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.

Published

2 years ago

January 21, 2025

OCHEFA

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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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Business

Airtel Money Targets October Listing On London Stock Exchange

Airtel Money’s parent company is Airtel Africa, a telecoms provider that is part of the Indian conglomerate Bharti Enterprises, which is ultimately controlled by the billionaire Sunil Bharti Mittal.

Published

2 hours ago

September 23, 2026

OCHEFA

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Airtel Money, the mobile money arm of Airtel Africa, has concluded plans to float on the London Stock Exchange in October.

Airtel Money’s chief executive, Ian Ferrao, made the disclosure Wednesday emphasising that the company would announce more details about the float in early October, including the indicative price range and number of shares to be offered, with final pricing to follow later in the month.

Airtel Africa had originally targeted a listing in the first six months of 2026 but delayed it to the second half of the year, blaming unfavourable market conditions as a result of the US-Israeli war on Iran. Several other companies also pushed back planned IPOs amid the market volatility caused by the conflict.

The company is hoping to raise about $800m (£601m) from the initial public offering (IPO) and is targeting a valuation of $8bn to $9bn, which would make it one of London’s largest listings in recent years.

Airtel Money has 53 million monthly active users across 13 countries in sub-Saharan Africa, including Uganda, Zambia and the Democratic Republic of Congo.

It operates through a network of branches and kiosks, which enable customers to load money on to their phones, withdraw cash and access other money services, and the company generated revenues of just under $1.4bn in the last financial year.

Business

Cardoso Says Multiple FX Windows Cost Nigeria 3% of GDP, Higher Than Fuel Subsidy

Before the CBN introduced FX reforms in 2023 to unify exchange rates, Nigeria had different channels through which dollars could be bought and sold. Different rates applied to different users and transactions.

Published

7 hours ago

September 23, 2026

OCHEFA

12 Views

Central Bank of Nigeria Governor Olayemi Cardoso has estimated that Nigeria lost about three per cent of its gross domestic product to multiple foreign exchange windows.

Mr Cardoso spoke in Abuja on Tuesday while answering questions after the 307th meeting of the Monetary Policy Committee.

He put the losses from the fuel subsidy regime at about 2.2 per cent of GDP, meaning the two distortions together cost the country roughly 5.2 per cent of GDP.

The committee cut the benchmark Monetary Policy Rate to 23 per cent from 26.5 per cent, a decision the governor described as an important operational realignment aimed at strengthening monetary policy transmission.

Mr Cardoso compared the cost of the old exchange rate system to the fuel subsidy, which he said was already a staggering amount of money.

The losses that we were making as a result of these multiple exchange rate windows was more. It was 3 per cent of GDP. So between those, you had 5.2 per cent of GDP lost,” he said.