VenturesNow

After 11 months of repairs, Nigeria reopens Lagos airport runway

Published

10 months ago

February 18, 2024

After nearly 11 months of repairs, the 3.9-kilometre Runway 18R/36L of the Murtala Muhammed International Airport in Lagos has reopened, according to the Federal Airports Authority of Nigeria (FAAN).

FAAN declared in March 2023 that the international runway 18R/36L of the Lagos airport will be temporarily closed. It was apparently intended for the repair to take eight weeks.

The shutdown had taken longer than anticipated, disrupting airline timetables and air traffic. Forcing operation to be switched to the shorter runway (18L/36R), which is intended only for domestic flights, was being used by both local and foreign carriers during the repairs.

Prior to this, the Nigerian Airspace had announced in a Notice to Airmen that the runway would open. However, inspectors from the Nigerian Civil Aviation Authority, the regulating body, prevented aircraft from accessing the runway due to an unannounced last-minute closure.

But now that Links 2 and 3 of the taxiway are up and running, foreign airlines have another runway in addition to the domestic 18L/36R runway.

The runway -18R/36L is 3,900 metres (12,794 feet), and its width is 60 metres (197 feet). It was ceremoniously reopened and welcomed to use by Kenya Airways, signifying the runway’s restoration to operation. On Saturday, just after 11 a.m., Qatar Airways also touched down on the runway.

Nigeria’s aviation industry has been in the spotlight lately, particularly with approximately $2.5 billion of foreign exchange backlog in sectors such as manufacturing, aviation, and petroleum being fully paid. Although the Central Bank has pledged to clear the backlog, investors are gravely concerned about Nigeria’s FX backlog, which is estimated to be worth $7 billion, as the naira continues to fall due to shortages of foreign currency.

VenturesNow

Mozambique drops interest rate for 6th time in 2024

Published

6 days ago

November 29, 2024

Ifeoluwa Dada

As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

VenturesNow

Hackers stole $17 million from Uganda National Bank— Report

Published

7 days ago

November 28, 2024

Ifeoluwa Dada

The state-owned New Vision newspaper has reported that offshore hackers had stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank.

Earlier this month, the hackers, who went by the name “Waste,” allegedly gained access to the Bank of Uganda’s IT systems and moved the money illegally.

According to New Vision, which cited anonymous bank sources, the Southeast Asian hacker collective moved a portion of the pilfered funds to Japan.

A request for comment on the issue from Reuters was not immediately answered by Bank of Uganda. A request for a response from the Ugandan police was likewise not answered.

More than half of the funds had been successfully retrieved by the central bank from the hackers, according to New Vision. It stated that President Yoweri Museveni had ordered a probe into the cyberattack.

Separately, the Daily Monitor, Uganda’s largest independent daily, stated that insider collaboration could have played a role in the crime.

In Uganda, there have been several instances of cyber thefts from banks and other financial service providers, including telecom companies. However, according to police authorities, several banks are reluctant to openly admit such events for fear of upsetting their clientele.