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.

United Bank for Africa Plc has reaffirmed its commitment to strengthening diaspora engagement and advancing healthcare development in Nigeria through the introduction of its healthcare investment proposition to the Nigerian-American medical community at the 2026 ANPA Carolinas Symposium held in Charlotte, North Carolina.

The ANPA Carolinas Symposium, hosted annually by the South Carolina and North Carolina Chapters of the Association of Nigerian Physicians in the Americas, convenes over 170 physicians and healthcare professionals for medical and scientific dialogue on issues impacting communities across North America, the Caribbean, and Africa, particularly among people of Nigerian descent.

Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, made a compelling case for structured diaspora participation in Nigeria’s healthcare transformation, encouraging attendees to expand their contribution beyond remittances towards long-term institution-building.

“The financial infrastructure required to connect your success abroad to sustainable institutional impact at home has not been intentionally designed for diaspora healthcare investors until now,” Rao said

During his presentation, Rao introduced the ANPA–UBA Diaspora Healthcare Investment Platform, a professionally managed investment vehicle designed to channel diaspora capital into specialist hospitals, diagnostic centres, telemedicine infrastructure, and medical training institutions across Nigeria.

“Every dollar invested delivers a dual return, creating value for investors while contributing meaningfully to Nigeria’s healthcare future. We now have the regulatory framework, banking infrastructure, governance structures, and institutional commitment to make this possible,” he added.

Under the proposed structure, UBA will serve as custodian and structuring bank, while United Capital Asset Management, one of Nigeria’s leading asset managers with over N1.2tn in assets under management, will act as fund manager.

As part of deepening engagement with the Nigerian-American medical community, Rao also proposed a Memorandum of Understanding between UBA and the two ANPA chapters. The proposed collaboration is anchored on six strategic pillars: preferred banking offerings for ANPA members; quarterly financial education sessions; the joint Healthcare Infrastructure Fund; a dedicated ANPA Wealth and Legacy Desk; access to group-rate family healthcare plans through Avon HMO; and a UBA co-matching contribution framework to support qualifying impact vehicles under the Pearl Endowment Fund.

The initiative represents a further expansion of UBA’s diaspora value proposition, which currently includes Non-Resident Nigerian accounts in multiple currencies; fixed-income and dollar-denominated investment solutions through United Capital; elder-care trust solutions under the Homeland Anchor Care Trust programme in partnership with Avon HMO; and private wealth management offerings tailored to senior diaspora professionals.

The 2026 ANPA Carolinas Symposium marks another milestone in UBA’s strategic engagement with the diaspora community and reinforces the bank’s long-held belief that diaspora capital can play a transformative role in accelerating healthcare and infrastructure development across Africa.

Following the sustained high cost of aviation fuel, Nigerian airlines have increased airfares to N200,000 and above for one-hour one-way flights.

A cost analysis across the airlines’ websites showed an upward review in ticket prices by some domestic carriers, except a few that had yet to review their airfares as of the time of filing this report. The checks on the websites showed that the operators had quietly increased airfares without any official communication.

It was, however, gathered that the increase in fares was in response to the hike in aviation fuel, which varies depending on the delivery airport location, but sells for between N1,750 and N2,650 per litre.

Recall that operators under the umbrella of the Airline Operators of Nigeria had repeatedly warned that the soaring cost of Jet A1 was becoming unsustainable, noting that while global crude prices recorded moderate increases of about 30 per cent, aviation fuel prices in Nigeria surged far beyond that margin.

The operators said they had continued to absorb the risicosts over the past four weeks to sustain flight operations nationwide, despite worsening financial strain and persistent foreign exchange challenges.

Recently, Ibom Air raised fresh alarm over the deepening crisis, revealing that it now spends about N7.6m to fuel a single flight.

Failed promises

Although the airlines had taken the matter to the Federal Government, operators stated that the current high cost of aviation fuel is not sustainable.

Meanwhile, The PUNCH gathered that promises made to the operators have yet to be fulfilled by the Federal Government, more than three weeks later.

In a related development, the Dangote Petroleum Refinery reduced the aviation fuel price, a development that received the commendation of airline operators. But the latest increase in airfares is coming barely 24 hours after the refinery reduced aviation fuel prices.

