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NNPC targets two million barrels oil production daily

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The Nigerian National Petroleum Company Limited has announced its goal to increase crude oil production to two million barrels per day by the end of the year.

The country’s daily production rose from 1.27 million barrels in June to 1.6 million in July, according to the Nigerian Upstream Petroleum Regulatory Commission.

Speaking during a meeting with Maritime Stakeholders at the Nigerian Navy Headquarters on Tuesday, the Group Managing Director of NNPC, Mele Kyari, expressed optimism that the target would be met, emphasising that NNPC was fully committed to achieving it.

Represented by the Managing Director of Pipeline NNPC, Folorunsho Karim, the oil firm’s boss urged security agencies to continue their efforts against oil theft and pipeline vandalism to help the company meet its target.

He said, “The target is to increase production to two million barrels by the end of the year, and we are fully committed to doing that. I appreciate the support of the Nigerian Navy in making this possible.

“They have been providing significant support, which has resulted in a reduction in oil theft. Pipeline vandalism has also decreased significantly, and there is a lot currently happening in the industry. We hope to sustain this progress to achieve our target of two million barrels per day by the end of the year.”

The Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla, said Nigeria’s development has faced numerous complex security challenges over the past few decades, including violent agitations, oil theft, pipeline vandalism, and piracy/sea robbery.

Ogalla added that these issues were driven by the proliferation of small arms and light weapons, communal clashes, poverty, and unemployment.

“The traditional methods of addressing these security challenges have not yielded the desired results. Hence, the meeting also aimed to address emerging security issues arising from the implementation of the Petroleum Industry Act.

“The Federal Government’s drive to develop the nation’s blue economy requires the support of all stakeholders,” he added.

He stated that the Navy was working to ensure its operations did not hinder operators but instead supported them in performing their duties and optimally producing.

Ogalla said, “Providing security is a way to promote ease of doing business because if there is no security, operators cannot function.

“We also ensure that our arrests and detentions do not impede legitimate business operators. When we make arrests, we conduct preliminary investigations quickly and release vessels if the information is found to be incorrect, so as not to disrupt businesses. This is our general contribution.

“We aim to promote ease of doing business by ensuring our operations and patrols do not create problems for operators. Instead, we support them by assuring them of protection from criminal elements who seek to disrupt business activities in Nigeria.”

FCMB shops for N110bn fresh capital

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FCMB Group has announced plans to raise N110bn by issuing 15,197,289,219 ordinary shares of N0.50 each at N7.30 per share.

This was disclosed by the Chief Executive Officer of First City Monument Bank, Ladi Balogun, during the “Facts Behind the Offer” presentation by FCMB Group Plc at the Nigerian Exchange Limited on Tuesday.

Balogun explained that the public offer, expected to conclude by October, would be complemented by a private placement.

Looking ahead, he stated that the bank planned to raise N397bn through the selling of minority stakes in two of its subsidiaries, including the pension business and Credit Direct in 2025.

“We anticipate raising N89m to N90m from these sales, which will be injected into the bank to promote capital,” Balogun added.

He also disclosed that FCMB was in discussions with several offshore investors for a private placement.

“This will be in the form of preference shares in the holding company, downstreamed as equity to the bank, helping us achieve our target of raising N397bn. We have an aspiration to move to Tier 1.

“The first phase is what we’re currently executing. We’ll be raising a total of N150bn through both a public offer and a small private placement. This phase should be concluded by October this year,” he added.

Regarding the capital raise, Balogun mentioned that the second phase would involve selling minority interests in one or two of the bank’s subsidiaries, projected to generate between N80bn and N100bn, which would help raise the group’s total capital to approximately N250bn.

“The second phase will be selling minority interests in one or two of our subsidiaries, where we hope to generate between N80bn and N100bn. This will bring us to about N250bn. The third phase will involve a private placement towards the end of next year,” he remarked.

He stated that the proceeds from this capital raise would be allocated to drive business growth, including expanding lending to critical sectors such as agriculture, small and medium-scale businesses, and non-oil exports.

According to Balogun, investment in technology is a priority, aiming to enhance cybersecurity, improve service quality, and reduce operational costs.

Additionally, the bank plans to invest in human capital to support its growth and leadership pipeline.

