Business

Enugu Air, airport concession to support state’s $30bn economy goal — official

Published

3 weeks ago

June 16, 2026

Preport

Enugu State is counting on its new airline and the concession of the Akanu Ibiam International Airport, enugu, to support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031, the Secretary to the State Government, Chidiebere Onyia, said on Tuesday.

Mr Onyia spoke during the Renewed Hope Media Tour of the airport, where he outlined how the state government’s plans to use aviation, tourism, and agriculture to drive economic growth.

According to him, the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South-east.

“We looked at Enugu as an economic hub where tourism, hospitality, investment and aviation can work together to drive growth,” he said.

Mr Onyia said the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.

He explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state.

According to him, depending entirely on commercial airlines could limit the state’s ability to move people into Enugu efficiently.

That, he said, informed the decision to establish Enugu Air.

“If we’re expecting people to come into Enugu, then we can’t depend solely on third-party airlines based on their schedules,” he said.

Mr Onyia disclosed that Enugu Air has six aircraft, describing it as the first phase of the project.

The state government also expects the aviation project to support tourism development.

Mr Onyia said efforts are ongoing to revitalise tourist sites across the state, including attractions expected to draw more visitors to Enugu.

He said that improved access to the state would complement investments in tourism and hospitality by making it easier for visitors to travel to various destinations.

“If people are going to come here for tourism, they need to be able to get into Enugu, and when they get into Enugu, we’ll need places for them to visit,” he said.

He also noted that the airport infrastructure will also support the state’s agricultural development plans through cargo operations.

According to him, the cargo terminal will make it easier to move goods and agricultural produce within and outside the state, creating more opportunities for businesses and investors.

“This is also going to help our agricultural investment outlook because this is where the cargo terminal will be, where we can move things in and out of the state,” he said.

He added that the government’s vision is to use aviation infrastructure to strengthen trade and economic activities across the region.

Private sector-led approach

Mr Onyia said the state adopted a private sector-driven model for the airline and airport projects to ensure efficiency and sustainability.

According to him, professionals with industry experience have been involved in developing the airline and setting up its governance structure.

He said the approach is intended to avoid challenges often associated with direct government management of commercial enterprises.

READ ALSO: ENSSAA to begin enforcement against unauthorised outdoor advertisements across Enugu State

Providing an update on the airport concession process, Mr Onyia said October has been set as the timeline for the next phase of activities.

He explained that the current stage marks an important milestone in the project and will allow concessionaires and contractors to begin work at the site.

Mr Onyia also acknowledged the support of President Bola Tinubu and the Federal Ministry of Aviation in advancing the project.

According to him, federal approvals helped move the initiative from the planning stage to implementation.

The concession of the Akanu Ibiam International Airport followed approval by the Federal Executive Council as part of efforts to attract private investment into airport infrastructure.

In January, the Minister of Aviation and Aerospace Development, Festus Keyamo, signed a concession agreement with Aero Alliance for the operation of the airport.

Under the arrangement, ownership of the airport remains with the Federal Government, while the concessionaire will operate, maintain, and upgrade the facility.

The project has attracted public attention in recent months as the Federal Government and Enugu State continue efforts to re-position the airport as a major gateway for business, tourism and trade in the South-east.

Related Topics:30bn Air airport Concession economy Enugu goal Official states Support

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Tinubu directs FCCPC to investigate Meta, Google, X, AI platforms over media complaints

Published

5 hours ago

July 6, 2026

Preport

President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate major global technology companies and Generative Artificial Intelligence (AI) platforms over allegations of anti-competitive practices and the unauthorised use of content belonging to Nigerian media organisations.

The directive follows a joint petition submitted to the Presidency by the Nigerian Press Organisation (NPO), an umbrella body comprising the Newspaper Proprietors’ Association of Nigeria (NPAN), the Nigeria Union of Journalists (NUJ), the Broadcasting Organisations of Nigeria (BON) and the Guild of Corporate Online Publishers (GOCOP).

