The Nigeria Civil Aviation Authority has placed 11 domestic airlines on its updated “No-Pay-No-Service” list over unpaid statutory charges.

The enforcement action, which targets airlines owing the regulator outstanding remittances, is expected to affect access to critical regulatory and administrative services until the affected carriers clear their debts or agree on payment plans with the authority.

This was contained in an internal memo obtained by our correspondent on Sunday. At the centre of the dispute are the five per cent Ticket Sales Charge and Cargo Sales Charge, funds collected by airlines on behalf of the NCAA to support safety oversight, personnel training, and economic regulation within the aviation sector.

The memo, dated May 22, 2026, obtained by our correspondent, directed all NCAA directorates to withhold services from the affected operators pending financial clearance from the Directorate of Finance and Account

The memo, signed by the Director of Finance and Accounts, Olufemi Odukoya, was circulated across the authority’s regional offices and copied to the Director-General of Civil Aviation and other senior officials.

Under the directive, affected airlines risk immediate interruptions in regulatory support, a development that has raised concerns among operators and passengers over possible operational delays and wider industry implications.

Director-General of the NCAA, Chris Najomo, said that although the regulator understands the harsh economic realities confronting operators, the agency cannot afford to compromise its financial stability.

According to him, delayed or non-remittance of the statutory charges could weaken the authority’s ability to sustain effective safety oversight, risk-based surveillance, and compliance with international aviation standards.

Airlines affected by the directive include Air Peace Limited, Ibom Air Limited, Arik Air Limited, United Nigeria Airlines, Umza Air, NG Eagle, Max Air Limited, Caverton Helicopters, Overland Airways, Rano Air, and ValueJet.

The document stated, “The DGCA has directed that no directorate should render any service to the above airline without financial clearance from the director of finance and accounts.”

In a WhatsApp chat with our correspondent, the Chief Executive Officer of Ibom Air, George Uriesi, said the current realities facing airlines go beyond poor financial management, insisting that operators are struggling to survive under an unsustainable business environment.

According to him, the sharp rise in aviation fuel prices over a short period disrupted the financial structures of many airlines and forced operators to make difficult decisions about how to manage limited working capital.

He explained that airlines could not increase ticket fares at the same pace as the rise in fuel and maintenance costs, adding that most of their daily earnings are now consumed by operational expenses needed to keep aircraft in the air.

His words, “People, this matter is quite simple. When fuel, which under normal circumstances is 36-40 per cent of your operating costs, triples in price within the space of five weeks and stays there, your business model is turned upside down.

“The costs of purchasing fuel to keep flying suddenly take virtually all the sales you’re making on a daily basis. This forces a change in how you allocate your working capital. Once you cannot pay for fuel and maintenance, you cannot fly, no matter your emotions. And once you cannot fly, you cannot pay anybody anyway. It’s the oxygen mask theory,” Uriesi added.

The Ibom Air boss added that the NCAA’s memo revealed that most domestic airlines are facing similar financial pressures, contrary to public perception that some operators were coping better than others.

He stated that the airlines should not be criticised, stressing that the sector only appears attractive because operators continue to fly despite mounting losses and shrinking profit margins.

Also, the former Rector of the Nigeria College of Aviation Technology, Samuel Caulcrick, questioned the long-term viability of Nigeria’s domestic aviation sector, saying the crisis extends beyond the controversy surrounding the 5 per cent Ticket Sales Charge.

According to him, even if the charge is removed completely, airlines would still face severe challenges linked to inflation, foreign exchange instability, weak passenger numbers, and multiple regulatory charges.

He noted that only a small percentage of Nigerians travel regularly by air, while inflation and declining purchasing power have further reduced passenger traffic, forcing over 10 airlines to compete for a shrinking market.

Caulcrick also argued that domestic airlines remain vulnerable because they rely heavily on dollar-denominated expenses such as aircraft leasing, maintenance, and spare parts, without stable access to foreign exchange or hedging mechanisms.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has intensified efforts to enforce the Host Community Development Trust framework under the Petroleum Industry Act 2021, ordering operators and licensees in the sector to comply with the mandatory three per cent annual contribution to host community funds, with the introduction of a digital portal aimed at improving transparency and accountability.

