Business
We are cooperating with Nigeria Customs over $40million aircraft duty waiver allegations, says Arik Air in Receivership
granted to Arik Air was before the receivership period, under the leadership of Sir Johnson Arumemi-Ikhide, were not properly documented and handed over to the receivership team as required by law.The management of Arik Air under Receivership stated that it was Sir Johnson who pledged the affected aircraft and engines to various local and international lenders, possibly in violation of the terms of the waivers.”
Cape Town Convention. The public is invited to note that it it amounts to slight of hand for a borrower to issue an IDERA, enjoy a credit facility on the basis of the security conferred by the IDERA, then behind the lender, enter into another arrangement that will prevent the peaceful enjoyment of the IDERA.
EDC, Arik Air in Receivership said it agreed to extend loans to an entity called JEM Leasing Limited towards meeting Arik’s equipment needs.
“EDC confirmed in a letter dated April 21, 2023, that they sold the two CRJ900 Aircraft. The decision to sell was made by EDC, not the receivership team of Arik; Regarding the CRJ1000 Aircraft, EDC negotiated with a buyer who chose to dismantle it into its constituent parts . It should be noted that JEM Leasing Limited, the owner of the CRJ Aircraft, confirmed in a letter dated May 5, 2023 that they sold the plane. The CRJ planes sold were not owned by Arik. The “Receiver/Manager could not have sold or passed title on assets that are not covered by his receivership; In summary, the sale of the CRJ Aircraft was a lender-led transaction. Arik only exercised its rights to exit an unprofitable lease arrangement. Thus, the assertion that the Receiver/Manager of Arik sold the aircraft is without merit. It is patently false.”
the Arik receivership in February 2017. Over time, mainly prior to the receivership, the aircraft was cannibalized, rendering it
unserviceable. The MJI lacked engines as they had been removed by the pre-receivership management of Arik; The MJI did not possess a valid Certificate of Airworthiness, and its cabin had been stripped in preparation for the incomplete C-Check; The aircraft was abandoned in a remote dump site at the Maltese Airport, due to infrastructure development by the airport authorities.
We urge the public to disregard the sensationalized headline click-bait of $40 million duty waiver. The duties are paid in Naira. The use of inflated and unsubstantiated sums in newspaper headlines, particularly Sahara Reporters (SR) has been part of the strategy to tarnish the reputation of Arik Air Limited (in Receivership). The public is also advised to be wary of those who, if they cannot regain control of Arik would rather kill it.
We challenge SR to practice responsible journalism and have the courage to hear from the other side before publication.
Arik Air Limited (in Receivership) remains indebted to AMCON to the tune of over N240 billion. Together with Rockson and Ojemai Farms, all companies owned by Johnson Arumemi-Ikhide, they are indebted to the tune of over N400 billion to AMCON. Rather than engage in fruitless campaigns of calumny, they should approach AMCON to pay their loans.”
Recently, a heated exchange erupted between Dangote Refinery and fuel marketers united under the banner of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
The marketers accused the refinery of favoring foreign buyers with alluringly low prices for petroleum products, alleging that this strategy not only undermines local businesses but also includes frequent price cuts that place significant financial pressure on the marketers.
In the midst of this turmoil, Africa’s wealthiest individual, Aliko Dangote, made waves with an announcement that he plans to sell between five and ten percent of the shares in the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the coming year. This move is poised to transform the landscape of the Nigerian oil market, as it opens the doors for potential investors to participate in one of the continent’s most ambitious energy projects.
Speaking in an interview with S&P Global on October 20, Dangote said the move would follow the same path taken by other Dangote Group subsidiaries listed on the stock market, such as Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65%-70%,” Dangote said, adding that the refinery shares would be offered gradually, depending on investor demand and market conditions.
The billionaire industrialist revealed that the group is also exploring strategic partnerships with Middle Eastern investors to fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated.
Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery.
The national oil company had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could take place once the refinery’s next growth phase begins.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.
The refinery, which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. Dangote said the long-term goal is to increase output to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, the company is also expanding its chemical production. Dangote disclosed plans to boost polypropylene output from one million to 1.5 million metric tonnes annually and develop new projects in base oils and linear alkylbenzene.
Commenting on ongoing maintenance operations, Dangote said most technical issues had been resolved but added that a one-month shutdown might be required for final adjustments.
“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he said.
He noted that the maintenance schedule would be timed to avoid disruption during the end-of-year surge in fuel demand.
BREAKING: Naira Rise Again, See New Rate Today
Despite a semblance of optimism, the naira continues to grapple with intense pressure in the financial markets. The Nigerian currency is struggling to attain a stable exchange rate, reflecting the ongoing challenges it faces.
As of October 18, 2025, Nigeria’s foreign exchange reserves have climbed to an impressive $42.668 billion. Click link to continue reading.
The Nigerian Naira appreciated further against the United States dollar in the parallel market on Tuesday, extending the modest recovery seen at the start of the week.
On October 21st 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos, Abuja, and Port Harcourt.
