Business
Max Air confirms engine-related anomaly after Abuja–Katsina flight returns mid-air
Max Air has confirmed that one of its Abuja–Katsina flights made an air return to Abuja on Monday after the crew detected what the airline described as an engine-related anomaly shortly after takeoff.
The development followed multiple passenger accounts shared on social media describing moments of panic onboard the aircraft after loud banging sounds were reportedly heard during the flight.
In a statement issued after the incident, the airline said Flight VM1620, operated with aircraft registration 5N-DAB, departed the Nnamdi Azikiwe International Airport, Abuja, on Monday before the crew observed an indication suggesting an engine malfunction about 15 minutes into the journey.
According to the airline, the pilots immediately initiated a return to Abuja in line with standard aviation safety procedures.
“The aircraft landed safely and all passengers and crew disembarked without injury or incident,” Max Air said.
PREMIUM TIMES earlier reported passenger accounts of the incident, with several travellers describing how the aircraft allegedly shook violently shortly after takeoff, causing fear among passengers.
However, Max Air maintained that the situation was handled in accordance with established safety procedures and stressed that passenger safety remained its highest priority.
Replacement aircraft deployed
The airline said it subsequently deployed a replacement aircraft, identified as 5N-DMK, from Kano to Abuja to continue the Abuja–Katsina service and other scheduled operations.
It also disclosed that its engineering and technical teams had commenced a comprehensive assessment of the affected aircraft in line with regulatory and safety protocols.
Max Air noted that it remains in communication with the Nigerian Civil Aviation Authority (NCAA) and would cooperate with any review arising from the incident.
As of the time of filing this report, the Nigerian Safety Investigation Bureau (NSIB) had yet to issue an official statement on the development.
The Director of Public Affairs and Family Assistance at the NSIB had earlier told PREMIUM TIMES that the agency was initially unaware of the incident but would make findings and provide updates if necessary.
The incident adds to growing public attention on airline operations and technical reliability in Nigeria’s aviation sector amid recurring concerns over delays, disruptions and safety-related incidents.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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