Business
NCAA directs suspension of services to 11 airlines over unpaid charges
The Nigerian Civil Aviation Authority (NCAA) has directed its departments to suspend services to 11 domestic airlines over unpaid financial obligations owed to the regulator.
The directive was contained in an internal memo dated 22 May, which instructed all NCAA directorates and regional offices to place the affected operators on a “no-pay-no-service” arrangement pending financial clearance from the Directorate of Finance and Accounts.
The memo was signed by the Director of Finance and Accounts, Olufemi Odukoya, and copied to the Director-General of Civil Aviation (DGCA) and other senior officials of the authority.
Airlines affected by the directive include Air Peace, Ibom Air, Arik Air, United Nigeria Airlines, Max Air, Rano Air, NG Eagle, ValueJet, Overland Airways, Umza Air and Caverton Helicopters.
The directive comes amid increasing financial pressure on domestic airlines due to rising aviation fuel costs, foreign exchange challenges, and high operating expenses across the sector.
Under the directive, affected airlines may be unable to access some regulatory services until their financial obligations are settled.
The move has also raised concerns within the industry over the possible impact on airline operations if the situation persists.
READ ALSO: NCAA grants Pioneer Airlines approval for non-scheduled flight operations
The NCAA relies on statutory charges and service-related payments from airlines to fund inspections, oversight responsibilities and other regulatory activities.
In recent months, several domestic airlines have faced operational disruptions linked to rising costs, aircraft maintenance challenges and limited fleet availability.
PREMIUM TIMES earlier reported that some airlines, such as Rano Air, adjusted schedules and suspended routes amid the sharp rise in Jet A1 aviation fuel prices, which continued to pressure operators.
The latest directive further underscores the financial strain on Nigeria’s aviation sector, as airlines struggle to balance rising operational costs with declining passenger purchasing power.
From right: Winner and New 2026 CIIN Ambassador, Mr. Oduh Sunday; 2nd Runners-up, Ms. Odeniyan Oluwatosin Comfort and 1st Runners-up of the Ambassador Contest, Mr. Okunnu Abdulrasheed Adekunle at the Year 2026 CIIN Insurance Week Grand Finale in Lagos yesterday.
BY NKECHI NAECHE-ESEZOBOR—Oduh Sunday of NEM Insurance Plc, yesterday emerged victorious in the 2026/2027 Chartered Insurance Institute of Nigeria Ambassador Competition, receiving a cash reward of N1.5 million and earning the title of the insurance industry’s newest ambassador.
The competition formed part of the major attractions at the grand finale of the CIIN Insurance Week and also represented one of the final official engagements of the institute’s current president, Yetunde Ilori.
Mr. Eddie Efekoha; Mr. Edwin Igbiti and Mrs. Yetunde Ilori.
Held from Friday, May 15 to Friday, May 22, 2026, the CIIN Insurance Week 2026 featured an extensive eight-day schedule focused on public interaction, professional discussions, learning activities, and celebrations within the insurance sector.
The Ambassador Competition evaluated contestants based on their understanding of the insurance profession as well as their capacity to carry out awareness initiatives.
Noor Takaful Insurance Limited staff, Okunnu Abdulrasheed Adekunle secured the first runner-up position and received N1 million, while another staff member of the same company, Ms. Odeniyan Oluwatosin Comfort, claimed the second runner-up spot with a cash award of N750,000.
In additional award categories presented during the event, the Police Service Commission was recognised as the Best Ministry, Department and Agency (MDA). Akunyili Samuel Chukwukadibia was honoured as the Best Insurance Student in the WAEC examination.
The award-winning student’s teacher, Mr. Awotoruvie Randy Kemi, also received recognition, while six secondary schools with outstanding student enrollment in insurance studies were celebrated.
The schools honoured included Ijaiye Ojokoro Senior High School, Badagry Senior Grammar School, Saint Peter’s College, Egba High School, Methodist Comprehensive College, and Ebenezer Grammar School.
Ogun State also received recognition as the state with the highest number of students enrolled for insurance studies in WAEC examinations.
Earlier in the programme, the InsurScenario Team emerged as champions of the 2026 CIIN InsurQuest Hackathon, defeating other competing teams including CoverBot, Mediclaim AI, Team Topsborg, Team Nexus, and The Risk Architects.
