The Nigeria Civil Aviation Authority has sanctioned a domestic carrier, XEJET Airways, over alleged violations of passenger rights, imposing a fine of N2m on the airline for consumer protection-related infractions.

The sanction, according to the Director of Public Affairs and Consumer Protection of the NCAA, Michael Achimugu, forms part of ongoing efforts to compel airlines to improve service delivery and ensure that passengers are treated fairly within Nigeria’s aviation sector.

Although details of the specific infractions were not disclosed, the NCAA spokesperson said the penalty was connected to breaches of consumer protection regulations designed to safeguard passengers against poor treatment, operational lapses, and service failures by airlines.

Speaking with our correspondent on the development, Achimugu confirmed that the airline had indeed been penalised by the authority. “Yes, it’s true, we are imposing sanctions on XEJET to the tune of N2m over violations of consumer protection,” Achimugu said.

He explained that while the regulatory body remained committed to enforcing standards, it was also conscious of the fragile operating environment facing domestic airlines and therefore tried to ensure that sanctions did not cripple their operations.

“Much as we are trying and ensuring that airlines are not regulated out of operations, we ensure that the sanction is minimal so airlines can continue to fly in Nigeria,” he stated.

Achimugu further stressed that the objective of the penalty was not revenue generation but to compel compliance and improve passengers’ experiences across the aviation industry.

“N2m is manageable. You should already know that sanctions are not to make money for us but to correct wrongdoings and improve the quality of their service, that’s all,” he added.

The development comes amid growing complaints from air travellers over flight delays, cancellations, poor communication, and inadequate customer care by some domestic carriers.

Many passengers have repeatedly called on the NCAA to adopt tougher measures against erring airlines to restore confidence in the sector.

A traveller, Adeniran Jones, who claimed she had suffered delays at airport terminals in Nigeria, viewed the sanction as a good way of restoring passengers’ confidence in the industry’s regulatory framework.

“This is what passengers have been asking for. When airlines know there are consequences for poor treatment, they will sit up and do the right thing.”

When contacted, the spokesperson of the airline, Juliet Atikpekpe, confirmed the development, adding that the sanction was being handled by the authority. “I can’t really speak further now. Let’s continue the conversation tomorrow. That is the only thing I can say for now,” she said.

The National Pension Commission has commenced the pilot phase of a free healthcare initiative for low-income pensioners under the Contributory Pension Scheme, with registration now open for 30,000 retirees nationwide.

The commission, in a notice issued on Friday, said the initiative, known as PenCare, is designed for retirees aged 60 years and above who earn monthly pensions of not more than N70,000 from Pension Fund Administrators.

PenCom stated that the programme would operate on a first-come, first-served basis and urged eligible retirees to register through its website or the websites of Pension Fund Administrators. “The National Pension Commission invites retirees under the CPS to enrol in the free healthcare initiative, PenCare,” the commission stated.

It added, “If you are at least 60 years old and receive a monthly pension not more than N70,000 from a Pension Fund Administrator, you qualify for this pilot phase.

The commission disclosed that registration had commenced for up to 30,000 eligible retirees, directing applicants to visit the PenCom website or PFA platforms for enrolment. According to the notice, the programme is being introduced as a Corporate Social Responsibility initiative to ease healthcare costs for pensioners.

“PenCare is a CSR project dedicated to preserving your dignity and well-being by reducing the burden of medical expenses,” PenCom stated.

The development comes amid growing concerns about the welfare of retirees in Nigeria, particularly pensioners facing rising medical bills and inflation that has eroded purchasing power.

The PUNCH earlier reported that the National Pension Commission inaugurated the Board of Trustees for PenCare, the Pension Industry Healthcare Initiative, with the pioneer Director-General of the Commission, Muhammed Ahmad, named chairman.

According to PenCom, PenCare is a healthcare programme created to ensure retirees under the Contributory Pension Scheme have access to quality healthcare.

The Securities and Exchange Commission has warned Nigerians against the growing number of unregistered online investment schemes being promoted across social media platforms, describing many of them as Ponzi operations designed to defraud unsuspecting investors.