The NMDPRA disclosed this recently during a Stakeholder Sensitisation Workshop on the implementation of the HCDT framework and the operationalisation of the HCDT Digital Portal held in Port Harcourt.

The Host Communities Development Trust is a framework mandated by Nigeria’s Petroleum Industry Act 2021 to ensure direct social, environmental, and economic benefits for petroleum-producing areas. The fund is designed to address the development needs of impacted communities in oil-producing areas.

Speaking on behalf of the Authority Chief Executive, Mr Rabiu Umar, the Executive Director, Health, Safety, Environment and Community, Dr Mustapha Lamorde, said the newly introduced portal would facilitate digital registration of trusts, project tracking, compliance reporting, monitoring of statutory contributions, and real-time regulatory oversigh

“With strong national expectations for the HCDT framework to transition from policy to practical implementation, the workshop was organised to provide clarity onthe establishment of Host Community Development Trusts.

“It will also provide guidance on the governance responsibilities of trustees and management committees, obligations of operators and licensees, administration of the trust fund, compliance and reporting requirements, as well as grievance resolution mechanisms established under the regulations,” he said.

Lamorde further urged operators to comply with the mandatory three per cent annual contribution requirement to ensure sustainable development in host communities.

Also speaking, the Chairman of the House of Representatives Committee on Host Communities, Dumnamene Dekor, commended the NMDPRA for organising the sensitisation forum.

He noted that midstream operations, including pipelines, depots, terminals, processing facilities, and transportation infrastructure, are critical to Nigeria’s energy security, stressing that host communities must derive practical and lasting benefits from such operations.

Also, the Director, Environmental Sustainability and Host Community, NMDPRA, Mrs Anne Omezi, said the stakeholder engagement on the operationalisation of the HCDT framework would promote transparency, collaboration, and sustainable development while ensuring host communities derive greater benefits from Nigeria’s oil and gas sector.

“We are here to build bridges of understanding, foster collaboration, and establish a shared vision for community development. I encourage everyone to actively participate and share ideas that will deliver lasting benefits to host communities within the midstream segment of Nigeria’s oil and gas industry,” she said.

Meanwhile, Chief Barry Mwara, from one of the host communities in Rivers State, said the sensitisation programme had provided him with valuable information and knowledge that would help in charting a brighter future for his community.

“I will go back with this information so we can further strategise on how to benefit from midstream activities in our communities,” he said. He urged the NMDPRA to strengthen its supervisory role to ensure that the fund is properly managed and utilised for its intended purpose.

Activities in the Nigerian financial markets recorded a massive boost as the total turnover on the FMDQ Securities Exchange hit $180.85bn, driven by an unprecedented surge in transaction volumes across key market segments. The significant growth reflects a major recovery in market liquidity and rising investor confidence, largely driven by ongoing foreign exchange market calibrations and intensive open market interventions by the monetary authorities.

According to the latest monthly market report from the exchange, trading activities in the foreign exchange and Open Market Operations bills segments remained the primary catalysts for the market’s stellar performance. A breakdown of the performance shows that spot FX transactions and foreign exchange derivatives combined accounted for the largest share of the overall market turnover. This indicates an improved supply of foreign exchange into the system following recent structural reforms. The fixed income segment followed closely, dominated heavily by intense central bank liquidity management operations.

The surge in transactional volume was also heavily supported by the high-interest-rate environment in the primary debt markets. The Debt Management Office and the Central Bank of Nigeria have sustained attractive yields on short-term and long-term sovereign instruments to rein in inflation.

Institutional investors, particularly pension fund administrators and asset managers, aggressively locked funds into Treasury Bills and FGN Bonds, resulting in consistent oversubscriptions at recent auctions.

