Business

FG concessions Port Harcourt airport, assures workers of job security

Published

3 hours ago

November 13, 2026

The Federal Government has signed a concession agreement with PH Airport Limited to manage and develop the Jeremiah Obafemi Awolowo International Airport, Port Harcourt, assuring aviation workers that the arrangement will not lead to job losses.

Minister of Aviation and Aerospace Development Festus Keyamo and the group managing director of PH Airport Limited, Eyo Asuquo, signed the deal, following consultations with aviation labour unions.

The minister’s media aide, Tunde Moshood, disclosed this in a statement on Thursday, saying the unions endorsed the agreement after receiving assurances that no aviation worker will lose their job because of the concession.

The agreement marks a new phase in the government’s plan to attract private investment into airport infrastructure and improve the management of selected airports across the country.
According to the statement, Mr Keyamo met with aviation union leaders before the formal signing to address concerns about the concession’s implications for workers.
Speaking on behalf of the unions, Ben Nnabue said workers’ welfare and job security remain central to their consideration of the agreement.

He added that organised labour will not support an arrangement that threatened the livelihoods of its members, adding that the unions are satisfied with the assurances received from the government and the concessionaire.

He also noted that the endorsement followed extensive engagement on the airport’s future and the potential effects of private-sector participation on aviation workers.

Mr Asuquo said the company intends to invest in infrastructure, improve operational standards and expand economic activities around the airport.

He described Port Harcourt’s location within the Gulf of Guinea as an advantage that could strengthen its role in regional commerce, investment and connectivity.

“Our vision goes beyond taking over the management of the airport. We are committed to driving development, expanding opportunities and creating additional jobs through investments and the growth of airport-related activities,” he stated.

READ ALSO: EXCLUSIVE: EFCC charges former Port Harcourt, Warri refinery MDs with money laundering

He added that the company intended to unlock the airport’s economic potential and strengthen its position as an aviation and commercial hub.

PREMIUM TIMES had earlier reported that the Federal Executive Council approved the concession of Port Harcourt International Airport in November 2025, alongside other projects aimed at modernising Nigeria’s aviation infrastructure and attracting private investment.

The approval formed part of the Federal Government’s broader airport concession programme, which seeks to improve airport infrastructure, operational efficiency and commercial viability through private-sector participation.

The government has argued that private investors could provide the capital and expertise needed to expand airport facilities and develop revenue-generating activities, particularly those outside conventional aviation operations.

The concession programme is designed to attract investment into airport terminals and related services, while the Federal Airports Authority of Nigeria continues to perform its statutory responsibilities.

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Business

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

Published

11 hours ago

November 13, 2026

PlateauReports

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.

Business

Airline refunds aggrieved passenger’s fare, adds perks

Published

19 hours ago

November 12, 2026

PlateauReports

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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.

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.