Also, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, emphasised the exchange’s commitment to the green economy and technological advancements.

“We have created a system to allow our investors access to instruments with measurable Environmental, Social, and Governance impacts. This is part of our contribution to the green economy,” Chiemeka stated.

He further highlighted the role of technology in NGX’s strategy, saying, “Beyond our green initiatives, we have a robust platform that enhances corporate governance and supports seamless trading.

He added that the exchange investments in technology will ensure that brokers can trade from the comfort of their homes, even amid any disruptions.

He declared that the exchange was committed to providing financial education to its investors to empower them to make informed decisions and navigate the market more effectively.

In his remarks, the Chief Executive Officer of NGX Group, Temi Popoola, underscored the significance of digital transformation in the exchange’s operations.

  “A lot of activities are changing digitally in our markets.  Since the start of the recapitalisation process, the exchange has embraced digital solutions that enhance efficiency and transparency, Popoola stated.

In March 2024, the CBN ordered banks in the country to raise fresh capital, increasing the capital base for commercial lenders with international licenses to N500bn, those with national authorisation to N200bn, banks with regional authorization and merchant lenders to N50bn.

NRC tightens train security with cameras

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Nigerian Railway Corporation has ramped up efforts to ensure passenger safety on its train services by installing cameras and implementing security strategies.

The According correspondent, who visited the Idu Train Station, observed that not less than three cameras were installed in each of the coaches.

Operations Manager at the train station, Abdul Azeez, told our correspondent that the NRC has implemented comprehensive measures to mitigate risks and safeguard travellers.

“We have a control centre where the movements of the train are being monitored, including both departure and arrival times.

“If there’s anything, the driver will communicate with the control, and the control will communicate with the driver. We have military personnel en route assigned by the Federal Government because of the threats of bandits,” Azeez explained.

Recall that there have been several instances of train derailments, such as the incident on June 5, when a train travelling from Abuja to Kaduna derailed at the Asha station, leaving many passengers stranded in the Federal Capital Territory.

Another incident occurred on May 26, when a train conveying dozens of passengers departed Kaduna around 8:05 am but derailed at Jere about an hour later, causing three carriages to go off the tracks.

The NRC official noted that the corporation had stationed officers at strategic routes considered dangerous to bolster security.

He highlighted the role of the National Identity Management Commission in enhancing security protocols, stating, “Even the checking with NIMC came in as a result of insecurity because you want to know who is going into the train.”

Azeez also emphasised the importance of local recruitment in improving security.

“The railway is now employing people within the vicinity of a particular railway town, so if you’re from a particular town, you will be the one monitoring that area. That is one of the measures the NRC has taken,” he stated.

However, despite these efforts, passengers still express fears over their safety.

A passenger, Mohammed Suleiman, said, “They need to bring in more security personnel and also add more checks.”

Another passenger, who identified himself as Umar, echoed the same sentiments while pointing out additional areas for improvement.

“I don’t know if there are cameras inside the train, but I know security personnel have been increased. We are just praying that nothing will happen again. Because in Nigeria, you can’t determine what will happen, but we pray things will be better. “We need better than this. To be honest, this is substandard. If it’s possible, increase the speed; the tracks are outdated, and more coaches are needed,” he remarked.

Meanwhile, the NRC official assured that the Federal Government is actively addressing the concerns.

“On the alert of the Federal Government, a lot of security personnel move around. It’s only at night that they don’t move, and it’s at night most of these things happen.

“The Federal Government has put measures in place, whereby, whatever is happening, we will see it. Something is in progress,” he noted.

Osimhen’s agent denies Chelsea loan

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Victor Osimhen’s agent Roberto Calenda has rubbished reports about the Nigeria striker joining Chelsea on loan with an option to buy amid negotiations with English Premier League giants, According Sports Extra reports.

Calenda broke his silence on the protracted transfer of the player in the wake of Tuesday’s report by The Athletic, whose Football Correspondent, David Ornstein, reported that both clubs have continued negotiations over a deal, which will see Romelo Lukaku move to Napoli permanently while Osimhen was expected to join Chelsea on loan with an option to buy.

