Business

British Airways close down inventory on Nigerian flights over held revenue

Published

3 years ago

August 26, 2022

British Airways close down inventory on Nigerian flights over held revenue

British Airways has closed its inventory on its Nigerian operations, a move incidents on the failure of the airline to repatriate funds from ticket sales out of Nigeria.

The National Association of Nigeria Travel Agencies, NANTA, revealed the development on Friday while trying to allay fears on a possible shutdown of operations by the British carrier.

“As members may be aware that British Airways closed inventory this morning, please be informed that this inventory closure is a necessary action taken by British Airways to mitigate increase of their trapped funds,” a communique by NANTA partly read.

“However, British Airways provides reassurance that it is still flying in and out of Nigeria and is currently seeking earnest solutions to address the demands of its customers,” it added.

NANTA said that it had received assurance from the airline after a crucial business meeting that it would continue operations in the meantime while it pushes to convince the Nigerian authorities to release its trapped earnings. However, British Airways would no longer be selling new tickets until the situation is resolved.

The association also said that the airline’s decision was taken to reduce the growth of its trapped funds in Nigeria.

The development comes barely a week after Emirates Airlines announced that it will be suspending flight operations in Nigeria from September 1 after several failed attempts by the foreign airline to recover $85 million of its over $600 million trapped in Nigeria.

The International Air Transport Association (IATA) had earlier voiced reservations about the Federal Government of Nigeria’s decision to prevent international airlines from remitting ticket sales proceeds of $450 million (N188.6 billion) into their home nations.

The IATA urged the Buhari regime to prioritise the release of the funds before more damage is done, noting that the failure to do so will affect Nigeria’s access to its services.

Nigeria’s decision to withhold the airlines’ earnings follows restrictions on access to foreign currency imposed on investors seeking to repatriate profits as the country faces a severe dollar shortage.

Business

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

Published

5 hours ago

March 16, 2025

Sahara Weekly

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

ASR Africa emerges the Corporate Social Responsibility Champion of the Year at the Independent Awards 2024 in Lagos recently. Dr Ubon Udoh, the MD/CEO of ASR Africa, represented the Chairman, Abdul Samad Rabiu (CFR, CON) at the event to receive the award on his behalf.

Dr. Ubon Udoh thanked the organisers of the Award for recognizing the immense contributions of Abdul Samad Rabiu in creating sustainable homegrown solutions in Nigeria and Africa at large, in the area of health, education, mentorship and social development. He noted that the award, no doubt, will serve as an impetus for ASR Africa to continue to do more.

ASR Africa is an initiative of one of Africa’s biggest philanthropists and serial entrepreneurs, Abdul Samad Rabiu, Founder & Executive Chairman, BUA Group. At the heart of our mission lies a deep-rooted commitment to fostering substantial progress across the African continent through focused investments in education, health, and social development sectors.

Business

UBA, ICAN Partner to Drive Innovation, Excellence in Finance and Accounting

Published

9 hours ago

March 16, 2025

Sahara Weekly

UBA, ICAN Partner to Drive Innovation, Excellence in Finance and Accounting

Africa’s Global Bank, United Bank for Africa (UBA) Plc on Friday, hosted the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson C. S. Alaribe, FCA, in a meeting aimed at fostering collaboration and innovation between both institutions.

The meeting signalled a pivotal moment in the relationship between the two institutions, as they explored strategic partnerships aimed at driving mutual growth and development in the financial and accounting sectors.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the ICAN President and his high-profile delegation, expressed his enthusiasm for the partnership and assured that the bank is ready and willing to support the institution in its drive for excellence.

He said, “UBA is proud to be home to a significant number of ICAN members, whose expertise has been instrumental to our success as Africa’s global bank. This visit reaffirms our shared commitment to excellence and innovation.

Continuing, Alawuba stated, “We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme (GMAP), training initiatives, and other business opportunities that will create a win-win for both organisations.”

The delegation had distinguished members of the institute’s council and executive team, including Immediate Past President of ICAN; Mr. Oladele Nuraini Oladipo, FCA, ICAN Council Member; Dr. Oluseyi Oladimeji Olanrewaju, FCA, ICAN’s Honorary Treasurer; Mr. Biodun Adedeji, FCA, ICAN Council Member; and Dr. Lanre Olasunkanmi, FCA, Registrar/Chief Executive of ICAN.

Alaribe who was visibly excited at the corroboration between both organisations, said, “UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond. ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. This partnership will undoubtedly benefit our members and the broader financial ecosystem.”

The discussions also focused on several key areas of collaboration in capacity building, Joint training programmes to enhance the skills of accounting professionals and UBA staff, collaborating on initiatives to promote ethical standards, financial literacy, and best practices in accounting and finance and setting up a branch of ICAN at the UBA House.