The latest movement represents a continued strengthening of the local currency following steady inflows from remittances and moderate demand from importers. Market participants said dollar availability slightly improved in key hubs, easing pressure on the Naira after several weeks of volatility.
Black Market Dollar to Naira Rate Overview
Date Market Type Buying (₦) Selling (₦) Change
Tuesday, Oct 21, 2025 Black Market 1,470 1,480 +₦10 ▲
Monday, Oct 20, 2025 Black Market 1,480 1,490 –
Official (CBN) — — — See CBN
Figures compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate stands at ₦1,470 for buying and ₦1,480 for selling. The modest improvement reflects a calmer trading environment, with dealers reporting steady flows from informal remittances and bureau-de-change networks.
Demand for foreign exchange remains active, though slightly lower than in early October. Many traders expect the Naira to hold near current levels if dollar inflows from oil sales and diaspora remittances continue. For official rates and policy updates, visit the Central Bank of Nigeria (CBN).
Food and beverage giant Nestle said it will cut 16,000 jobs over the next two years, as its new CEO Philipp Navratil pushes to focus on products with the “highest potential returns”.
The Swiss company must “change faster” to keep pace with a changing world and adopt a “performance mindset” that does not accept losing market share to rivals, said Mr Navratil.
He replaced former CEO Laurent Freixe who was fired in September over a romantic relationship with an employee.
The job cuts were announced on Thursday as Nestle reported better sales figures in the first nine months of 2025, selling more products across its major categories, including coffee and sweets.
The world’s largest packaged food and drink company, Nestle owns hundreds of brands, including Nescafe, KitKat and Maggi.
Nestle plans to get rid of 12,000 white collar jobs on top of 4,000 other roles across the board within the next two years, it said in a statement.
The lay-offs will save the food giant around 1bn SFr (£940m) annually as part of an ongoing cost-savings effort, it said.
Nestle’s share price was up 7.5% shortly after its trading update and job cuts were announced.
Mr Navratil said: “We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded… The world is changing, and Nestle needs to change faster.
Such change would include “hard but necessary decisions to reduce headcount”, he said.
The details signalled that Mr Navratil wants to “bring greater transparency to areas that were previously more opaque in Nestle’s cost-saving plans,” Morningstar equity analyst Diana Radu said .
The job cuts, she said, appear to be an effort to “reset expectations and rebuild investor confidence through measurable actions”.
Mr Navratil’s predecessor was sacked by Nestle in early September after an investigation into whistleblower allegations that he did not disclose a romantic relationship with a direct subordinate.
The company’s outgoing chair Paul Bulcke brought forward his departure date and left his post in the same month.
It was reported at the time that investors blamed Mr Bulcke for the company’s ongoing problems.
Last year, an investigation found Nestle baby food products sold in low- and middle-income countries contained unhealthily high levels of sugar.
The research, by a Swiss NGO and the International Baby Food Action Network, found that in many cases, the same products sold in wealthy countries had no added sugar.
Victoria Scholar, head of investment at Interactive Investor, said that Mr Navratil “is clearly looking to make his mark on the business”.
“Investors are excited by Navratil’s bold steps and are pleased that the C-suite turmoil appears to be in the rear-view mirror,” she said.
But the challenges ahead of him include tariff pressures, rising debt and stiff competition, she said.
Unite, one of the largest trade unions in the UK, criticised the job cuts and said it would “respond robustly” to any British layoffs.
Nestle has sites in York, Halifax, Dalston and Tutbury, as well as staff at Buxton Water, which it owns.
“Nestle is a profitable company, selling billions of produce every month. Job losses are simply unacceptable,” the union’s general secretary Sharon Graham said.
In recent weeks, the Nigerian naira has experienced some advantages in the currency exchange landscape, benefiting from a gradual increase in its value within the Foreign Exchange Market.
However, this positive trend has recently faced fluctuations, leading to a mixed outlook on the currency’s strength against the dollar. Click link to continue reading
As of last Friday, the naira was trading in the mid-₦1,400s on official platforms of the Nigerian Foreign Exchange Market (NFEM). In stark contrast, the parallel (black) market continued to quote the dollar at significantly higher rates, hovering around ₦1,480 to ₦1,500.
This disparity illustrates a persistent premium of approximately ₦25 to ₦40 between the official exchange channels and the rates found on the street, highlighting the ongoing challenges in Nigeria’s currency valuation and market dynamics.
Key rates
NFEM (official VWAP / CBN-derived rate): ₦1,470–₦1,475 per $1. This is the volume-weighted average used as the official daily NFEM rate.
Central Bank / interbank listings (recent reference levels): ₦1,460–₦1,475 per $1. (Historic daily CBN/exchange tables show mid-₦1,400s levels through mid-October).
Parallel / black market (Aboki / Abokifx / crowd-sourced trackers): ₦1,480–₦1,500 per $1.