Transfer market expert Fabrizio Romano, however, provided another update, quoting a seemingly furious Calenda, who debunked the link.

“I read about ‘fantasy exchanges’ with Victor. as if he was a package to be delivered quickly,” Calenda said via Romano.

“This package is the top scorer of the third Scudetto in the history of Napoli.

“Respect and stop fake news!”

Napoli and Chelsea resumed talks this week over a player-plus-cash deal for Osimhen and Lukaku as the Italian club seeks solutions to the protracted transfer of the 25-year-old.

According to Romano, Napoli are “looking for solutions” regarding Osimhen, aware of his desire to leave. The Italian club are also keen on bringing in Lukaku, which could pave the way for a swap deal.

Napoli would expect a fee in addition to Lukaku, given Osimhen’s £110m price tag, and it remains to be seen if Chelsea are willing to explore this option.

Meanwhile, according to Corriere Dello Sport, Arsenal have rekindled their interest in Osimhen, as Mikel Arteta considers the Super Eagles striker a better option than Kai Havertz up front.

However, there is no tabled bid, as the 13-time English Premier League winners can only afford to spend €85 million while Napoli wait on the possibility of the Lukaku-Osimhen swap deal Chelsea have offered.

Osimhen was heavily linked with PSG in the last two weeks, but negotiations between the Italian club and the French giants collapsed over his release clause, which had also prevented EPL clubs from submitting offers since the start of business this summer.

Ohanaeze suspends Igbo Day festivity to mourn Iwuanyanwu

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The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo Worldwide, said on Tuesday it would be ‘skipping’ the 2024  Igbo Day celebration, scheduled for September 29, to mourn its departed President General, Emmanuel Iwuanyanwu.

Ohanaeze’s National Executive Council announced this at its emergency meeting in Enugu on Tuesday.

It also directed its state and diaspora chapters to open condolence registers for Iwuanyanwu.

Iwuanyanwu, who passed away at the age of 82, served as the 11th President-General from April 30, 2023, following the death of his predecessor, George Obiozor, in December 2022.

The Ohanaeze NEC held an emergency meeting at its national secretariat in Enugu, where its Secretary General, Okey Emuchay, expressed sadness over Iwuanyanwu’s passing, noting that it occurred less than two years after the organisation lost Obiozor.

 Iwuanyanwu’s son, Jide, had confirmed his father’s death in a statement on July 25, stating that he died in Abuja after a brief illness.

While describing  Iwuanyanwu as a rare human being, who had wonderful ideas and visions for the Igbo nation and for Nigeria, Emuchay explained that a central burial committee would be established very soon.

“All activities, especially, the Igbo Day Celebration of 2024, scheduled to hold on the 29th of September 2024 in Imo State, will be skipped in respect and honour of the departed President General,” he said.

Speaking further, he said, “We want to assure everyone that the ship of Ohanaeze is in safe hands. Collectively as NEC, we want to give assurance that we shall march on from where he stopped.”

He urged all state secretariats of Ohanaeze Ndigbo and the chapters in Nigeria and in the diaspora to open condolence books so that people could come and write and convey whatever thoughts and prayers they have for the departed President General.

Food prices will crash soon, FG declares

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The Federal Government, on Tuesday, declared that the prices of food items nationwide would crash soon based on its commitment to ensure food security through the use of new farming techniques in Nigeria.

It disclosed this in Abuja at the 48th Annual Conference of the Soil Science Society of Nigeria. The Minister of State for Agriculture and Food Security, Dr Aliyu Abdullahi, while speaking at the conference said the government is fully aware of the current food crisis in Nigeria.

“But we are putting all efforts in place to ensure the availability of food across the country,” the minister stated.

Abdullahi explained that the government was exploring various indices to ensure food security, working to ramp up food production by returning Nigeria to a sustainable food production system where the country would be engaged in all-year-round farming.

“We are fully aware of the current food challenge in Nigeria. We are fully aware that the problem is what we met on the ground. If it’s available, it’s available. If it’s not available, it’s not available. But we also know that even if it is available, it has to be affordable.

