Business
United Nigeria Airlines becomes IATA Member
Nigeria’s fastest growing airline, United Nigeria Airlines Company Limited, has been admitted as a member of the global aviation body, the International Air Transport Association (IATA).
The airlines’ admittance into IATA was conveyed to the management of United Nigeria Airlines in a letter dated October 9, 2023, and addressed to Prof. Obiora Okonkwo, chairman and chief executive of the company.
The letter signed by William Walsh, IATA Director General, it said the group was happy to welcome United Nigeria Airlines into its fold.
“It gives me great pleasure personally to welcome United Nigeria Airlines as an IATA member,” the Director General said in the letter.
According to him, “IATA mission is to represent, lead, and serve the aviation industry and is the collective voice of some 300 Airlines from over 120 countries worldwide. Our vision is to work together to shape the future growth of a safe, secure, and sustainable air transport industry that connects and enriches our world.”
The IATA Director General further informed United Nigeria Airlines that the group’s priorities “include improving global safety, protecting the industry’s ability to grow sustainably, driving digital transformation within the industry and becoming the trusted source for aviation data.”
Expressing his happiness about United Nigeria Airlines’ membership of the group, the Director General said, “I sincerely hope that you, your airline, and employees will reap the full benefits of IATA membership.”
Commenting on the feat, Chief Operating Officer of the airline, Mazi Osita Okonkwo, said the IATA membership is an indication that United Nigeria Airlines was on course to becoming a global carrier.”
According to him, “the membership is a boost to our strategic engagements towards achieving our goals and becoming an airline that operates in accordance with global aviation standards.”
“We welcome the admission into IATA membership and assure that it will propel us to exceeding customer expectations on safety, quick service delivery, and top-notch customer services,” he added.
The IATA membership is coming in the heels of the accreditation of United Nigeria Airlines, last May, as an IATA Operational Safety Audit (IOSA) certified carrier.
United Nigeria Airlines is currently engaged with its expansion programme with immediate expectations for direct flight operations to Accra in Ghana and other regional destinations alongside expanded operations to Sokoto, Kano, Jos and Benin.
Already, management of the airline has concluded arrangements to boost its fleet size with the arrival of two Airbus A320 aircraft expected to arrive Nigeria mid-October and early December while another set of E-190 Embraer aircraft will join the services of the company in the first quarter of 2024.
The airline was also recently granted approval by the Federal Government of Nigeria to commence direct flight operations into North America, Europe, and the Middle East.
Business
Reps pass bill to give foreign investors Nigerian citizenship
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.
In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
Business
FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy
Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.
The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.
This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.
Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.
She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.
A pause is an administrative process simply to review, in line with what we discussed .
”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.
“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.
Business
Police Investigates over N270m Thefts in UBA
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.
The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.
Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.
The suspects are in custody and will face prosecution as the investigation continues.
The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.
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