Meanwhile, activity in the corporate debt segment showed steady progression, with several high-profile commercial papers and corporate bonds listed on the FMDQ platform by players in the financial services, manufacturing, and consumer goods sectors seeking to buffer their working capital.

Reacting to the market data, capital market analysts noted that the current volume trajectory signals a healthier financial market infrastructure capable of supporting broader economic expansion. “The $180.85bn milestone is a clear indicator that market liquidity is rebounding strongly,” said a senior investment strategist in Lagos.

“The transparency brought by the vertically integrated architecture of the FMDQ platform has given both domestic and foreign portfolio investors the clarity they need to commit capital, especially into our fixed-income instruments,” he added.

The Federal Government has said it is targeting the establishment of 2,322 Compressed Natural Gas stations nationwide by 2027 as part of efforts to deepen the adoption of alternative fuel vehicles and expand gas mobility infrastructure across the country.

The Executive Chairman and Chief Executive of the Presidential Initiative on Compressed Natural Gas and Electronic Vehicles, Ismaeel Ahmed, disclosed this during the Nigerian Oil and Gas Midstream and Downstream Summit organised recently by the Nigerian Content Development and Monitoring Board in Lagos.

Represented by an official of the agency, Olayinka Rufai, the chairman said the government had made significant progress in expanding CNG infrastructure and vehicle conversion across the country within less than three years.

According to him, at inception, about one state had CNG available commercially, but the gas is now available in 24 of the 36 states of the country.

“Today, in less than three years, we now have 24 states active. We are looking at what goes on elsewhere. I think we can safely say that it is probably the fastest we have seen anywhere in the world, especially if you consider the conditions under which we are doing this, the economy, and everything,” he said.

Ahmed stated that over 100,000 vehicles had already been converted to run on CNG, noting that most of them were commercial vehicles due to the government’s focus on reducing transportation costs for ordinary Nigerians.

“Because of the palliative nature with which we started, the majority of those vehicles turned out to be commercial vehicles, because we intended to make an impact that touched the common man,” he said.

He explained that the initiative was designed to cushion the effect of fuel subsidy removal on transport costs. He disclosed that the initiative had also attracted over $1bn in investments into the CNG mobility sector.

“Also, we have been able to attract over a billion dollars of investment directly into this new industry/market called CNG for mobility,” he stated.

Speaking on infrastructure development, the PICNG boss maintained that Nigeria currently has 72 active CNG refuelling stations and 175 more under development. “And of course, from next-to-zero refueling stations outside of Benin, at our inception, over 72 active CNG stations are in Nigeria today. And believe you me, that number continues to climb,” he said.

According to him, Nigeria also has 28 compression stations in operation and 65 under development to support virtual gas pipeline distribution.

Ahmed further disclosed that more than 350 conversion centres had been established nationwide, describing them as small Nigerian businesses driving the sector’s growth.

“We have 28 compression stations in operation today. There are 65 in development. We have 72 refueling stations, which we call daughter stations, but there are 175 in development. That means that whatever number you see today, we expect to triple it in less than 18 months, which will, of course, increase the capacity to supply, which we hope should drive greater interest and greater demand.

”We have done this primarily without much involvement of the major. So you can only imagine when they finally kick in, how that growth of retail supply infrastructure will explode. Also, we have over 350 conversion centres. In this audience, I need us to appreciate that these 350 are all small Nigerian businesses,” he stressed.

On manpower development, he said over 5,600 technicians had been trained and certified in CNG conversion technologies. He explained that the training became necessary because mechanics across the country needed to understand how to maintain converted vehicles.

“We have over 5,600 Nigerian technicians trained and certified in CNG, over 5,650. You can have 100 well-placed conversion centres, and you convert everything and give yourself 10.

“But what happens when the car is on the road and you have millions of mechanics who today don’t know anything about the CNG-converted vehicle? So we have placed a lot of emphasis on training and retraining technicians out in this space so that they are literate, familiar, and conversant with the different conversion technologies that exist,” he stressed.

