Business

NAAPE urges FG, NCAA, NMDPRA to address Jet A1 crisis over safety concerns

Published

3 months ago

May 10, 2026

Preport

The National Association of Aircraft Pilots and Engineers (NAAPE) on Sunday urged the Federal Government, the Nigerian Civil Aviation Authority (NCAA), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and fuel suppliers to urgently address the ongoing Jet A1 fuel crisis, warning that the situation is posing growing risks to airline operations and passenger safety.

In a statement issued in Abuja, the union said persistent fuel supply disruptions have continued to affect flight operations nationwide, forcing airlines to adjust schedules, delay departures and reduce route frequencies amid mounting operational costs.

NAAPE President, Bunmi Gindeh, said the situation has become a major safety concern, particularly for flight crew members facing extended duty hours due to operational disruptions linked to fuel shortages.

“The persistent disruptions to flight schedules occasioned by the Jet A1 supply shortfall have resulted in significant extensions of crew duty time beyond planned parameters,” he said.

“Fatigue impairs cognitive function, slows reaction time, and, most dangerously, erodes situational awareness,” he added.

According to the union, fatigue management remains a critical global aviation safety issue because prolonged work cycles can affect judgement, communication and emergency response capacity during flight operations.

NAAPE also warned that the economic impact of the fuel crisis is placing additional strain on airlines and aviation workers.

“Grounded or delayed aircraft generate no revenue, yet fixed operational costs persist. The strain often filters down to aviation workers through delayed salaries, reduced welfare conditions, and rising workplace stress,” Mr Gindeh noted.

The warning comes amid growing pressure across Nigeria’s aviation industry over rising Jet A1 prices and supply constraints.

PREMIUM TIMES has reported extensively on how the aviation fuel crisis continues to affect airline operations and passenger experience across the country through delays, cancellations, schedule disruptions and operational adjustments by carriers.

Most recently, on 8 May, Rano Air announced the temporary suspension of some of its routes, citing the more than 300 per cent increase in Jet A1 prices and worsening operational costs.

The airline said the development had placed “enormous pressure” on its operations, forcing it to scale back services on affected routes because some routes had become “extremely challenging and commercially unsustainable.”

Other domestic operators, including Air Peace, United Nigeria Airlines and Ibom Air, have also repeatedly raised concerns over rising aviation fuel costs, warning that the situation is threatening the sustainability of airline operations.

Industry operators say aviation fuel remains the single largest cost component for airlines in Nigeria, accounting for as much as 40 per cent of operating expenses in some cases, significantly above global averages.

Although the Federal Government previously intervened after airlines threatened operational shutdowns over soaring fuel prices, operators say the underlying supply and pricing challenges remain unresolved.

Related Topics:address Concerns crisis Jet NAAPE NCAA NMDPRA Safety urges

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HBM Nigeria, United Capital, Wema Bank top stock pick this week

Published

8 hours ago

August 3, 2026

Preport

Nigerian stocks retreated by 0.8 per cent last week, despite the release of several strong half-year results, as profit-taking pressured trade. Sell-offs in consumer goods stocks fuelled the slide.

This week, more corporate results are expected, notably those of the big banking institutions, which could shape the direction the market may go in the near term.

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.

HBM Nigeria

HBM Nigeria tops this week’s list for its strong fundamentals. The net profit ratio (NPR) of the cement manufacturer is 9.6, while the price-to-earnings (PE) ratio is 18.1x. Its 10-day relative strength index (RSI) is 58.7.

United Capital

United Capital appears on the pick on the basis of its attractive fundamentals. The NPR of the company is 51.2, while the PE ratio is 10.1x.

Wema Bank

Wema Bank makes the selection for its strong fundamentals and for trading below its intrinsic value. The lender’s NPR is 30.5, while the PE ratio is 1.1x. Its RSI is 40.9.

Seplat Energy

Seplat makes the cut for its sound fundamentals. The NPR of the oil & gas corporation is 6.3, while the PE ratio is 26.6x. The RSI is 100.

UACN

UACN makes the cut for its sound fundamentals. The NPR of the company is 2.3, while the PE ratio is 25.4x. The RSI is 29.

NEM Insurance

NEM Insurance features on the pick for its strong fundamentals. The insurer’s NPR is 9.6, while the PE ratio is 11.8x. The RSI is 70.4.

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Business

NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise

Published

16 hours ago

August 3, 2026

Preport

The National Insurance Commission,(NAICOM), today announced the successful completion of the twelve-month insurance sector recapitalization exercise.

In pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, a as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria. The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry. It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.

The verified outcome of the exercise indicates that Forty-three (43) insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements. However, Eight (8) insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.

Nigeria’s insurance industry is now entering a new phase of development founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy.

The increase in minimum capital will improve insurers’ ability to honour policyholder obligations promptly, absorb emerging risks, support infrastructure and other long-term investments, and compete more effectively within regional and global insurance markets.

The recapitalization exercise also provides a stronger foundation for enhanced risk-based supervision by the Commission, ensuring that regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licensed operator.

The Commission reassures policyholders, investors, insurance operators, development partners, and the general public that, as the implementation of NIIRA 2025 continues alongside the modernization of Nigeria’s insurance ecosystem through innovation, technology, and digitization, the Commission will continue to strengthen consumer protection, promote sound market conduct, and accelerate insurance penetration across the country.

Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy.

The Commission will continue to engage stakeholders and provide regular updates on post-recapitalization supervisory actions, companies undergoing final verification, industry restructuring developments, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry.

The National Insurance Commission expresses its profound appreciation to the Federal Government, regulatory and supervisory partners, shareholders, investors, operators, professional bodies, development partners, and all stakeholders whose cooperation and commitment contributed to the successful completion of this historic exercise. The Commission looks forward to even stronger collaboration as Nigeria enters a new era of insurance.

The successful completion of this recapitalization exercise is not the destination but the foundation. It marks the beginning of a new era in which stronger institutions, stronger governance, and stronger public confidence will make insurance work better for every Nigerian.

The post NAICOM Announces Successful Completion of Insurance Sector Recapitalization Exercise appeared first on Business Today NG.