The Federal Government conveyed the President’s directive to the FCCPC through the Minister of Information and National Orientation, Mohammed Idris.

According to a statement issued on Monday by the commission, the investigation will examine allegations that some of the world’s biggest technology companies have engaged in practices that undermine fair competition and threaten the sustainability of Nigeria’s media industry.

The companies named include Meta, Alphabet (Google’s parent company), X (formerly Twitter) and certain Generative AI platforms operating in Nigeria.

Allegations under investigation

The FCCPC said the inquiry will determine whether the companies violated provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 or any other applicable law.

Among the issues to be examined are allegations of abuse of market dominance and anti-competitive conduct.

The commission will also investigate claims that copyrighted news articles, broadcast materials and other original journalistic content belonging to Nigerian media organisations have been extracted, scraped, ingested or commercially used without authorisation to develop and train Generative AI models.

Another key issue is whether global technology companies have denied Nigerian media organisations fair opportunities to negotiate compensation or commercial agreements for the use of their content.

The media organisations argue that these practices have weakened the commercial viability of news publishers and undermined the rights of journalists and content creators.

FCCPC promises a fair hearing

In response to the directives, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission would conduct an independent, evidence-based investigation.

“We recognise the strategic importance of the media to Nigeria’s democracy and the equally significant role of technology in driving innovation and economic growth. Our responsibility is to objectively determine the facts and ensure that competition within the digital ecosystem remains fair, transparent and consistent with Nigerian law,” Mr Bello said.

He stressed that the investigation should not be interpreted as a finding of wrongdoing against any company.

“This inquiry is not directed at any entity by presumption of wrongdoing. Rather, it is an opportunity to carefully examine the facts, hear from all affected parties and determine whether any conduct has resulted in anti-competitive outcomes or unfair business practices,” he added.

According to him, all parties involved will have the opportunity to present their positions before any conclusions are reached.

The latest probe comes after the FCCPC secured a major legal victory against Meta in 2025 over alleged violations of Nigeria’s competition and consumer protection laws.

READ ALSO: SEC lifts ban on BGL Securities, BGL Asset Management

The commission imposed a $220 million penalty on the technology company over alleged data privacy and consumer protection breaches. Meta has appealed the decision.

Global debate

The FCCPC noted that similar concerns have emerged in other countries over the relationship between global technology companies and news publishers.

It cited South Africa, where investigations by the South African Competition Commission eventually led to an agreement under which Google committed to pay about R688 million (approximately $40 million) annually for between three and five years to support the country’s news media.

The commission said its investigation is intended to determine whether similar competition and consumer protection issues exist in Nigeria and whether any regulatory action is warranted.

Business

NEM Insurance, Custodian, Fidelity Bank top stock pick this week

Published

13 hours ago

July 6, 2026

Preport

Last week, Nigerian stocks fell by 1.2 per cent, marking its third week of broad retreat in the wake of the introduction of a T+1 settlement cycle in June.

The Banking Index was worst hit, receding by 10.5 per cent, followed by the Insurance Index. FTSE Russell, a global provider of stock market indexes, during the week placed its recent upgrade of Nigeria from unclassified to a frontier market on hold on fears that the country’s new rule, compelling international investors to prefund their accounts before transactions, may be deterring.

Failure by stock market authorities to respond swiftly to address the issue may leave stocks hammered further by apathy and capital flight from foreign investors.

This week, increased positioning, notably in stocks that pay dividends at least twice a year, could be witnessed as the market awaits the release of half-year corporate results.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

NEM Insurance

NEM Insurance tops this week’s list for its strong fundamentals. The net profit ratio (NPR) of the underwriter is 9.6, while the price-to-earnings (PE) ratio is 8.5x. Its 10-day relative strength index (RSI) is 27.4.

Custodian Investment

Custodian Investment appears on the pick on the basis of its attractive fundamentals and for trading below its intrinsic value. The NPR of the company is 26.3, while the PE ratio is 5.3x. The RSI is 8.4.