Ahmed also revealed that the government had deployed 4,318 CNG tricycles, noting that 95 per cent of them were assembled locally. He added that Nigeria was witnessing increased local vehicle assembly activities, especially in tricycles and motorcycles. “It may interest you to know that the largest motorcycle assembly plant in Africa is here in Lagos,” he stated.

On the cost advantage of CNG, the CEO said the fuel remained significantly cheaper than petrol, saying, “The compelling argument is simple. CNG is N380 to N450 per standard cubic metre, which is the equivalent of one litre of petrol, which is N1,300 to N1,350 per litre. You do the maths. Where would you rather be?” he asked.

He added that the initiative was also scaling up electric vehicle deployment alongside CNG adoption. “We are scaling up CNG now, making it a reasonable, viable alternative to petrol and diesel. But we have also now picked up EV, and we are going to be deploying pilot EV projects across the nation and looking at recharging infrastructure,” he said.

He disclosed that the initiative’s 2027 targets include 2,322 CNG stations nationwide; 3,000 active conversion workshops; 1,000,000 total vehicle conversions; 75,000 direct jobs created and 300,000 indirect jobs.”

Lagos State recorded a total revenue of N2.6 trillion in 2025, marking a 16 per cent increase from the N2.3 trillion generated in 2024, the Commissioner for Finance, Abayomi Oluyomi, has disclosed.

Oluyomi revealed the figures on Friday during a press briefing held in Alausa, Ikeja, as part of activities commemorating the seventh anniversary of the administration of Governor Babajide Sanwo-Olu.

The commissioner explained that “the state’s internally generated revenue rose sharply to N1.87 trillion in 2025, compared to N1.58 trillion in 2024, representing an 18.5 per cent growth.”

According to him, tax revenue collection also witnessed remarkable growth over the past two years.

He said collections increased from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent rise and marking the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.

Oluyomi added that tax revenue climbed further to N1.44 trillion in 2025, indicating a 38 per cent increase over the previous year.

He attributed the improved performance to reforms in tax administration and the expansion of digital payment systems aimed at making revenue collection easier and more efficient for residents and businesses.

The commissioner noted that the state upgraded several payment platforms, including mobile payment channels, point-of-sale terminals, USSD services, WhatsApp integration, and online payment options to enhance accessibility and compliance.

He further disclosed that Lagos completed the migration from a hybrid tax filing structure to a fully electronic filing system in 2023, adding that more digital modules have since been introduced to strengthen operations.

“Lagos State Internal Revenue Service (LIRS) remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the State’s expanding urban and infrastructure requirements,” Oluyomi said.

Speaking on the state’s fiscal position, the commissioner said Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, which he noted remains below the 30 per cent fiscal responsibility benchmark.

He also stated that the state’s total debt-to-GDP ratio currently stands at 4.11 per cent, far below the 20 per cent threshold recommended by the World Bank.

Electricity distribution companies installed 241,590 meters across Nigeria in the first two months of 2026 amid ongoing efforts to reduce estimated billing and close the country’s metering gap.

Data released by the Nigerian Electricity Regulatory Commission in its January and February 2026 metering fact sheet showed that 119,792 customers were metered in January, while another 121,798 customers received meters in February.

The report showed that the number of metered electricity customers increased from 7,086,376 in January to 7,208,174 in February.

However, despite the additional installations, the national metering rate rose marginally from 57.93 per cent in January to 58.57 per cent in February, indicating that millions of electricity consumers are still without meters.

According to the data, the total number of active electricity customers increased from 12,232,130 in January to 12,307,314 in February.

An analysis of the figures showed that more than five million electricity customers remain unmetered nationwide, leaving them exposed to estimated billing practices that have repeatedly triggered complaints from consumers.

The report further showed that Eko Electricity Distribution Company maintained the highest metering rate among all DisCos at 87.62 per cent in February, up from 87.15 per cent recorded in January.

Ikeja Electric followed closely with a metering rate of 87.16 per cent in February compared to 86.69 per cent in January, while Abuja DisCo recorded 79.37 per cent, improving from 78.54 per cent.