Dealers and market commentators say the gap persists because official windows continue to receive constrained dollar supplies even as demand from importers and portfolio flows fluctuate. Foreign investors offloading local assets and limited central bank dollar provisioning were highlighted as near-term pressures in market reports.
Market impact — what it means
Importers & corporates: Higher parallel rates lift cost pressures when dollars are sourced outside official windows.
Remittances: Recipients relying on informal channels may see better conversion on the parallel market but greater volatility.
Consumers: The spread keeps upward pressure on prices of dollar-priced goods and services.
Vanguard
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.
Under the new rules, any person or entity with a non-performing loan with any financial institution in the last 12 months is ineligible to be appointed as an agent. The CBN said credit information would be verified through licensed credit bur-eaus, closing loopholes that have allowed individuals with bad debts to resurface as POS operators.
Also disqualified are individuals whose BVNs have been watch-listed, as well as anyone who has been blacklisted for financial mis-conduct. Agents convicted of felonies, fraud, dishonesty, or related offences will also not be permitted to operate.
In addition, persons declared bankrupt or companies that have filed for insolvency are automatically barred from agent banking, reinforcing the regulator’s stance that only financially stable and trustworthy actors can hold such positions.
For those seeking approval, the guidelines stipulate basic eligibility conditions. Prospective agents must demonstrate the ability to carry out permissible activities such as deposits, withdrawals, and bill payments. They must also provide all mandatory information required under CBN regulations, secure au-thorisations from relevant authorities where necessary, and, in the case of individu-als, be at least 18 years old and of sound mind.
The central bank also mandated that principals – banks, super agents, and licensed payment service providers – conduct comprehensive due diligence before appointing agents. This includes verifying credit history, criminal records, sources of funds, business ad-dresses, and pre-existing relationships that could pose risks.
Agent banking has expanded rapidly in Nigeria, driven largely by PoS operators who bring financial services to rural and underserved com-munities. There are over 8.3 million registered PoS terminals in the country and 5.9 million already deployed as of March 2025, with agents handling billions of naira in transactions monthly.
However, the sector has faced rising cases of fraud, theft, and unlicensed operators exploiting gaps in over-sight. By cutting off access for individuals with poor credit records or compromised BVNs, the CBN is signalling its intent to clean up the PoS industry and safeguard customer trust. Industry oper-ators, however, face higher compliance costs, as principals must integrate credit checks, BVN verification, and legal clearances into their onboarding processes.
The new qualification criteria are part of broader reforms, which also include mandatory geo-tagging of Pos devices, transaction lim-its, real-time settlement re-quirements, and stiffer sanctions for default.
In August 2025, the CBN had already ordered operators to geo-tag all Pos devices within 60 days and align with the global ISO 20022 messaging standard. That directive set the stage for tighter rules in October, which now embed sanctions and stricter onboarding checks.
However, the latest guidelines have extended the deadline to April 1, 2026. The extension to April 2026 gives breathing space but does not soften the threat: come enforcement day, non-geo-locked terminals may be shut down, and agents or institutions may iCBN bars debtors, blacklisted BVNs from operating as Pos agents
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
Nigeria’s electricity distribution companies (DisCos) installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year, as reported by Nairametrics.
This was contained in the newly released Second Quarter 2025 Report by the Nigerian Electricity Regulatory Commission (NERC).
According to the report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.
Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.
To cushion the impact on unmetered customers, the Commission said it has continued to enforce the monthly energy cap policy, which limits the amount of energy that can be billed to unmetered customers.
“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” NERC said.
The report further highlighted a decline in customer complaints received across all DisCo Customer Complaints Units (CCUs). A total of 227,267 complaints were recorded in Q2 2025, representing a 10.67% decrease from the 254,404 complaints lodged in the previous quarter.
However, only 1,129 out of 2,474 complaints received at NERC’s Central Complaint Unit (CCU) were resolved — a resolution rate of 45.63%, which the regulator described as unsatisfactory. The majority of complaints, NERC said, were related to metering, billing, and service interruptions, consistent with previous trends.
The Commission added that two Forum Offices were shut down during the quarter, reducing the number of active offices to 24 from 26 at the end of Q1 2025. A total of 1,418 appeals were active during the quarter — 1,040 new appeals and 378 pending from the previous quarter. The forum panels conducted 41 sittings and resolved 958 appeals, achieving a 67.56% resolution rate, which was 6.54 percentage points lower than the 74.10% recorded in Q1 2025.
What you should know
In April, NERC penalised eight DisCos – including Abuja Electricity Distribution Company (AEDC), Ikeja Electric (IKEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electric, Kano Electricity Distribution Company (KEDCO), and Yola Electricity Distribution Company (YEDC) – for failing to adhere to the monthly energy caps imposed on estimated billing for unmetered customers.
The Commission imposed a combined fine of over N628 million on the eight DisCos. In addition to the monetary penalties, NERC directed each company to provide credit adjustments to all affected customers.
The NERC’s decision to impose the fine of N628 million on DisCos for violating the estimated billing cap sparked mixed reactions among electricity consumers and power sector experts.
Nairametrics
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