Business
NCAA Sanctions 11 Nigerian Airlines Over Unpaid Charges
BY NKECHI NAECHE-ESEZOBOR—Nigeria’s aviation sector may experience operational setbacks after the Nigerian Civil Aviation Authority, (NCAA), moved to tighten enforcement on airlines owing regulatory levies, targeting 11 local carriers in a fresh compliance crackdown.
In a directive issued on May 22, 2026, the aviation regulator instructed its departments nationwide to halt official support and approvals for the affected operators until outstanding financial obligations are resolved or structured repayment arrangements are reached.
The action stems from unpaid remittances linked to the mandatory five per cent Ticket Sales Charge and Cargo Sales Charge, deductions airlines collect on behalf of the NCAA to finance aviation safety monitoring, workforce development and economic supervision across the industry.
According to the internal communication signed by the Director of Finance and Accounts, Olufemi Odukoya, no agency unit is permitted to provide services to any listed airline without prior financial authorisation from the finance department. The memo was also copied to the Director-General of Civil Aviation and senior management officials.
Among the carriers affected are Air Peace, Ibom Air, Arik Air, United Nigeria Airlines, Umza Air, NG Eagle, Max Air, Caverton Helicopters, Overland Airways, Rano Air and ValueJet.
Industry stakeholders say the enforcement measure could disrupt regulatory processing for the airlines involved, potentially affecting flight operations, approvals and other administrative activities if the debt issues remain unresolved.
The post NCAA Sanctions 11 Nigerian Airlines Over Unpaid Charges appeared first on Business Today NG.
Nigeria’s crude oil and condensate production rose by 0.4 per cent to 1,677,777 barrels per day (bpd) in August 2026.
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its crude oil and condensate statistics report released on Sunday.
The commission said crude oil production, excluding condensate, averaged 1,500,190 bpd during the month under review.
It added that Nigeria met its Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
According to the report, combined crude oil and condensate production fluctuated between a daily low of 1.64 million barrels and a high of 1.71 million barrels.
The report showed that Bonny Terminal recorded the highest average production at 320.04 thousand barrels per day (kbpd).
Forcados Terminal followed closely, recording an average daily production of 317.40 kbpd during the month.
“Qua Iboe Terminal recorded an average production of 171.72kbpd of crude oil and condensates,” the report said.
It added that Escravos Oil Terminal recorded a daily average production of 131.71 kbpd during the period.
Bonga ranked fifth among the highest-producing terminals, with an average output of 92.50 kbpd of crude oil.
Factors behind the increase in production
The NUPRC attributed the modest increase in August production largely to the resolution of operational challenges involving the Single Buoy Mooring (SBM) at the Erha field.
The commission said the challenges had adversely affected production performance in the preceding month.
It explained that restoring normal evacuation and production operations at the Erha field contributed positively to overall production volumes in August.
“Production activities across most other producing assets remained relatively stable,” the report said.
It said operators continued implementing measures to optimise production efficiency, maintain asset integrity and minimise operational disruptions.
The commission added that routine production and crude evacuation operations were generally sustained across the industry during the period.
“These supported the observed improvement in output,” it said.
The report described the August increase as modest but said it reflected continuing industry efforts to address operational bottlenecks.
It said stakeholders were also working to restore affected production capacity and support sustained growth in the coming months.
The commission said operators remained focused on improving asset reliability and operational resilience across Nigeria’s upstream petroleum sector.
READ ALSO: Akwa Ibom communities demand action on abandoned oil wells
It added that intervention programmes were being advanced to strengthen production performance and reduce disruptions.
The August performance, according to the NUPRC, underscored the importance of resolving operational constraints promptly.
It also highlighted the need for effective asset management and continued collaboration among industry stakeholders.
Such measures, the commission said, remained critical to safeguarding and improving Nigeria’s crude oil production capacity.
(NAN)
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Business
Cornerstone Insurance Unveils “Cornerstone 3.0” Transformation Agenda at 2026 Brokers’ Business Lunch
Cornerstone Insurance PLC has unveiled key elements of its transformation agenda, “Cornerstone 3.0,” aimed at strengthening its operations, enhancing customer experience and positioning the company for sustainable growth.
The agenda was a major focus at the company’s 2026 Brokers’ Business Lunch, recently held at the Metropolitan Club, Lagos, with brokers, stakeholders and members of Cornerstone’s management team.
The gathering provided an opportunity to share the company’s broader strategic direction with the market, backed by the support of its majority shareholder, Chapel Hill Denham. The partnership with Chapel Hill Denham forms part of Cornerstone’s broader growth and transformation journey, as the company strengthens its business, enhances its market position and prepares for its next phase of growth.
The event was led by Stephen Alangbo, Managing Director/CEO, Cornerstone Insurance PLC; Kola Adekoya, Acting Managing Director, FIN Insurance Company LTD and Abdur Rasheed Babalola, Managing Director, Hilal Takaful Insurance.
Speaking at the event, Mr. Alangbo, outlined Cornerstone’s vision for its next phase of growth, highlighting the significant changes taking place across the business. At the heart of this journey is Cornerstone 3.0, a transformation programme focused on building a more agile, technology-driven and customer-centric insurance business. A key component of the transformation is the planned restructuring into Cornerstone Life and Cornerstone General, alongside the continued development of Hilal Takaful Insurance to expand the company’s Takaful offerings, subject to final approval by NAICOM.
Technology also remains a key component of the agenda, with the evolution of CiCi, Cornerstone’s AI-powered customer service platform, including its voicebot capability, aimed at making services such as enquiries, complaints, claims, policy renewals and insurance purchases more accessible.
Mr. Alangbo further reaffirmed their commitment to fast and efficient claims processing, recognising responsive claims service as central to delivering value and building customer trust.
The Brokers’ Lunch also provided an opportunity for Cornerstone to engage directly with the brokers, receive feedback and identify areas for improved collaboration. Stephen Alangbo acknowledged brokers as key drivers of the business and encouraged them to continue to consider Cornerstone as a first-choice partner for their clients’ corporate, individual and Takaful insurance needs.
The engagement reflects Cornerstone’s commitment to working closely with its broker network, as it advances its transformation agenda and builds a more agile, innovative and customer-focused insurance business.
The post Cornerstone Insurance Unveils “Cornerstone 3.0” Transformation Agenda at 2026 Brokers’ Business Lunch appeared first on Business Today NG.
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