Business
How huge debt, fuel price hike forced Arik Airline to suspend operation temporarily
Foreign airlines flying to Nigeria have started refueling abroad, to bypass highly priced and increasingly scarce aviation fuel in the country. This is coming on the heels of Arik Air’s suspension of flight operations to all airports across the country due to its inability to secure aviation fuel, also known as JET-A1.
Consequently, hundreds of domestic passengers were stranded all over the country, following the airline’s inability to airlift them to their destinations. At press time, none of Arik’s aircraft had been deployed to any destination in Nigeria, West Africa and other routes.A reliable source, who does not want to be named, said that the massive debts of the airline to major oil marketers who regularly supply aviation fuel is partially responsible for the current situation of the airline. Although there are reports that in addition to the airline’s inability to pay for fuel, its insurers in Europe and elsewhere had withdrawn insurance cover from the airline forcing the airline to stop flight operations altogether.
Meanwhile, foreign airlines say that the high cost of aviation fuel in the country is the second blow for airlines in a year that first saw the Central Bank of Nigeria, CBN, made it almost impossible to for them to repatriate profits from ticket sales as part of moves to prevent further depreciation of the naira. Reuters report said that the crash in the naira since a devaluation in June has led firms who market jet fuel locally, such as Total, Sahara and ConocoPhillips, to double the price to N220 per litre in August, and to as much as N400 this month, quoting an airline executive.
It added that even at the higher costs, marketers’ lack of dollars has made fuel scarce, while some airlines have had aircraft stuck, or were forced to cancel planned journeys, after frantic last-minute calls from ground staff warned there was no fuel available.
Specifically, the report, quoting a spokesperson for Emirates Airline, stated that the Airline has started a detour to Accra, Ghana, to refuel its daily Abuja-bound flight, and has already cut its twice-daily flights to Lagos and Abuja to just one.
According to the report, the move was aided by a substantial drop in Ghana’s jet prices amid tax reform last month. In addition, it stated that Air France-KLM said it had refueled abroad in very exceptional cases by juggling suppliers and stomaching extra costs.
Germany’s Lufthansa, on the other hand, is loading more fuel in Frankfurt for its Lagos flight, where the ground staff doubts their ability to refuel for the final destination of Malabo, the capital of Equatorial Guinea, an executive said. British Airways, the report added, now uses smaller aircraft on its Lagos-London route, as did Air France-KLM.
It added that Turkish Airlines’ use of smaller planes has added another inconvenience, as passengers complained there is not always space for luggage on the smaller aircraft, delaying it for days.
“It’s an impossible situation. The oil marketers do not want to sign long-term agreements anymore so we have to accept whatever prices they demand. We sell tickets in naira and now they want us to come with dollars,” one airline executive said.
The report disclosed that Spain’s Iberia and United Airlines cancelled their Nigeria services earlier this year, and two local carriers also halted operations, while other international airlines responded by boosting ticket prices within Nigeria, charging its globe-trotting elite as much as $2,000 for an economy class ticket to Europe to cut losses – more than double the cost of a Lagos ticket bought abroad.
Commenting on the development, John Ashbourne, an economist with Capital Economics, said “The economy is crying out for investment, and now it is going to be even harder for anyone to visit. Who is going to want to pack a billion dollars in a country that you can not even easily fly to? It sends the worst possible signal.”
The report noted that the CBN hoped floating the naira would attract dollar inflows, but the naira sunk by 50 per cent, forcing oil firms to charge airlines, stuck with piles of naira, in dollars for jet fuel. It added that the scarcity has even pitted airlines against local consumers; a surge in demand for cooking and heating kerosene during the rainy season, when households cannot easily burn wood or charcoal, means if the airlines do not pay up, marketers will sell to locals.
It however, noted that Nigeria used to be one of the most profitable markets for foreign airlines, landing planes with plenty of first and business class to cater to executives and officials jetting around under former President Goodluck Jonathan.
In the case of Arik Air, a source close to the oil marketers said that the airline is a bad debtor as it currently owes at least N3 billion to all its suppliers, a situation, which has made them not to supply Jet A1 to the airline. The sordid situation may also affect the airline’s long-haul operations to Heathrow Airport in London and New York in the United States of America. A passenger with the airline, Chris Amokwu told our correspondent that he had been at the airport as early as 7:00 for a 7:30 am flight to Abuja, but as at 1 pm, he was yet to know if he would eventually make the trip to the Federal Capital Territory (FCT).
According to him, the airline attributed its inability to operate to the scarcity of Jet A1 and poor weather condition. But Jet A1 is available in the local scene as airlines such as Med-View, Air Peace and Landover Airways have been operating, despite the alleged scarcity of aviation fuel and poor weather by the airline.
However, reacting to the development yesterday, the airline said it suspended operations due to its inability to immediately renew its aircraft insurance. In a statement signed by the spokesman, Mr Adebanji Ola, the airline said: “Arik Air, West and Central Africa’s largest airline, has alerted all air travelers of a temporary disruption to its operations, pending approval of aircraft documentation related to insurance renewal.’
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
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