In a public notice dated 8 May 2026, and shared via its official X handle on Thursday, the Commission said several platforms offering guaranteed or unrealistic returns are not registered or authorised to operate in Nigeria’s capital market. According to the SEC, the schemes are being aggressively marketed on WhatsApp, Instagram, TikTok, Telegram, Facebook, and other digital platforms to lure members of the public with promises of quick profits.

“The attention of the Securities and Exchange Commission has been drawn to the increasing promotion of unregistered online investment schemes on social media applications and websites,” the regulator stated.

The Commission noted that many of the operators exhibit characteristics of Ponzi or prohibited investment schemes, while some also provide unauthorised investment advisory services.

It urged Nigerians to avoid investment platforms promising unrealistic returns, warning that such schemes often expose investors to fraud and severe financial losses, stressing that only entities registered with the Commission are legally permitted to offer investment and advisory services in Nigeria.

The regulator advised members of the public to verify the registration status of any investment company or platform through its official fintech and capital market operator databases before committing funds.

The Nigerian equities market retreated on Thursday as a wave of mild profit-taking in several mid-cap stocks dampened the recent rally, resulting in a total loss of N170bn for investors. This downward movement saw the market capitalisation decline from N161.839tn at the start of the session to N161.669tn by the close of trading. In tandem with the drop in market value, the All-Share Index eased  0.11 per cent, moving from 252,508.19 points to 252,243.11 points.

Despite the marginal weakness in the broader index, market breadth remained technically positive as 37 equities managed to advance against 28 decliners. This suggests that while selling pressure in previously strong-performing mid-cap counters weighed on the valuation, buying interest was still distributed across a wide range of stocks.

On the performance board, Learn Africa emerged as the top gainer with a 10.00 per cent surge to close at N9.90, followed closely by Fidson, which rose 9.97 per cent to N124.60. Other significant gainers included Austin Laz, Berger Paints, and Deap Capital, all of which recorded appreciations of over 9.9 per cent.

Conversely, the market was dragged lower by Zichis, which shed 9.99 per cent to close at N32.69, and FTN Cocoa, which declined 9.87 per cent to N9.95. Other notable laggards included Meyer, RT Briscoe, and Neimeth, as investors locked in profits following their recent price appreciations.

Investor sentiment throughout the session was characterised by a rotation between sectors, with bargain hunting in the pharmaceutical and industrial categories partially offsetting the exit from agro-allied and services stocks. Market analysts noted that this selective approach indicates that participants are becoming more cautious and strategic after the index crossed the 250,000-point threshold earlier in the week. As the session concluded, the activity suggested a period of consolidation as investors rebalance their portfolios in anticipation of upcoming corporate earnings and macroeconomic data.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, has tackled the Nigerian National Petroleum Company Limited over its attempt to increase its stake in the Dangote Petroleum Refinery despite the poor state of government-owned refineries.

Ukadike stated this while reacting to comments by the President of the Dangote Group, Aliko Dangote, that the refinery rejected requests by the NNPC to increase its 7.25 per cent stake in the $20bn facility.

Dangote had disclosed this during an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, monitored by our correspondents on Wednesday.

Reacting to the development, Ukadike questioned why the national oil company was seeking to invest more funds in the privately-owned refinery when the Port Harcourt, Warri, and Kaduna refineries under its control had remained largely inactive despite billions of dollars spent on rehabilitation.

“Why is NNPC trying to invest money in the Dangote refinery when it has three refineries that are not working? Why is NNPC not investing that money in those ones?” Ukadike asked.

He added, “The NNPC did not revive our refineries, but they want to look for where the refinery is already working to put money into it. Does that make sense?”

The IPMAN spokesman said Dangote had the right to reject the offer from the NNPC if he considered it unsuitable for his business interests.

“If Dangote refused to sell more stakes to NNPC, he must have his reasons. Dangote is a businessman. He doesn’t want issues, unnecessary crises, and nepotism. He knows what he wants, and I also think he has enough cash to fund his business,” he stated.

