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

1 year ago

January 21, 2025

OCHEFA

812 Views

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

Naira Exchange Rates Thursday 25 June 2026

Published

5 hours ago

June 25, 2026

OCHEFA

13 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380.08

GREAT BRITISH POUND (GBP) ₦1,815. 63

EURO (EUR) ₦1,566.63

SWISS FRANC (CHF) ₦1,696.05

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202.62

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54

SAUDI RIYAL (SAR) ₦367.58

SOUTH AFRICAN RAND (ZAR) ₦82. 91

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 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 ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Dangote Refinery Dismisses Claims of Fuel Re-Importation from Togo

Published

1 day ago

June 24, 2026

Charles Flames

35 Views

Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.

In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.

The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.

The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.

Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.

Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.

The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.

Business

Afreximbank wooing Nigeria’s rising culinary stars for participation in 2026 CANEX Junior Chef Competitions

The competition invites Nigeria’s most promising junior culinary talents, aged 16 to 21, to showcase their creativity, technical skills, and cultural storytelling at the CANEX WKND 2026, set to hold from 5 to 8, November 2026, in Lagos, Nigeria.

Published

2 days ago

June 23, 2026

OCHEFA

45 Views

Photo: Winners of the CANEX Junior Chef Competition display their prizes during IATF2025 in Algeria.

The African Export-Import Bank (Afreximbank), through its Creative Africa Nexus (CANEX) programme, has opened applications for the 2026 edition of the CANEX WKND 2026 Junior Chef Competition.

Now in its second edition, the competition builds on the landmark debut in Algiers, Algeria, during IATF2025, with Fatma Zohra Bendjelida crowned the inaugural winner.

This year, the spotlight turns to Nigeria’s next generation of culinary talents.

Eight aspiring young chefs will earn their place on the live stage at CANEX WKND in Lagos, where they will transform African culinary heritage into bold, signature creations; making dishes that honour the flavours, traditions, and stories of the continent while presenting a fresh, fearless voice in African gastronomy.