New realities

On the website of Ibom Air, our correspondent, who has been monitoring prices since the Jet A1 price began to rise, observed that a one-way trip between Lagos and Abuja cost N143,200 as of Wednesday, but it has been pegged at N200,300 from Thursday, May 21, 2026.

Also on the same website, from Thursday, Lagos-Port Harcourt flights will cost N181,300, with indications that another increase may occur in a few days.

For United Nigeria, effective Wednesday, May 20, an Abuja-Lagos flight costs N231,000, while Lagos-Abuja is pegged at N200,000 per trip. Air Peace has also pegged its fares at N192,600 for a one-way trip between Lagos and Abuja.

Meanwhile, Aero Contractors and ValueJet appeared to have retained their prices as of the time of filing this report. Aero Contractors still had ticket fares ranging between N123,127 and N146,702 for selected routes, while ValueJet fares stood between N118,571 and N132,857 for flights from Lagos to Abuja.

A source in one of the airlines that increased its prices, who declined to be named because he was not authorised to speak on the matter, said the fare increase became inevitable as operators battled rising operational costs caused by fuel prices and charges, as well as dwindling cash flow.

He said the carriers made the decision after extensive consultations and careful consideration of prevailing economic realities. “We have adjusted our minimum fares to N200,000 per flight, irrespective of the route. This is something we have done with a lot of pain and after serious consideration of many factors.

“We cannot continue to subsidise travellers with the current situation of Jet A1. Without the adjustment, there will be a serious crisis in the industry. Cash flows have run out, and debts are mounting. It is a painful decision, but we cannot continue to bury our heads in the sand.”

Airlines speak

The spokesperson for United Nigeria, Chibuike Uloka, said the reason for the review was obvious, considering the struggles operators had faced in recent times. Uloka added that airlines had been running on loans, a business model he said they could no longer sustain.

“The reason is obvious. We, along with sister airlines, have been running on loans, absorbing the losses since the price of fuel began to bite hard. We can no longer continue like this,” he said.

When contacted, the Ibom Air spokesperson Annie Essienette argued that the airline had yet to increase fares even though it had plans to do so.

She said, “Wait for me to put up an official position on the matter. Although the plan is to increase, we have yet to increase. I can still see N185,000 on our website, but you can wait until I get an official position.”

A former Rector of the Nigerian College of Aviation Technology, Zaria, Capt Samuel Caulcrick, acknowledged the operators’ difficulties in managing their businesses despite skyrocketing aviation fuel prices.

He further advised that rather than increase the baseline ticket prices, operators should instead increase the fuel surcharge to reflect current realities. He said, “It is straightforward. At one point, it was N50,000; when the naira was devalued, it went to over N100,000, and now it is N200,000.

“I understand their reason was the hike in fuel prices. But my own view is they could have left it at N150,000 and then increased the fuel surcharge percentage to reflect present realities, and that would have been more transparent instead of tampering with the baseline.”

The Monetary Policy Committee of the Central Bank of Nigeria has retained the benchmark interest rate at 26.5 per cent.

The CBN Governor, Olayemi Cardoso, announced the decision on Wednesday at the end of the committee’s 305th meeting in Abuja.

Cardoso said, “The Committee’s decision is as follows: retain the monetary policy rate at 26.5 per cent.”

The move follows the 50-basis-point cut announced in February 2026 and a hold at the MPC briefing in November 2025.

The PUNCH observed that the MPC’s decision to retain rates occurred after an increase in Nigeria’s inflation rate.

According to the most recent Consumer Price Index report released by the National Bureau of Statistics, the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent in March 2026, representing a 0.31 percentage point increase.

The World Bank Group has unveiled an ambitious financial plan to mobilise about $23bn in private capital for Africa through a massive scaling up of its risk mitigation instruments over the next four years.

According to a statement issued by the Bretton Woods institution on Wednesday, the multi-billion-dollar capital drive will be powered by its newly consolidated Guarantee Platform, which aims to more than double its annual issuance of guarantees on the continent to $6.4bn by 2030. The bank projected that the developmental surge would significantly improve the lives of no fewer than 190 million Africans within the next four years.

