days agoSenate’s approval of Sugar – Sweetened Beverages Tax Bill, Shocking, says CPPE, Lobbying Reps for rejection
-
News2 days agoCourt Declares National Assembly’s N110bn SUV and Allowance Schemes Unlawful
-
News2 days agoFG Clears Five-Month Allowance Arrears for University Lecturers
-
News2 days agoLagos Begins 500-Tree Campaign to Tackle Extreme Heat
-
Politics1 day ago2027: Lagos APC picks Damilola as Hamzat ‘s Deputy Governor
-
Politics2 days agoNDC Declares Party Supremacy, Approves Code of Conduct Committee
-
Entertainment2 days agoNigerian-British Singer Talay Riley Dies in London Stabbing, Others Mourn
