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

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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.

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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.


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Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

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Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

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Airline refunds aggrieved passenger’s fare, adds perks

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Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

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Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.


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