Business
Air Peace, Arik Air deny being blacklisted by Lessors
The management of Air Peace has reacted to reports indicating that it was blacklisted by lessors on dry lease (long term leasing) along with other airlines, saying that it had never engaged in dry lease and it had never been blacklisted.
In another related development, the shareholders of Arik Air also denied that the airline was blacklisted by lessors during the period under the management of the founder.
Air Peace in the statement signed by its management stated: “Our attention has been drawn to erroneous claims by a newspaper outlet (not THISDAY), and a host of other media outfits who on the 17 July, 2024, published an article titled “13 Nigerian Airlines Blacklisted for Contract Breaches,” which incorrectly included our airline.
“Air Peace has consistently operated with the highest standards of ethics and professionalism since our inception in 2014. Contrary to the misleading information presented in the article, Air Peace has never dry-leased any aircraft since the inception of the airline and, as such, couldn’t have breached a non-existent contract and has never been blacklisted by any lessor.
“We have never breached any contractual obligations. Our financial dealings have always been conducted with utmost integrity and transparency, with no breaches of payment terms.”
Likewise, in a statement signed on behalf of Arik Air shareholders by Aideloje Godwin, they reacted to reports indicating that Nigerian airlines were blacklisted by lessors for reneging on leasing agreements.
According to the shareholders of Arik Air, “We wish to clarify that Arik Air Limited founded in 2006 has a verifiable good record of transactions of acquisition of aircraft with no-default in repayments to the international credit agencies that financed acquisition of her aircraft up until 9 February 2017 when it was forcefully taken over by AMCON through an exparte order of the Federal High Court.
On its part, the Air Peace management also said that its operations remain robust and compliant with all relevant regulatory and industry standards, adding that Air Peace is committed to maintaining excellent service and operational efficiency, setting a benchmark in the West African aviation sector.
It also noted that the inclusion of Air Peace in the said publication is both misleading and damaging to its reputation, adding that the allegations were completely unfounded and have no basis in reality.
The airline said: “Air Peace, by virtue of its vantage position and rising profile, has been subjected to several smear campaigns aimed at distracting it from its ultimate goal of connecting cities and generally improving aviation travel within Nigeria, Africa and the world at large.
“Air Peace is, however, open to constructive criticism but frowns at attempts to bring it down by misinforming the world about its operations.”
Air Peace further stated that it connects people to most of the cities in Nigeria and has extended its operations to many destinations in West Africa and beyond.
It further elaborated: “Air Peace has placed Nigeria’s aviation industry firmly on the global map, showcasing the capabilities of a Nigerian airline across various fronts, notably excelling in maintaining an unparalleled safety culture.
“The airline’s visionary goal is to be ever dependable through the creation of seamless connections and network options for its extensive domestic, regional, and international markets. The heartbeat of Air Peace’s success lies in its strategic approach to fleet modernization and route expansion.
“In 2021, the airline achieved a milestone by becoming the launch customer for the groundbreaking 124-seater Embraer 195-E2 aircraft in Africa. This marked the delivery of the first five units as part of a 2018 firm order for 13 E195s, with additional orders for Boeing 737 MAX 8 and 737 MAX 10 aircraft, signalling a phased transition from the existing Boeing 737 fleet.
“Elevating its fleet modernization, Air Peace recently inked a significant deal-a firm order for five Embraer 175 aircraft, accompanied by plans for a local maintenance facility supported by Embraer.”
The airline added that it has consistently maintained a clean safety record in all its operations.
Meanwhile, in further clarification, Arik Air stated: “Arik Air financial model is such that all sales collections are by Nigerian banks. By this collection arrangement, Arik Air authorised the local collection banks that the repayments for the aircraft shall be first charged on the sales collections’ accounts.
“Furthermore, the banks were authorised to bid for forex from the Central Bank of Nigeria (CBN) to pay for the aircraft acquisition. Where the local banks could not source forex from the CBN, Arik Air authorised the banks to purchase forex from other sources/channels to meet these obligations.
“By this arrangement, Arik Air Limited has fully paid-up over 80 per cent of its aircraft fleet to the aircraft financiers. Hence, up to 9 February 2017 when AMCON forcefully took over Arik Air, there could not have arisen any cases of default in meeting the airline’s obligations.”
They recalled that Arik Air commenced domestic flights operations in Nigeria in 2006 and further extended into West, Central Africa and South Africa. The network grew over the years to London Heathrow (which it operated from Lagos for about 9 years), New York (which it operated from Lagos for about 8 years), and Dubai (which it operated from Lagos for about 4 years).
During this period (30 October 2006 to 9 February 2017), no Arik aircraft or engines were seized, detained or commandeered for any default, they further clarified.
The shareholders also said that rather than seizures, based upon Arik satisfactory repayments performance, the international financiers offered about $500m to Arik to purchase additional newly manufactured aircraft to further expand the airline operational capacity and route network before AMCON’s forceful takeover on 9 February 2017.
They added: “Thus, it is an incontrovertible fact that the legacy Arik Air management did not default in any of its aircraft purchase repayments and was not blacklisted by any lessor or aircraft financing partners. Any such reports of default before 9 February 2017 are false, unfounded and grossly misleading.
“Suffice it to state that Arik Air was placed into receivership on 8 February 2017 vide an exparte order of the Federal High Court and was forcefully taken over on the 9 February 2017 by AMCON’s receiver manager, Mr. Oluseye Opasanya, SAN, with a large detachment of mobile policemen. The take-over was effected without any form inventory of assets and liability as required by law.