Ukadike further urged the national oil company to focus on reviving critical oil infrastructure across the country instead of pursuing additional ownership of the refinery. “The NNPC should repair the pipelines and revive the refineries instead of eyeing the Dangote refinery,” he said.

Dangote had stated during the interview that the NNPC was interested in acquiring more shares in the refinery after previously purchasing a 7.25 per cent stake for $1bn in 2021. According to him, the request was rejected because the company planned to list the refinery publicly and allow more Nigerians to own shares in the project.

“The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said.

The NNPC had initially planned to acquire a 20 per cent stake in the refinery, but later reduced its ownership to 7.25 per cent after failing to pay the balance before the June 2024 deadline.

Dangote had explained this in 2024, saying, “The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.”

However, a stakeholder in the petroleum sector who pleaded for anonymity because of the sensitivity of the matter held that the interest of the nation is well served by NNPC having a 20 per cent stake in the Dangote refinery.

“I think Nigeria is better served by NNPC being a shareholder. If NNPC could have taken 20 per cent of that refinery, Nigeria as a country would be better served,” the stakeholder said.

According to him, the fact that the NNPC failed to get the 20 per cent take before does not mean it could not get it again. He said Dangote refused NNPC’s offer because he wants to remain in control.

“You know Dangote is planning to value his company at $50bn. I think he’s going to sell 10 per cent only, so he remains in control, making a lot of money for himself. Selling only 10 per cent means he has 90 per cent. If NNPC were there with 20 per cent, then NNPC would have two directors. These two directors would have some say,” he said.

The stakeholder added that such an important asset cannot exist in a country without the government’s involvement.

“You can’t have such a big asset in the country, and then the government or the government’s agent has no say in the decisions of that company. It can’t happen. It’s wrong. I’m not saying the government must have a say in all the big companies, but in a company that is so big that it can influence whether the sun rises or falls in that country, the government must have a say.

“The refinery is big. In any case, NNPC is also the supplier of last resort. It’s the national oil company. That has some meaning. I think that in the best interest of the country, if we all agree that Dangote is too big to fail, then it means that Nigerians as a people need to be inside the Dangote refinery to make sure it does not fail,” the operator said.

Meanwhile, a senior official of the NNPC said the NNPC is proud of its current stake in the Dangote refinery.

“The NNPC is proud and happy that we own a 7.2 per cent stake in Dangote. And whatever we own as a stake in Dangote as a national oil company is on behalf of the entire Nigeria. So, when the opportunity presents itself in the long term, yes.

“But right now, we are proud of the 7.2 per cent stake we own in the Dangote refinery. Apart from that, the quality and level of collaboration that is currently going on between NNPC and Dangote is in the interest of the entire Nigeria,” the official said, begging not to be mentioned because he was not authorised to speak on the matter.

Union Bank of Nigeria has bagged the Best SME Growth Banking Initiatives Award for 2025, reaffirming its reputation as a premier supporter of local commerce.

The accolade was presented by the Association of Small Business Owners of Nigeria at the Nigeria National SME Business Awards recently held in Lagos.

The award recognises the Bank’s strategic leadership in advancing the growth and resilience of small and medium-sized enterprises through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the bank, Head of the SME Segment at Union Bank, Ayokunnumi Abraham, described the recognition as a strong endorsement of the institution’s commitment to the sector.

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible,” Abraham said.

“Through enhancements to our specialised platforms, such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting,” he added.

He further noted that these digital improvements have shortened onboarding times, increased digital adoption among SME customers, and accelerated the acquisition of new business clients.

“Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he added.

ASBON, in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade, and Investment, brought together public and private sector stakeholders to celebrate organisations making meaningful impact across Nigeria’s SME ecosystem.

Established in 1917, Union Bank remains a leading provider of financial services in Nigeria, guided by its “Simpler, Smarter Banking” philosophy. With more than 300 branches and a digital suite, including mobile banking, trade finance, and equipment leasing, the Bank helps public and private sectors achieve lasting success.