Business

Moonshining: NCAA Bars Pilots from Multiple Operations

Published

2 months ago

November 13, 2024

The The Nigeria Civil Aviation Authority (NCAA) has restricted licensed flight crew members from operating multiple airlines.

NCAA issued the restriction, saying its findings shows that pilots and other crew members render services to different airlines.

In a circular NCAA/DGCA/AOL dated November 6th 2024 and signed by the Ag. Director-General, Civil Aviation, Capt. Chris Najomo, declared the act as illegal.

According to the circular, instances where pilots operate for more than one airline concurrently pose risk to safety.

It said the licence issued to pilot or any member of the flight crew is operator specific based on the approved Standards Operating Procedures (SOPs).

The circular issued to Accountable Managers/Director of Flight Operations and Chief Pilots titled, ‘PROHIBITION OF AD-HOC FLIGHT OPERATIONS FOR MULTIPLE AIRLINES’ read: “It has come to the notice of the authority through our surveillance reports that licensed
flight crew members utilize the privileges simulators and proficiency checks endersed on their license to operate for multiple airlines.

“The Flight Simulator Training Device/facility approved by the Authority si operator specific based on the training program and the Standard Operating Procedures (SOP) for such an operator.

“Instances where pilots operate for more than one arline concurrently without safety considerations of such actions poses a safety risk to the industry.”

The CAA stated that with effect from the date of issuance of this Directive, all operators and holders of pilot license are informed that this action will be treated as a violation of the Nigeria Civil Aviation Regulations.

“The Authority wil take appropriate enforcement action on violators of this directive, affective from 11th November, 2024.

“Simulator renewals from henceforih will be tied to the Operator. Please comply accordingly,” the circular added.

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

2 days ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

3 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.