The global lender noted that the strategic intervention comes at a critical time when Africa’s working-age population is projected to grow by 740 million over the next three decades, with up to 12 million young people entering the competitive labour force annually.

“Guarantees will play a critical role in attracting private capital into job-rich sectors including agribusiness, energy, infrastructure, healthcare, digital services, finance and trade,” the statement read in part.

The multilateral institution added that the initiative would directly support Africa’s long-term ambition to transform its economy into a global engine of growth.

To achieve this, the new funding framework will anchor key continental interventions, including AgriConnect, a programme targeting smallholder farming and global food security, and Mission 300, a joint energy project with the African Development Bank designed to connect 300 million Africans to electricity by 2030.

Breaking down the targeted impact, the World Bank stated that the guarantees could deliver access to electricity for 43 million people and provide improved financial inclusion for 50 million individuals and businesses, with a strong focus on women-owned enterprises.

“This initiative seeks to connect 300 million people in Africa to electricity by 2030, while creating more jobs,” the bank stated.

The deployment of these guarantees is also expected to connect 37 million people to broadband internet, extend digitally enabled services to 51 million people, and provide sustainable transport infrastructure for three million others.

Reacting to the deployment, the Managing Director of the Multilateral Investment Guarantee Agency, Tsutomu Yamamoto, expressed delight over the development, emphasising that the continent’s youth bulge represents an immense opportunity if matched with the right investments.

“Africa remains home to the world’s youngest and fastest-growing workforce, and guarantees will play a critical role in attracting the investment to create the jobs needed to secure their future,” Yamamoto said.

The MIGA boss further reiterated the readiness of the global institution to steer emerging economies away from systemic vulnerabilities through structured commercial de-risking mechanisms.

“We are delighted to announce these ambitious new commitments, which will ultimately help to build robust and stable economies that yield quality jobs in everything from agribusiness and healthcare to energy and infrastructure,” he concluded.

The World Bank Group Guarantee Platform was launched in 2024 as a centralised, “one-stop shop” hosting expertise from the World Bank, the International Finance Corporation, and MIGA. By consolidating these arms into a single-entry point, the platform streamlines review processes, eliminates redundant regulatory steps, and provides a predictable structure to encourage commercial lenders to fund vital projects across developing markets.

Access Bank Plc possesses adequate foreign currency liquidity to comfortably service its looming $1bn external debt obligations maturing later this year.

Global credit rating agency Fitch Ratings disclosed this in its latest institutional credit assessment, where it also affirmed the bank’s Long-Term Issuer Default Rating at ‘B’ with a Stable Outlook.

The financial institution faces two significant hard-currency repayments in the third quarter of 2026, comprising a $500m Additional Tier 1 Eurobond callable in October and an additional $500m senior unsecured Eurobond maturing in September.

According to the rating agency, despite the macroeconomic headwinds and tight domestic liquidity parameters, Access Bank’s liquidity runway remains resilient enough to absorb these maturing obligations without triggering capital flight stresses.

Analysing the bank’s external balance sheet capacity, a senior credit analyst at Fitch pointed out that the bank’s diversified cross-border operations have provided the necessary buffers to absorb sovereign shocks.

“Fitch believes that the bank’s foreign currency liquidity is sufficient to meet the upcoming repayments,” the analyst said.

The analyst further explained that the financial institution’s recent aggressive international expansions have repositioned its operational baseline.

“The acquisition and consolidation of Mauritius-based AfrAsia Bank Limited in 2025 have improved our assessment of Access Bank’s operating environment, adding a large amount of investment-grade assets to its balance sheet,” he added.

However, the global agency noted that while foreign currency liquidity remains intact, Access Bank’s standalone Capital Adequacy Ratio settled at 17.4 per cent in the first quarter of 2026, leaving a relatively tight buffer over the 15 per cent regulatory minimum requirement.

Reflecting on the bank’s internal capitalisation strategies, an investment banking strategist observed that redeeming the $500m debt instruments could exert temporary pressure on core capital ratios due to historical foreign exchange adjustments.

“A redemption will reduce core capital because these notes are currently accounted for at a pre-devaluation exchange rate,” the strategist stated.

