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The Nigerian Civil Aviation Authority (NCAA) has imposed a ₦6 million fine on Saudi Airlines for what it described as consumer-protection-related violations.
Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA, disclosed this on Friday.
Mr Achimugu stated that the sanction became necessary after the airline failed to resolve several outstanding consumer issues, despite repeated interventions by the regulator and an extended period granted for compliance.
According to him, the NCAA had previously stepped in to support the airline in managing a situation at the Nnamdi Azikiwe International Airport in Abuja a few months ago that could have escalated into violence.
He noted that the authority had also given Saudi Airlines additional time to address pending complaints and comply with the regulator’s determinations, but the airline failed to meet its obligations.
“The Nigeria Civil Aviation Authority has sanctioned Saudi Airlines to the tune of ₦6 million for consumer protection-related infractions,” Mr Achimugu said.
He explained that the enforcement action was taken to ensure compliance with Part 19 of the Nigeria Civil Aviation Regulations (Nig. CARs) 2023, which outlines the rights of air passengers and the responsibilities of airlines operating in the country.
The NCAA expressed hope that the sanction would encourage the airline to improve its operations in Nigeria and strengthen its commitment to passenger welfare.
Mr Achimugu emphasised that passengers travelling to and from Nigeria deserve to be treated fairly and with respect by all airlines operating in the country.
READ ALSO: NCAA Championships: Ogazi shatters records, Ajayi strikes gold as Nigerians shine in Eugene
He added that while the authority would continue to support Saudi Airlines and other carriers to operate efficiently, it would not hesitate to enforce regulatory standards where necessary to protect consumers.
Saudi Airlines had yet to respond to the NCAA’s sanctions as of the time of filing this report.
BY NKECHI NAECHE-ESEZOBOR—Enterprise Life Assurance (Nigeria) Limited has announced the full remittance of its statutory deposit of N1 billion to the Central Bank of Nigeria (CBN), underscoring its robust financial health and compliance with regulatory mandates.
The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).
According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.
“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”
Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).
He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.
Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.
“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”
This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.
The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.
The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.
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