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Release $717.4m trapped funds to foreign airlines, Senate Urges CBN

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The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.

The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.

These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.

The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.

The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.

It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.

The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.

Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.

In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.

The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.

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Tinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break

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President Bola Ahmed Tinubu has returned to Nigeria following a successful two-day state visit to the United Kingdom, arriving in Lagos alongside First Lady Senator Oluremi Tinubu.

The President is expected to spend the upcoming Sallah break in the city.

He received a warm welcome at the airport from senior government officials, including Chief of Staff Femi Gbajabiamila, with applause from gathered supporters and well-wishers.

The visit, hailed as historic and the first full state visit by a Nigerian president to the UK in nearly 40 years, aimed to deepen diplomatic, economic, and trade relations between the two countries.

Key engagements included a royal reception and state banquet hosted by King Charles III and Queen Camilla at Windsor Castle, as well as high-level bilateral talks with Prime Minister Keir Starmer at Downing Street.

A major achievement was President Tinubu witnessing the signing of a £746 million financing agreement backed by UK Export Finance (UKEF).

The deal, involving Nigeria’s Ministry of Finance, the Nigerian Ports Authority, Citi Bank, and other partners, will fund the modernization and refurbishment of two vital Lagos seaports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.

The project is designed to reduce congestion, improve efficiency with modern systems, boost Nigeria’s role as a leading maritime hub in West and Central Africa, and include commitments to sourcing components from the UK.

The engagements highlighted strengthened bilateral cooperation, record trade levels, and mutual interests in infrastructure development and sustainable growth.

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Twining Boosts UK’s Investment in Nigeria By £24mn Ovaltine factory

Located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.
The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.

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British beverage maker Twining Ovaltine is pumping a fresh £24 million into its Lagos manufacturing facility in an efforts to strengthen the bilateral trade between Nigeria and the United Kingdom.

This is disclosed in a statement a statement issued by the UK’s Department of Business and Trade.It said that the investment will create over 100 direct jobs and boosting the company’s exports across West Africa.

Peter Kyle, the UK’s business and trade secretary, said that with bilateral trade now at an all-time high of £8.1 billion a year, the UK and Nigeria are showing how countries grow faster when they grow together.

He emphasised that as the two economies continue to enhance cooperation and trade relations, the investment plans will provide jobs for both countries while transforming lives.

“With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest-growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries,” Kyle said.

Meanwhile, located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.

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Insecurity: PDP says Nigeria’s Safer in 2015 Than Today

In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters.

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Opposition party -The Peoples Democratic Party (PDP) has beaten it’s chest saying, “There is no one, including the President, who will not agree that our country was safer in 2015 than it is today.”

In a statement on Tuesday, the opposition party referenced the recent multiple bombings in Maiduguri, resulting in at least 23 deaths and injuring more than 100 people, alleging that “it was another incontrovertible piece of evidence of the inability of the APC-led federal government to curb the growing insecurity in the country.”

This bombing is an unfortunate addition to the numerous acts of grave insecurity that have occurred under the watch of President Bola Tinubu, who was the loudest campaign voice for the APC, promising to end insecurity immediately if his party is elected. Sadly, 11 years later, insecurity has not only increased significantly in the Northeastern part of Nigeria; it has spread almost uncontrollably to many other parts of the country that were hitherto very safe and peaceful.

Despite this glaring failure, the APC-led Presidency has devoted more time, energy, and resources to the task of political genocide against the opposition, instead of deploying the same to combat the growing insecurity that has become the lived reality and new normal of Nigerians.

In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters and engage strategic stakeholders, especially community leaders, as part of a whole-of-society approach to combating insecurity.

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