Nigeria and Canada have expanded their bilateral air transport framework, paving the way for scheduled direct air services between the two countries and creating new opportunities for passenger and cargo operations.
The agreement, signed on Thursday in Abuja, provides for multiple airlines from both countries to operate scheduled services and establishes capacity for passenger and cargo flights.
It also provides for up to 14 weekly passenger flights and 10 weekly all-cargo flights for designated airlines from each country.
The agreement is expected to improve air connectivity between Nigeria and Canada while supporting trade, tourism, education, investment and stronger people-to-people relations.
The Minister of Aviation and Aerospace Development, Festus Keyamo, was represented at the signing by the Director of Air Transport Management in the ministry, Mohammed Ahmed Tijjani.
Mr Tijjani signed the agreement with Canada’s Chief Air Negotiator for Global Affairs Canada, Shendra Melia, at the Canadian High Commission in Abuja.
The signing followed a technical review session in which officials from both countries examined the existing bilateral air services framework and agreed to expand it.
Nigeria, Canada expand air deal, pave way for direct flights
Shift towards direct connectivity
The new arrangement represents a significant expansion of the aviation relationship between Nigeria and Canada.
The two countries first negotiated an air transport agreement in 2014, but the framework was initially limited to code-sharing arrangements rather than direct scheduled flights.
The agreement was formally signed in March 2025, providing a framework for airlines to market services operated by partner carriers.
The latest expansion changes that framework by allowing designated airlines from both countries to operate scheduled services directly between Nigeria and Canada.
The agreement, therefore, provides the legal basis for airlines to pursue direct operations, although the signing itself does not mean such flights will begin immediately.
Airlines would still need to be designated by their respective governments and meet applicable regulatory, operational and commercial requirements before commencing services.
More opportunities for passengers and cargo
For travellers, direct scheduled services could reduce the need for connecting flights through third countries and make journeys between Nigeria and Canada more convenient.
The development could be particularly significant for Nigerians travelling to Canada for education, business, tourism and family visits, as well as Canadians travelling to Nigeria for business and other purposes.
As of 31 March 2026, more than 25,000 Nigerians held valid Canadian study permits, according to the information provided by the Federal Government, highlighting the importance of the education link between the two countries.
The agreement also provides a greater scope for cargo operations.
Under the expanded framework, designated airlines can operate up to 10 weekly all-cargo services, while fifth-freedom traffic rights have been granted for cargo operations.
Fifth-freedom rights allow an airline to carry traffic between two foreign countries as part of a service that originates from or terminates in the airline’s home country.
The provision could create additional options for moving goods through the two countries and strengthen commercial links between Nigerian and Canadian businesses.
Wider economic ties
The expanded aviation agreement comes as Nigeria and Canada seek to deepen economic relations beyond air travel.
Improved connectivity can support tourism, facilitate business travel, encourage investment and make it easier for people and goods to move between the two markets.
The Nigerian delegation at the signing included the Director of Air Transport Management, Mr Tijjani; the Director of Legal Services, Jummai Yahaya; and the Director of Air Transport Regulation at the Nigeria Civil Aviation Authority, Olayinka Babaoye-Iriobe.
The Canadian delegation was led by Ms Melia and included officials from Global Affairs Canada and Transport Canada.
The expanded framework gives airlines from both countries greater room to compete, as each country can designate multiple carriers rather than restricting scheduled operations to a single airline.
For Nigeria, the development also fits into the Federal Government’s wider effort to expand international air connectivity and secure new routes that can support tourism, trade and investment.
The agreement now provides the framework for airlines on both sides to pursue direct scheduled services, potentially bringing an end to years of reliance on connecting routes for travellers moving between Nigeria and Canada.
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BY NKECHI NAECHE-ESEZOBOR—For not meeting the statutory Minimum Capital Requirement as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.
The commission has also appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator which tookeffect on 3 August 2026.
According to notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).
The withdrawal of authorization followed the organization’s failure to meet mandatory capital baselines before the statutory deadline.
The appointed liquidator is tasked with tracing and securing assets, auditing liabilities, coordinating with regulatory authorities, and submitting progress reports.
He ordered an immediate freeze on all corporate bank accounts, instructing financial institutions, clients, and the public to ignore commands unless issued directly by him or certified representatives.
Regulators framed this measure as essential to uphold financial standards, protect consumers, and maintain sector stability.
All involved parties must channel future transactions exclusively through the liquidator while assets are realized and operations are systematically terminated.
BY NKECHI NAECHE-ESEZOBOR—Seplat Energy Plc, a leading Nigerian independent energy producer listed on both the Nigerian Exchange and London Stock Exchange, has delivered a stellar financial performance for the half-year ended June 30, 2026. Driven by higher output and a favorable pricing environment, the energy giant posted a massive 498 percent year-on-year surge in Profit After Tax (PAT), reaching $164 million, compared to $4.0 cents per share in the corresponding period of 2025.
Gross revenue rose 30 percent to $1.82 billion from $1.398 billion in H1 2025, supported by an average realized oil price of $94.13 per barrel, representing a $7.47 premium to Brent crude. Strong operational execution expanded gross profits by 68 percent to $815.9 million, while cash generated from operations expanded 29 percent to $985.9 million.
In line with its strong balance sheet, Seplat declared a total second-quarter dividend of USD 12.0 cents per share ($72 million), comprising a USD 5.0 cents core payout and a USD 7.0 cents special dividend. Following robust performance and a newly reached agreement to sell a 10 percent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited for $281.6 million, the company plans to raise its full-year 2026 dividend projection to USD 68.3 cents per share ($410 million)—a 173 percent growth year-on-year.
Operationally, group production averaged 139,509 barrels of oil equivalent per day (boepd) in the first half of 2026, marking a 4 percent growth year-on-year and remaining comfortably within full-year target guidance. Second-quarter output surged to 149,070 boepd, up 15 percent from the first quarter, boosted by onshore production improvements and an active idle well restoration program that restored 26,000 barrels per day of gross capacity across 24 wells. The firm also achieved 18.8 million man-hours across operated assets without any Lost Time Injury (LTI), while lowering carbon emissions intensity by 18 percent.
Financially, Seplat significantly deleveraged its balance sheet, making an early repayment and cancellation of $200 million under its Advanced Payment Facility. Consequently, Net Debt dropped 45 percent to $370.7 million by the end of June, pushing the Net Debt/EBITDA leverage ratio down to 0.25x and prompting S&P to upgrade the company’s credit rating to ‘B+’.
The strong half-year earnings coincide with scheduled executive leadership transitions. Engr. Effiong Okon took over as Chief Executive Officer from Mr. Roger Brown on August 1, 2026, while Mr. Tony O. Elumelu, CFR, is slated to succeed Senator Udoma Udo Udoma as Board Chairman on January 1, 2027.
Commenting on the results, outgoing CEO Roger Brown remarked that the company is handing over leadership from a position of unprecedented financial and operational resilience, backed by expanding cash flows, accelerated debt repayment, and historic returns for shareholders.