Port Harcourt DisCo also remained above the national average, with its metering rate rising from 65.47 per cent in January to 66.36 per cent in February.

Benin DisCo improved from 55.16 per cent to 56.75 per cent during the review period and emerged as the utility with the highest number of newly metered customers over the two months. The utility installed 25,912 meters in January and 25,658 in February, bringing its total new installations within the period to 51,570.

Ibadan DisCo, which has the largest customer base in the country, recorded a metering rate of 52.23 per cent in February, slightly higher than the 51.99 per cent posted in January. The data showed that the utility had 2.48 million active customers as of February, but nearly half of them remained unmetered.

Also, Enugu DisCo posted one of the weakest monthly improvements in the period under review. Its metering rate moved marginally from 51.79 per cent in January to 51.83 per cent in February. The utility also recorded a sharp drop in newly metered customers, falling from 4,839 in January to just 691 in February.

Meanwhile, northern DisCos continued to record the weakest metering performance nationwide. The NERC data indicated that Jos DisCo’s metering rate rose slightly from 32.94 per cent in January to 34.04 per cent in February, while Kaduna improved from 34.82 per cent to 35.59 per cent.

Kano DisCo recorded one of the slowest meter deployment rates in the country, with its metering rate moving marginally from 35.36 per cent to 35.37 per cent. The company installed only 161 meters in January and 149 in February despite having close to 800,000 active customers.

Similarly, Yola DisCo remained below others in terms of metering penetration, although its metering rate improved slightly from 30.85 per cent in January to 31.86 per cent in February.

Stakeholders have repeatedly linked the slow pace of metering to financing constraints, foreign exchange pressures, supply chain challenges, and the high cost of meter procurement.

The Federal Government and the regulator have, in recent years, introduced several metering initiatives aimed at reducing estimated billing, improving market revenues, and boosting transparency in electricity billing.

Despite these interventions, the latest data indicate that Nigeria’s metering gap remains significant, with about four out of every 10 electricity customers still without meters.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has outlined five key priorities he believes are critical to improving connectivity across Africa, warning that the continent can no longer afford to remain one of the least connected regions in the world.

Keyamo made the call in a paper presented on Thursday during the Annual Lecture Series of the Chartered Institute of Logistics and Transport held in Abuja, where he emphasised that improved air connectivity remained central to Africa’s economic growth, industrialisation, and integration.

The minister, who was represented by the Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, said aviation should no longer be viewed as a luxury but as economic infrastructure capable of transforming African economies.

Speaking before policymakers, aviation professionals, diplomats, and industry stakeholders, Kuku said Africa’s enormous economic potential would remain largely untapped unless countries deliberately improve movement across borders.

She said, “Air transport is no longer a luxury reserved for a privileged few. In the 21st century, aviation is an economic infrastructure. For a continent as vast and diverse as Africa, where geography often limits road and rail integration, aviation becomes the bridge that connects economies, accelerates trade, and strengthens people-to-people relationships.”

The FAAN boss noted that the vision behind the Yamoussoukro Decision and the Single African Air Transport Market was to dismantle restrictions limiting African airlines and create a more liberalised continental aviation market.

According to her, greater liberalisation would lead to lower airfares, increased flight frequencies, stronger tourism traffic, job creation, and measurable economic growth across the continent.

She stated, “When connectivity improves, investment follows. When investment grows, jobs are created. When jobs are created, poverty declines, and prosperity expands. The cost of inaction is far greater than the challenges of reform.”

Speaking on what she described as practical steps toward achieving the vision, the minister proposed five priorities for accelerating Africa’s connectivity agenda.

She said the first priority should be the acceleration of the Single African Air Transport Market and the implementation of the Yamoussoukro Decision through gradual and pragmatic liberalisation policies among African countries.

The second priority, according to her, is the harmonisation of legal and judicial systems across Africa to strengthen compliance with the Cape Town Convention and improve dispute resolution mechanisms capable of attracting global aviation financing.

