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.

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2 years ago

January 21, 2025

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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

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.

Published

2 days ago

August 6, 2026

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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.

Source: ThisDay

Business

NDIC begins paying depositors of 46 closed microfinance banks

NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.

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2 days ago

August 6, 2026

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The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.

” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.

“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.

Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.