“We are also already planning for the next dry season. Having learned our lesson in the last one, we want to make a huge success of the next dry season farming. So for those of you who are close to where you have easy water, please take advantage of the dry-season farming

“We in the Ministry of Agricultural Food Security are doing all we can, all that is necessary, all that is sufficient to reverse the current trend, ramp up our production, guarantee that with massive production, affordability can be guaranteed.

“Just recently, I’m sure many of you must have seen that report. Irish potato which used to cost about N180,000, has crashed down to about N45,000 because it is now available as a result of the current wet season production in the Plateau. That is the story we expect to see over the next couple of years,” the minister stated.

Also, Abdullahi noted that the government was also working to provide support to farmers by adding value to their production to significantly reduce food service losses while ensuring that food remained available.

He said the lean period, when food is less available, represents a challenging period for the country.

Meanwhile, the minister said the ministry is keen on promoting the Nigerian farmer’s soil healthcare scheme as a key priority and significant intervention for sustainable agriculture; hence the scheme will be established in all the 774 Local Government Areas in Nigeria.

“It is important to know that the soil healthcare scheme will achieve improved soil health and fertility, increase agricultural productivity and resilience, enhance food security and nutrition, reduce greenhouse gas emissions and carbon sequestration, improve livelihoods and income for small-scale farmers, and better adaptation and mitigation strategies for climate change.

“The national farmer’s soil healthcare scheme is aimed at promoting sustainable soil management and judicious use of fertilizers at the location and crop specific. As part of the soil healthcare scheme, there will be soil testing laboratories planned for all the Local Governments and states,” he stated.

The minister added that strong collaboration and synergy were therefore required to support the success of this initiative while ensuring the power to create a resilient food system that benefits everyone.

The President of the Soil Science Society of Nigeria, Prof Jibrin Jibrin, said the theme of the conference, ‘Soil Health and Climate-Smart Agriculture for Resilient Food Security System’, is apt considering the reality of climate change.

He, however, noted that due to the population explosion, the soil is currently being degraded.

Jibrin stated that to reverse the trend, the soil must be preserved to boost crop yield in the country.

“The soil is a living thing. If you allow it to get destroyed, then you are destroying your nation. So the government, especially the present government, has understood the importance of soil. That is why it has launched several initiatives and is now working with us to ensure that we treat our soils with science-based knowledge.”

Police, PSC settle rift on 10,000 new recruits

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After weeks-long disagreement, the Nigeria Police Force and the Police Service Commission have finally resolved their differences on the newly recruited 10,000 constables.

The police spokesperson, Muyiwa Adejobi, in a statement on Tuesday, said the police had finally accepted the list of the recruits, earlier rejected the allegation that the process was marred by corruption.

Adejobi confirmed Monday’s statement by the PSC that the training of the recruits would begin on August 10.

The NPF had in June rejected the list of 10,000 recruits released by the PSC under its immediate-past chairman, Solomon Arase.

The police alleged that some qualified candidates were replaced with unqualified ones and demanded a cancellation of the entire process.

The PSC, however, denied the allegation and flatly rejected the demand for cancellation.

The stalemate prompted the Minister of Police Affairs, Ibrahim Gaidam, and other stakeholders to step into the matter.

On Monday, in a statement by its spokesman, Ikechukwu Ani, the PSC announced that the training of the recruits would commence on August 10.

The police spokesman, Adejobi, in his own statement on Tuesday, quoted the Inspector General of Police, Kayode Egbetokun, as confirming that the police and the PSC were now on the same page concerning the 10,000 recruits.

Adejobi said the police and the PSC came to an agreement following extensive deliberations.

He said, “The Nigeria Police Force and the Police Service Commission have finally reached an agreement regarding the final merit list for the recruitment of police constables into the Nigeria Police Force.”

Following extensive deliberations and collaboration, both the NPF and the PSC have worked diligently to ensure that the recruitment process remains transparent, fair, and merit-based.

“The Inspector General of Police expressed satisfaction with the outcome, stating that the agreement on the final merit list is a testament to the commitment of both the Nigeria Police Force and the Police Service Commission to work together in the best interest of the country.”

According to him, the IG expressed confidence that the recruits will contribute significantly to the mission of the Federal Government of Nigeria to create employment opportunities for the Nigerian youths, boost internal security mechanisms, and maintain law and order.