Now in its second edition, the hackathon attracted a broader mix of young innovators from across Nigeria and was designed to strengthen youth participation in the insurance sector while encouraging future insurance innovators.
The initiative exposed participants to practical industry problems and demonstrated how insurance can drive innovation, technology, entrepreneurship, and social impact. Over several weeks, contestants participated in masterclasses, hands-on workshops, and mentoring sessions aimed at building technology-based solutions for challenges affecting Nigeria’s insurance industry.
Supported by experienced professionals, the teams explored areas such as Inclusive Insurance, Data and Artificial Intelligence, Customer Experience, as well as ESG and Sustainability, while developing working prototypes suitable for pilot implementation.
All teams presented their projects during the InsurQuest Demo Day held on May 21, 2026, at the College of Insurance and Financial Management, where the InsurScenario Team finished in first place.
Speaking during the grand finale and award presentation, CIIN president Yetunde Ilori described the programme as her final appearance at the event in her capacity as president. She explained that the Insurance Week was created to bring together all segments of the insurance industry, improve public participation, encourage professional conversations, and promote insurance education and awareness.
According to her, the event, now in its second year, has become one of the strongest collective initiatives by Nigeria’s insurance industry to improve public understanding, boost insurance adoption, and recognise excellence within the sector.
She urged her successor to sustain and build upon the initiative, expressing confidence that the annual programme could further strengthen insurance acceptance and operations in Nigeria, with the aim of increasing industry penetration beyond one percent in the near future.
The post NEM Insurance Staff Oduh Sunday Clinches 2026/2027 CIIN Ambassador Title appeared first on Business Today NG.
Nigerian billionaire businessman Femi Otedola has disclosed that he sold his stake in Geregu Power Plc to invest in the planned public offering of the Dangote refinery project owned by Aliko Dangote.
Mr Otedola made the disclosure while speaking to journalists during a visit to the Dangote Refinery on Wednesday.
While praising Mr Dangote’s industrial projects, he described the businessman as “a colossus” and “one of the greatest men that has come out of Africa.”
“That’s one of the reasons why I sold my stake in the Geregu plant to come and invest my proceeds in the IPO of Dangote Refinery,” Mr Otedola said.
The businessman said he had repeatedly appealed to Mr Dangote to allocate shares to him in the refinery’s private placement.
“On a personal note, I have appealed to him. I have been here with him 25 times,” he said, adding that as part of his compensation, Mr Dangote should allocate him shares worth $100 million during the private placement phase.
Mr Otedola described the Dangote refinery project as a transformational investment capable of freeing Nigeria and Africa from economic dependence.
“I wish Aliko Dangote is a colossus, a genius, probably one of the greatest men that has come out of Africa for delivering us out of economic slavery in Nigeria and by extension Africa,” he said.
Last December, Mr Otedola offloaded his interest in Geregu Power Plc, the electricity generation company he took public in October 2022 at a market value of N250 billion, which was valued at the time to be in the neighbourhood of N2.9 trillion.
The deal was valued at $750 million, a source with knowledge of the transaction told PREMIUM TIMES at the time. Until the completion of the share sale, he was the majority owner of the Lagos-quoted firm.
In his remarks on Wednesday, Mr Dangote revealed that preparations were underway for an Initial Public Offering (IPO) of the refinery, which he said could be launched by September.
According to him, investor demand for the offering has already reached “billions of dollars.”
“There is quite a lot of demand in terms of people disturbing us, pushing us, saying we want to buy,” he said.
Mr Dangote said the goal was to allow early investors to benefit from the refinery’s future growth in the same way investors benefited from early stakes in global technology firms.
“We want it to be like when you buy Amazon or Apple… everybody has become a millionaire and that is what we want to bring into Africa,” he said.
READ ALSO: Billionaire, Femi Otedola, among writers shortlisted for BCA African Business Book 2026
The Dangote refinery, located in Lagos, began fuel production last year and is expected to significantly reduce Nigeria’s dependence on imported petroleum products.
The facility has been widely described as Africa’s largest refinery and one of the biggest single-train refineries globally.
Mr Otedola’s comments come amid increasing investor interest in large-scale infrastructure and energy assets in Nigeria, especially projects linked to domestic refining and industrialisation.
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