Connect with us

VenturesNow

Nigerian airlines cancel more flights as jet fuel scarcity continues

Published

on

Nigerian airlines have continued to cancel flights as scarcity for aviation fuel in the West African country continues to cripple economic activities.

Airlines like Ibom Air could not fly most of their aircraft on Tuesday, March 8, due to fuel scarcity. The airline admitted to the situation and predicted the situation may extend to Wednesday.

 

Yesterday, six local carriers – Air Peace, Azman Air, United Nigeria Airline, Arik Air, Aero Contractors and Max Air – announced a ‘Spring Alliance’, to mutually support each other’s operations and surpass the expectations of the flying public.

“We have encountered a situation today where aviation fuel is scarce and therefore unavailable at almost all our flight destinations. This has significantly impacted our flight schedule today (Tuesday) and may do the same tomorrow (Wednesday).

“At this time, we have no indication when the issue will be resolved, however, we are working with our fellow airlines and fuel suppliers to find a solution.” the airline said.

Nigeria imports almost all its jet fuel, which has nearly doubled to as high as 625 naira ($1.50) per liter since December, Arik Air said.

Late last month, Air Peace informed passengers that most of their flights were delayed due to scarcity. The airline said their Lagos to Port Harcourt flight for 14:30 on February 15 was delayed due to lack of fuel and the Port Harcourt to Abuja flight for 16:25 and Abuja to Lagos for 16:25 were also affected.

Dana Air also found itself in the same situation last week where most of their flights were cancelled due to scarcity of fuel.

Despite being Africa’s largest oil producer, Nigeria imports almost all its jet fuel.

Motorists and residents have also been suffering from severe fuel shortages and hike in price at the pumps for weeks.

Following Russia’s invasion of Ukraine, global oil prices have hit a 14-year peak.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

VenturesNow

Nigeria’s inflation increases to a record 28-year high in May

Published

on

According to official figures released on Saturday, Nigeria’s annual inflation reached a record 28-year high of 33.95% in May, exacerbating the hardships that have stoked popular ire against President Bola Tinubu’s economic reforms.

Inflation increased for the eighteenth consecutive month, up from 33.69% in the previous month.

Tinubu’s measures, which primarily cut energy and gasoline subsidies and devalued the naira twice in a single year, have increased price pressure.
Labour unions, who asked for a new minimum wage through an industrial strike that was called off after two days, have maintained that the reforms disproportionately affect the poor and have left millions of people facing the biggest cost-of-living crisis in decades.

The National Bureau of Statistics data indicated that in May, food and non-alcoholic beverages remained the main drivers of inflation.

The majority of Nigeria’s inflation was driven up by food prices, which increased to 40.66% from 40.53% in the previous month. Analysts say the major causes of Nigeria’s inflation are rising food prices and a declining value of the naira.

The report read, “In May 2024, the headline inflation rate increased to 33.95% relative to the April 2024 headline inflation rate which was 33.69 per cent. Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 per cent compared to the April 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.54 per cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent. This shows that the headline inflation rate (year-on-year basis) increased in May 2024 when compared to the same month in the preceding year (i.e., May 2023).

For the third time this year, the central bank increased interest rates in May in reaction to the ongoing increase in inflation. Rates will remain high for as long as it takes to reduce inflation, according to Governor Olayemi Cardoso.

Continue Reading

VenturesNow

Nigerian court voids tax evasion charges against executives of Binance

Published

on

A Nigerian court dismissed tax evasion charges against two executives of Binance on Friday, following the appointment of a local agent by the largest cryptocurrency exchange in the world to represent it in all legal proceedings about the accusations.

The accusations of tax evasion were refuted by Binance, Tigran Gambaryan, an American citizen who oversees financial crimes compliance for the company, and Nadeem Anjarwalla, a regional manager for Africa and a native of Kenya.

The court’s ruling, according to Binance, demonstrated that Gambaryan was “not a decision-maker at Binance and does not need to be held for Binance to resolve issues with the Nigerian government.”

“We await the court’s ruling on this, discharging Tigran from this matter completely,” a Binance spokesperson said.

Last month, an Abuja court determined that Gambaryan, who is representing Binance, might potentially face trial in the tax evasion case. When its executives were invited to Nigeria and then detained as part of an anti-crypto campaign, Binance CEO Richard Teng accused the country of setting a dangerous precedent in May. The company is opposing the proceedings because it allegedly evades taxes and launders money.

Binance and its executives, Gambaryan and Nadeem Anjarwalla, a British Kenyan who works as Binance’s regional manager for Africa, are accused of four counts of tax evasion. Failing to register for taxes with Nigeria’s Federal Inland Revenue Service is one of the allegations.

Anjarwalla departed the nation in March, but Gambaryan has been detained since February. The two executives were dropped from the tax evasion lawsuit by Nigeria’s Federal Inland Revenue Service, but they and Binance are still accused of money laundering.

Binance declared that the allegations ought to be withdrawn. Both Anjarwalla and Gambaryan refute these accusations as well.

Nigeria has laid the blame for its currency problems on Binance. The country’s currency sank to a record low as a result of persistent dollar shortages, and cryptocurrency websites became the preferred means of trading the naira.

Continue Reading

EDITOR’S PICK

Tech4 hours ago

Airtel Kenya expands 5G network to 39 counties, 285 wards

Airtel Kenya has announced an expansion of its 5G network to 39 counties and 285 wards in the country. The...

Metro5 hours ago

Zambia: ‘Though I made mistakes, you can’t compare my tenure to Hichilema’s’ —Ex-president Lungu

Former Zambian President, Edgar Lungu, has admitted that though he made mistakes during his reign as president from 2015 to...

Sports5 hours ago

Osimhen in big trouble following outburst against Eagles coach Finidi George

Super Eagles and Napoli striker, Victor Osimhen, has found himself in big trouble with Nigerian football fans following his outburst...

Metro12 hours ago

‘Your sacrifices will not be in vain, you will smile soon,’ Tinubu assures Nigerians

President Bola Ahmed Tinubu has, once again, assured Nigerians that the hardship and pains they have been made to go...

Video15 hours ago

Video: ‘History will judge you harshly’, South Africa’s far-left opposition accuses ruling ANC

In his speech in reaction to the parliamentary coalition which brought President Cyril Ramphosa back as president, Julius Sello Malema,...

VenturesNow16 hours ago

Nigeria’s inflation increases to a record 28-year high in May

According to official figures released on Saturday, Nigeria’s annual inflation reached a record 28-year high of 33.95% in May, exacerbating...

Culture1 day ago

UK returns looted historic Ugandan artifacts on a three-year loan

The University of Cambridge in the United Kingdom has agreed to return 39 traditional Ugandan artefacts which were looted from...

Metro1 day ago

Zambia: Apex Court sets July 8 to rule on Lungu’s eligibility for elections

Zambia’s apex court, the Constitutional Court, has reserved ruling on a petition challenging the eligibility of former President Edgar Lungu...

Tech1 day ago

Egyptian startup Potcast Productions raises funding to upscale offerings

Potcast Production, an Egypt-based innovative company that specializes in podcast production, has announced securing an an undisclosed pre-seed funding round...

Sports1 day ago

Lost to Europe: Players of African descent who will light up Euro 2024

Europe’s elite football tournament tagged Euro 2024, which kicked off on Friday, will see close to 50 players of African...

Trending