Business
Nigeria, AfDB sign agreement to operationalise $7bn aviation transformation programme
Minister of Aviation and Aerospace Development, Festus Keyamo, on Thursday in Brazzaville, Congo, signed a Letter of Intent (LOI) between the African Development Bank (AfDB) and the Federal Republic of Nigeria to advance the implementation of the Integrated Aviation Transformation Programme (IATP), a $7 billion initiative designed to modernise Africa’s aviation sector.
This was disclosed in a statement by the minister’s Special Adviser on Media and Communications, Tunde Moshood.
Mr Keyamo participated in a high-level dialogue session with the president and governors of the AfDB, where he presented the opportunities embedded in the programme and Nigeria’s role in driving its implementation.
According to him, the IATP offers a strategic pathway to unlock aviation investment across Africa, with Nigeria positioned as a key beneficiary through ongoing sector reforms and policy alignment.
He also unveiled President Bola Tinubu’s Renewed Hope Agenda for the aviation sector, describing it as a framework that could serve as a model for other African countries seeking to develop their aviation industries.
Mr Keyamo said Nigeria had already taken key preparatory steps to position itself for the successful take-off of the initiative.
“including domesticating the Cape Town Convention, updating its IDERA and reworking its aviation insurance policies to meet global industry standards,” he said.
He noted that these reforms were necessary to build investor confidence and align Nigeria’s aviation framework with international best practices.
The minister also highlighted the newly approved Nigeria Aircraft Leasing Company, saying it would play a critical role in improving access to aircraft financing and expanding airline operations in the country.
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He added that the African Development Bank was being engaged to mobilise capital in support of the initiative, given its potential to transform aviation financing across the continent.
The statement added that the President of the AfDB, Sidi Ould Tah, expressed satisfaction with the presentation and pledged the bank’s commitment to supporting the successful implementation of the IATP across Africa, particularly in Nigeria.
Following the dialogue session, Mr Keyamo unveiled the Country Compact for Nigeria’s aviation sector and then signed the Letter of Intent between the AfDB and Nigeria, formally marking a commitment to deepen cooperation in aviation development.
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.
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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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