Adejobi said following the directive of the  IG, the newly recruited constables would be trained on modern policing ethics and principles.

He said, “In light of this development, training for the newly recruited officers is scheduled to commence on Saturday, August 10, 2024. The training programme will be intensive and designed to equip the recruits with the necessary skills and knowledge to perform their duties effectively and uphold the core values of the Nigeria Police Force.

“In furtherance of the directive of the IGP, the trainees are to be schooled in modern policing ethics and principles, community policing strategies, ICT, artificial intelligence, human relations, attitudinal and behavioural change etc.

“The Inspector General of Police extends gratitude to all stakeholders and the general public for their patience and support throughout this process,” he said.

ADC national chair criticises Tinubu’s economic policies, advocates skill development

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The National Chairman of the African Democratic Congress, Chief Ralph Okey Nwosu, has said President Bola Ahmed Tinubu cannot bring Nigeria out of its present economic crisis through the distribution of palliative to Nigerians.

He alleged that Tinubu pushed Nigeria into economic woes by not asking the necessary questions before he announced the removal of fuel subsidies during his inaugural presidential speech last year.

Nwosu spoke in Umuahia, the Abia State capital, during the commissioning of the ADC secretariat and inauguration of the party’s chairman in the state.

He said the ADC is a grassroots party and is poised to take over the reins of leadership in Nigeria and Abia State come 2027.

Nwosu also inaugurated the party’s youth development centre, Global Youth Campus and ICT Centre.

The ADC chieftain said the essence of the centres was to arm the youths in the state and Nigeria at large with skills that would help them to be self-reliant, to stop them from depending on hand-outs from politicians for survival.

He said, “As a party, we are trying to build a model where party members can develop skills that can empower them to stand on their own. This will make people stop seeing the party as a money-sharing organization which is the reason behind dirty politics.

“Money politics has ruined the country, and the people in power continue to steal the money because they know that nobody can hold them responsible.

“But in ADC, we are showing people the new ways of doing things by teaching them to become productive in many ways.

“We will train the youths in agriculture, Information and Communication Technology and business skills, just make the vote without receiving money from anyone in 2027.”

The new acting state chairman of the party Deacon Iyke Nwoke, commended the National Chairman for his vision and dedication towards the party.

He appealed to him to support the state chapter to equip the youth development centre, adding that the state secretariat will run a collaborative programme with Myiken Consult, a consultancy firm which is into project management, training and financial support programmes for indigent students.

Customers besiege banks to reactivate dormant accounts

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Many bank customers affected by the new Central Bank of Nigeria guidelines on dormant accounts rushed to their various banks on Tuesday to reactivate the accounts.

Some of the customers, who spoke to the News Agency of Nigeria in Abuja on Tuesday, said they had to activate their bank accounts to avoid the mopping up of their little savings by CBN.

Further inquiries by our correspondent confirmed the situation, with courtrooms also becoming crowded with requests to swear affidavits.

A bank official at a first-generation bank informed The According that numerous customers and families had submitted requests to re-activate inactive accounts so as not to lose the money to the apex bank that intends to use them for investment purposes.

The official said, “Yes, we have seen customers coming to the bank to reactivate their accounts. Even relatives and next of kin to dead persons have submitted applications to withdraw amounts left in the account of their loved ones. It looks like the CBN guidelines made them remember those accounts.”

A businesswoman, Mrs Ugonne Akputa, said she paid some money into her six-year-old Access Bank account, which she had left for some time in order to reactivate it.

Akputa said she still needed to operate the account to save some money which she rarely withdrew.

”I went to my bank to make enquiries about my account, which I have left for some time now.

”They told me that I should just put money into the account to activate it, and I did,” she said.

Another customer at First Bank, Mr Cyprian Yusuf, said he was at the bank to make enquiries on his late brother’s account.

Yusuf said though he was not aware of the amount in the account, he would not forfeit the money.

”When I heard of this dormant account thing, I decided to quickly come to my late brother’s bank to ask them how I could retrieve the money.

”He died three years ago and I don’t think the account has been in operation.

”So, I want to see what I can do so that his wife and children can use the money at least to feed,” he said.