“It is interesting to note that AMCON and its Receiver Manager took over Arik Air Limited vide an exparte order of the Federal High Court Lagos, yet it refused to obey a judgement of the Federal High Court Lagos that granted an unfettered access to the shareholders/directors of Arik Air to their offices in March 2023.
“We note with dismay that AMCON took over 19 serviceable aircraft that operated average of 120 daily flights with spare parts inventory valued at about $150M. Arik Air Limited valued at the sum of $3.7b by Delloite of London has been recklessly mismanaged by AMCON’s receiver managers resulting in only 2 serviceable aircraft as of date.
“The rest have been cannibalised/grounded, engines abandoned in maintenance shops worldwide, multimillion dollars London Heathrow and New York JFK landing slots lost while some aircraft cannot be accounted for due to AMCON’s receiver manager discontinuation of servicing contracted financial obligations of legacy Arik Air Limited.
“Today, Arik in Receivership has only two operational aircraft and its route network is embarrassingly reduced to Lagos-Abuja-Lagos flights.
“In terms of receivership, the Arik Air Shareholders said AMCON Receiver Managers are obligated to service all contracted obligations, duly maintain the aircraft and manage efficiently the network and value of the airline.
“In this regard, therefore, if there is any blacklisting of airline, it is the Arik (in Receivership) by AMCON that is blacklisted and not the legacy Arik Air Limited.
“It should be noted that all reported defaults of the airline occurred sometime in 2019, 2 years into AMCON receivership under the watch of Mr. Oluseye Opasanya, SAN, through to the tenure of Mr. Kamilu Alaba Omokide FCA (both AMCON receiver managers),
“In conclusion. It is important that Nigeria and the international community are informed of the true facts of who and what is working against Nigeria in the international business community. Hence any such bad reputation associated with Nigeria resulting from negative media in aviation associated with Arik Air (in receivership) is only as a result of mismanagement of Arik Air by AMCON receivership managers.
Source: This Day
Aliko Dangote, known as Africa’s wealthiest businessman, recently experienced a significant decline in his fortune following a drop in shares of his cement company on the Nigerian Exchange, as reported by Business Elites Africa.
The billionaire, who leads the Dangote Group, faced a staggering loss of approximately $163 million in a mere four days.
Cement slump drags down fortune
Dangote’s fortune had been on an upswing earlier this month, boosted by gains in Dangote Cement and a stronger naira. But the recent decline in the company’s stock has wiped out part of those profits.
Shares of Dangote Cement, where he owns over 87 percent, slipped more than three percent, falling from ₦528 on September 11 to ₦511.2 by Monday morning.
The drop pushed the company’s market value down to roughly $5.6 billion, directly affecting Dangote’s personal wealth.
This setback has reduced his year-to-date gains to $687 million, down from the $850 million growth recorded earlier in September.
Despite the dip, Dangote still remains one of the most influential figures on the African continent, with his cement business dominating markets across the region.
A refinery making global moves
Beyond cement, Dangote is also making bold moves in the energy sector. His $20 billion refinery near Lagos, which started operations last year, is gradually reshaping Nigeria’s role in global energy trade. Nigeria fuel prices
At the end of August, the plant made headlines by sending its first-ever shipment of gasoline to the United States.
Roughly 300,000 barrels of petrol left the refinery aboard the vessel Gemini Pearl, marking the first time Nigeria exported refined gasoline directly to America. For decades, the country had relied on exporting crude oil while importing refined fuel for local use.
The new facility, with a daily capacity of 650,000 barrels, has already exported cargoes to Asia and the Middle East.
Refinery outages in Saudi Arabia and Kuwait have also opened opportunities for Dangote’s products to fill supply gaps in those markets, a sign of Nigeria’s growing competitiveness in refined petroleum exports.Nigeria fuel prices
Balancing losses and gains
While the slip in Dangote Cement has trimmed Dangote’s paper wealth, his diversification into energy and food industries continues to strengthen his long-term influence in Africa’s economy.
The billionaire may have lost $163 million on paper, but with his refinery steadily gaining ground in global markets, the picture of his financial empire remains one of resilience and expansion.
This sharp decrease has brought his total estimated wealth down to around $28.8 billion, according to the Bloomberg Billionaires Index. The fluctuations in his company’s stock serve as a critical reminder of the volatility inherent in the financial markets.
As the 2027 election approaches, the political landscape is intensifying, with the spotlight firmly on President Bola Tinubu and the policies his administration has implemented.
One notable development is the recent appreciation of the Naira, which has gained traction in the foreign exchange market. Click link to continue reading.
On Monday, the Naira made headlines by appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.
According to data released by the Central Bank of Nigeria, the Naira improved to N1,497.5 per dollar, a notable increase from last week’s closing figure of N1,501.5. This remarkable shift indicates a substantial gain of N4.03 against the dollar, showcasing the currency’s strengthening position compared to its previous status.
In contrast, the Naira held steady at the black market, maintaining a rate of N1,537 per dollar, consistent with the figures from the previous weekend.
The last recorded instance of the Naira trading below N1,500 at the official market was back in February 2025, underscoring the significance of this recent performance.
This rising trend in the Naira is notable against the backdrop of Nigeria’s bolstered external reserves, which have surged to an impressive $41.70 billion as of September 12, 2025. The combination of these economic indicators casts a spotlight on the government’s financial strategies and their implications as the nation gears up for a pivotal electoral season.
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The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.
Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.
Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.
He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.
“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”
He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.
According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.
Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.
“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.
“This is how we can guarantee both social and fiscal security for our state while raising living standards.”
He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
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