Business
XeJet Eyeing Aircraft Components Manufacturing in Nigeria, After Launch of MRO Facility In Abuja
The Minister of Aviation and Aerospace Development, Festus Keyamo, noted that the move aligns with the federal government’s vision to support local operators and boost the nation’s aviation industry.
The Chief Executive Officer of XEJet, Emmanuel Iza, has disclosed plans to position Nigeria on the global map of aircraft manufacturing, repairs and operations.
“The vision is ambitious. It is to contribute to aircraft manufacturing, even if it’s just components like wings, landing gears, or tires.
Nigeria has the talent and ability; we just need the enabling environment and facilities to make it happen,” he said.
Iza spoke during the launch of XeJet’s Maintenance, Repair, and Overhaul (MRO) facility and flight support center in Abuja.
He said: “Currently, XeJet employs about 300 people. With this new facility, we expect to quadruple that number.
First phase involves site preparation, including leveling the ground and constructing a taxiway to connect the runway to the facility, which is estimated to cost $5 million. The structure itself will require an equal investment.”
On the occasion, the Minister of Aviation and Aerospace Development, Festus Keyamo, noted that the move aligns with the federal government’s vision to support local operators and boost the nation’s aviation industry.
He said: ” Since we came to office, we’ve been focused on attracting MRO facilities to our aviation ecosystem, just as they exist in other parts of the world.
“We’ve searched far and wide for investors, but now we see that what we were looking for elsewhere is right here at home. This collaboration between XeJet and local banks is a dream come true.”
Keyamo added: “This development will not only serve Nigeria but will attract users from across the West African sub-region. That’s the dream—to make this facility a regional center for excellence.”
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BLACK MARKET RATES
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Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
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
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
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USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
Official CBN Exchange Rates
US Dollar (USD) ₦1,360. 14
Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
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
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