He maintained that the Tier 1 lender is already implementing remedial balance sheet measures to shore up its capital cushion against statutory benchmarks.

“Access Bank has already raised tier-two capital and actively plans to further strengthen its standalone CAR through internal capital generation and the planned sale of minority stakes in some foreign subsidiaries,” he said.

Meanwhile, the agency reported that the bank’s asset quality remained stable, with its impaired loans ratio holding firm at three per cent at the end of 2025, supported by a moderate oil and gas sector credit concentration of nine per cent of gross loans, which remains significantly lower than its domestic peer average.

… South African investors eye investment opportunities

 

President/Chief Executive, Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.

 

Dangote spoke during the visit of the leadership of South Africa’s Government Employees Pension Fund (GEPF), alongside the Public Investment Corporation and Alterra Capital Partners, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos. The South African delegation included Chairperson of GEPF, Frans Baleni; Principal Executive Officer of GEPF, Musa Mabesa; Deputy Chairperson of PIC, Mongwena Maluleke; Chief Executive Officer of PIC, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.

 

The visit comes amid rising investor interest in Africa-led industrialisation and long-term infrastructure investments. GEPF is Africa’s largest defined benefit pension fund, managing the retirement and associated benefits of more than 1.8 million public sector workers in South Africa, while PIC is the continent’s largest asset manager.

 

Speaking on the planned refinery listing, Dangote said Africa’s next phase of economic growth must be anchored on large-scale industrial projects capable of creating jobs, strengthening domestic production capacity and generating broad-based prosperity.

 

“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.

 

According to him, the refinery project reflects the scale of untapped opportunities within Africa’s energy market, particularly as most African countries remain dependent on imported refined petroleum products despite growing industrial demand and rising consumption.

 

Dangote said the Group’s long-term investment strategy is driven by Africa’s expanding energy needs and the urgent requirement for regional refining capacity capable of serving multiple markets across the continent.

 

The billionaire industrialist noted that demand for products such as polypropylene, aviation fuel and refined petroleum products has exceeded earlier projections, reinforcing the commercial viability of the refinery and shaping future expansion plans.

 

“We thought about Nigeria first and then exports, but even with our current production, we are practically living hand to mouth because the market demand is extremely high,” he said.

 

Speaking after the tour of the Dangote facilities in Ibeju-Lekki, the Chairperson of GEPF, Frans Baleni, said that the refinery stands as evidence that Africa can execute transformational infrastructure projects when backed by visionary leadership, long-term investment and strong technical expertise.

 

“If it can be done anywhere else in the world, it can be done in Africa,” he said. “This project has shown that the continent is capable of achieving world-class industrialisation at scale.”

 

Baleni added that the significance of the project extends well beyond Nigeria’s borders. “What has been built here is reshaping how the world should think about African industrial capability — and it should reshape how Africa thinks about itself. For too long, projects of this magnitude have been associated with other parts of the world. The Dangote Refinery and Petrochemicals Complex is a powerful demonstration that, with visionary leadership and long-term capital, that perception no longer holds. This is the kind of African-led industrial scale that institutional investors on this continent should be backing.”

 

On his part, Chief Executive Officer of PIC, Patrick Dlamini, described the refinery as one of the most transformative industrial projects undertaken on the continent, saying it is reshaping global perceptions about Africa’s industrial capabilities and economic potential.

 

Quoting former South African President Nelson Mandela, Dlamini said: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”

 

He said PIC, which manages about $230 billion in assets largely on behalf of South Africa’s Government Employees Pension Fund, is actively seeking long-term partnerships aligned with infrastructure development, industrialisation and economic transformation across Africa.

 

“PIC’s mandate is to deploy long-term, patient capital in service of industrialisation, infrastructure and economic transformation across Africa,” Dlamini said. “What we have seen today reinforces our conviction that the next chapter of African prosperity will be written through partnership between African institutional capital and African industrial champions. There is real strategic alignment between Dangote’s industrial agenda and how we are positioning our portfolio, and we look forward to exploring meaningful avenues for collaboration.”

 

According to him, poverty, unemployment and economic exclusion remain major drivers of instability across Africa, making industrialisation and large-scale job creation critical to the continent’s long-term development.