Kuku added that African countries must also unlock innovative financing models and aircraft leasing mechanisms through blended financing structures and regional risk-sharing facilities to support indigenous airlines.

The minister further advocated embedding sustainability into aviation liberalisation by encouraging fuel-efficient aircraft fleets, greener airport infrastructure, and reduced carbon emissions through optimised regional hubs.

She also stressed the need for aggressive investment in human capital development, technical education, aviation institutions, and skills transfer partnerships to prepare young Africans for emerging opportunities within the aerospace industry.

Shareholders of Berger Paints Nigeria Plc have approved a final dividend payout of N1.25 per share for the financial year ended 31 December 2025, bringing the total dividend for the year to N1.65 per share, a 37.5 per cent increase over the 2024 financial year. The company had earlier paid an interim dividend of 40 kobo per share in November 2025, reflecting its commitment to rewarding shareholders amid strong financial performance.

At the Annual General Meeting held virtually in Lagos on 6 May 2026, shareholders commended the company’s impressive performance and consistent improvement in dividend payouts.

Speaking at the event, the leader of the Independent Shareholders Association of Nigeria, Moses Igbrude, praised the management for demonstrating strong leadership and strategic direction, which resulted in the outstanding performance and attractive dividend payout.

Also commenting, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, Adebisi Bakare, commended the management for the stellar performance across the board, the high dividend payout, and its promotion of gender balance within the organisa

Similarly, Lawrence Oguntoye praised the ingenuity of the management for delivering exponential growth and attractive returns to shareholders, while encouraging the company to remain focused on sustaining profitability, capital appreciation, and shareholder value.

Speaking on the 2025 results at the AGM, the Chairman of Berger Paints, Abi Ayida, said the company recorded significant growth across major financial indicators, driven by disciplined execution of its strategic priorities.

According to him, the company recorded a profit after tax of N1.57bn, compared to N610.8m in 2024, representing remarkable growth of 157 per cent. Revenue also increased 20 per cent, rising from N10.8bn in 2024 to N12.9bn in 2025.

The chairman said the performance demonstrated the efficiency and effectiveness of the company’s long-term strategic turnaround initiatives.

“These results underscore the effectiveness of our strategic initiatives and the unwavering commitment of our management team, employees, and business partners,” he said.

Ayida also attributed the strong performance to sustained focus on operational efficiency, disciplined cost management, strengthened distribution channels, enhanced pricing strategies, and improved supply chain management. He further disclosed that Berger Paints strengthened its market presence during the year through sustained brand engagement, strategic partnerships, and targeted marketing initiatives aimed at enhancing customer loyalty and increasing brand visibility across Nigeria.

“The company would continue to focus on operational efficiency, product innovation, enhanced customer engagement, and stronger distribution channels while exploring opportunities for sustainable growth,” he said.

Similarly, the Group Managing Director and Chief Executive Officer, Alaba Fagun, said the 2025 financial year marked a defining period for the company, characterised by operational resilience and improved profitability.

Fagun explained that the company’s high profit margin reflected its strong emphasis on efficiency, margin enhancement, manufacturing productivity, and the positive impact of its strategic initiatives and operational discipline.

According to her, the Group maintained a strong balance sheet and deepened stakeholder confidence through consistent execution of its strategic objectives.

“We would continue refining its product portfolio by prioritising profitable and high-demand product categories while increasing investments in technology, digital capabilities, and data-driven decision-making to improve operational efficiency and responsiveness to market changes. We have strategic priorities that would position us to take advantage of emerging opportunities and continue creating long-term value for shareholders,” Fagun asserted.

During the financial year, Berger Paints grew revenue 20 per cent, increasing from N10.8bn to N12.9bn, while gross profit rose 49 per cent. Operating profit surged 110 per cent, rising from N1.12bn to N2.35bn, while profit after tax stood at N1.57bn, up from N610.8m in 2024, representing 157 per cent growth.

Analysts said the combination of robust earnings growth and strong dividend expectations triggered renewed buying interest in the stock on the Nigerian Exchange Limited as investors moved to take positions.