This historic meeting marks a significant milestone in the relationship between UBA and ICAN, two institutions committed to driving excellence and innovation in the financial and accounting professions. Both parties expressed optimism about the future and pledged to work closely to achieve their shared goals.

The Institute of Chartered Accountants of Nigeria (ICAN) is the leading professional accounting body in Nigeria, established to regulate the practice of accountancy and promote excellence in the profession. With over 50,000 members, ICAN is dedicated to advancing the science of accountancy and fostering ethical standards in the industry.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

UBA, ICAN Partner to Drive Innovation, Excellence in Finance and Accounting

Business

DESPERATE NIGER BEGS NIGERIA FOR FUEL AMID CATASTROPHIC SHORTAGE!

Published

19 hours ago

March 16, 2025

Sahara Weekly

DESPERATE NIGER BEGS NIGERIA FOR FUEL AMID CATASTROPHIC SHORTAGE!

Nigeria Rescues Its Defiant Neighbor as Fuel Crisis Spirals Out of Control

Abuja/Niamey – March 15, 2025 – In a stunning turn of events, Niger Republic has turned to its long-estranged neighbor, Nigeria, for help after being crippled by a catastrophic fuel shortage. Despite months of diplomatic tensions, hostile rhetoric, and even allegations of sabotage, Niger’s military junta has been forced to swallow its pride and beg Nigeria for emergency fuel supplies to prevent total economic collapse.

Sources reveal that a high-powered delegation from the junta rushed to Abuja in a desperate plea for assistance. The outcome? A staggering 300 truckloads of Premium Motor Spirit (PMS) approved for immediate delivery—a move insiders say Nigeria is leveraging as a “strategic bargaining tool” in negotiations to pull Niger back into the ECOWAS fold.

Niger’s Fuel Nightmare: Prices Soar to Unthinkable Heights

With its economy in free fall, Niger’s fuel crisis has reached nightmarish levels. Reports indicate that petrol prices have skyrocketed to an eye-watering N8,750 per liter in some areas—forcing citizens into dire straits. Border towns, once lifelines for smuggled Nigerian fuel, have been left paralyzed.

A Nigerian transborder businessman, Mallam Abubakar Usman, described the situation as “beyond critical,” revealing that in the border town of Konni, fuel sells for 1,200 CFA (N2,500 per liter), while in Agadez, prices soar to 3,000 CFA (N7,500 per liter). The situation is even grimmer in Arilit, near Algeria, where a single liter costs an unbelievable 3,500 CFA (N8,750).

How Niger’s Junta Backfired on China—And Paid the Price

Niger’s woes, experts say, are self-inflicted. The junta’s reckless confrontation with Chinese oil giants has backfired disastrously. After securing a $400 million advance from the China National Petroleum Corporation, Niger found itself unable to repay. But instead of negotiating, the junta took a hardline approach, slapping an outrageous $80 billion tax demand on Soraz (Zinder Refinery Company), despite owing $250 billion to Chinese oil firms.

China’s response was swift and brutal. It shut down operations, expelled Nigerien officials, and froze accounts, effectively collapsing Niger’s petroleum sector overnight. The Soraz refinery—a lifeline for fuel supplies—ground to a halt, plunging the country into chaos.

Yet, despite the junta’s blunders, Niger remains too proud to admit its dependency on Nigeria. Reports indicate that Niger’s state-controlled media has deliberately avoided acknowledging Nigeria’s critical intervention, instead painting the fuel supply as an internal success.

Nigeria: The Unexpected Savior?

Despite Niger’s earlier accusations that Nigeria was plotting against it, President Bola Tinubu’s administration has chosen to rise above past animosities and extend an olive branch. The silent fuel deal, orchestrated behind closed doors, is more than just humanitarian aid—it’s a masterstroke in diplomatic strategy.

A senior Nigerian government official revealed: “We do not want to blow our trumpet. Rather, we want to use this as leverage to bring them back into ECOWAS. The truth is, they simply do not have the resources to sustain themselves without us.”

Nigeria’s Oil Industry: Strong Enough to Bail Out Niger?

Oil marketers and industry experts confirm that Nigeria has the capacity to shoulder Niger’s crisis without disrupting its own economy. With the Dangote refinery, the Port Harcourt refinery, and additional imports, Nigeria remains a dominant force in West African energy.

Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria, confirmed that the country has ample resources: “If we have a diplomatic reason for this, it is completely doable.”

Will This Lifeline Bring Niger Back to ECOWAS?

While Niger’s military rulers have yet to acknowledge Nigeria’s help, the reality remains—without Nigeria, Niger’s survival is at stake. This fuel crisis has exposed the junta’s vulnerability, forcing it to rely on the very country it once accused of betrayal.

As Nigeria continues its strategic maneuvering, one question lingers: Will Niger finally come back to the ECOWAS fold, or will it gamble on further isolation?