Another bank customer, Mrs Chinny Olaedo, appealed to banks and the CBN to ensure the safety of customers’ monies, especially those abroad.

”I live abroad, but I came back to Nigeria for something very important to my family.

”I have a savings account in one of the banks, and I have my savings there. I transferred some money into the account recently so that it will still be active but I know that many people abroad might not know about this or do this.

”The CBN and other banks should make things easier for us abroad so that many of us will still be operating our Nigerian accounts,” she said.

A bank official who pleaded anonymity said it would take six months of no activity in an account before it would be declared dormant in their bank.

The official said the bank would notify customers whose accounts were dormant in line with the CBN’s guidelines.

The source said the bank was preparing reports to also notify the CBN on the status of their dormant customers’ accounts.

Another bank official, who also preferred anonymity, called on customers whose accounts were dormant to pay in money into them to activate them.

According to CBN, eligible accounts are dormant accounts with balances that have remained with the financial institutions for 10 years and beyond.

The apex bank said the aim of the guidelines was to identify dormant accounts/unclaimed balances and financial assets with a view to re-uniting them with their beneficial owners and holding the funds in trust for the beneficial owners.

The bank said the objective was also to standardise the management of dormant accounts/unclaimed balances and financial assets and establish a standard procedure for reclaiming warehoused funds.

The CBN said it would open and maintain an account earmarked to warehouse unclaimed balances in eligible accounts.

According to the CBN, the account would be called an “Unclaimed Balances Trust Fund Pool Account”.

The CBN had also cleared next-of-kin, a legal representative or beneficial owner, to make claims on unclaimed balances or funds in dormant accounts.

The bank said the NoK to dormant account owner could now make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions.

Private jet owners must submit technical log August 2 – NCAA

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The Nigerian Civil Aviation Authority has ordered holders of the permits for non-commercial flights, who have refused to furnish the agency with information on their technical logs for the past two years, to do so on or before August 2, to avoid sanction.

The ultimatum was given in a letter signed by the General Manager of Facilitation/Economic Regulation at the NCAA, Olusunmibo Oyerinde, recently.

The aviation regulatory authority requested technical and operational data on each of the private jets, such as; journey logs and maintenance information, among other information, on the private jets.

It will be recalled that the Minister of Aviation and Aerospace Development, Festus Keyamo, recently accused holders of the permits for non-commercial flights of aiding illicit jet owners to perpetrate illegalities in the country.

To verify the movement of the private jets, the NCAA requested the technical log records for the past two years with an August 2 ultimatum after many of the permit holders earlier ignored the NCAA’s request.

The letter specified that all PNCF operators must submit their tech log records for the past two years by completing the summary sheet, which details the number of sectors flown per month per aircraft, as outlined in the attached PNCF Operations Tech Log Form.

The ultimatum letter reads, “This is a follow-up on the Nigeria Civil Aviation Authority’s previous correspondence regarding the submission of your Tech Log for the past two years. The Authority is yet to receive the required documents from you.

“Therefore, in line with part (g) of the conditions attached to your permit, you are again reminded to forward to the NCAA, the tech log information of your operations for the last two years by completing the summary sheet with details of the number of sectors flown per month per aircraft, as indicated in the attached PNCF operations tech log form.

“The completed PNCF operations tech log form should reach the Authority on or before Friday, 2nd August 2024.”

 In July, the NCAA suspended 10 private jet companies for illegally engaging in commercial activities.

Spokesperson of the NCAA, Micheal Achimugu, noted that the suspension was rooted in the Nigeria Civil Aviation Regulations 2023 Part 18.3.4, which forbids holders of permits for non-commercial flights from using their aircraft for carriage of passengers, cargo or mail for hire or reward which is commercial operation or charter service.

The suspended operators were Azikel Dredging Nigeria Ltd, Bli-Aviation Safety Services, Ferry Aviation Developments Ltd, Matrix Energy Ltd, Marrietta Management Services Ltd, Worldwide Skypaths Services, Mattini Airline Services Ltd, Aero Lead Ltd, Sky Bird Air Ltd and Ezuma Jets Ltd.

The minister in June inaugurated the Ministerial Task Force on Illegal Private Charter Operations and Related Matters, to combat the issue of unauthorised and illegal charter flights.