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    Nigeria extends deadline to swap old currency notes by 10 days

    Nigeria extends deadline to swap old currency notes by 10 days

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

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    Ethiopia and the World Bank sign financing agreements worth $745 million

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    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

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    Global tech billionaires eye Zambia’s electric vehicle battery mines

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    Africa will have 57 million pay TV subscribers by 2028, report

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    Africa startups defy funding slump as debt financing fuels growth

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    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

    Ethiopian Airlines set to fly to Atlanta

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    Nigeria artists conquer the NFT marketplace in Africa

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    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

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    There was a 25% increase in finance app installs across Africa between 2021 and 2022

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    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

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    South African rand steady with investor focus on Fed minutes

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    Angola banks entry into local Bourse gives credibility to economy

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Tops chart as 11 African countries block airlines’ $700m revenue

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03/11/2021
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Tops chart as 11 African countries block airlines’ $700m revenue

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Tops chart as 11 African countries block airlines’ $700m revenue

Nigeria and 10 other African countries have stopped foreign airlines from repatriating ticket sales proceeds estimated at $700m to their various head offices in overseas, the International Air Transport Association has said.

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Nigeria extends deadline to swap old currency notes by 10 days

Nigeria extends deadline to swap old currency notes by 10 days

30/01/2023
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Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

28/01/2023
1

Tops chart as 11 African countries block airlines’ $700m revenue

The Regional Vice President, Africa and Middle-East, IATA, Kamil Al-Awadhi, in an opinion-editorial article obtained by The PUNCH on Thursday, disclosed that Nigeria alone had held back foreign carriers from repatriating $208m out of the $700m.  The Geneva, Switzerland-based IATA represents over 290 international airlines, had in August put the blocked funds for Nigeria at $143.8m.

On Thursday, Kamil Al-Awadhi said the latest development was threatening to hamper aviation in Nigeria, adding that the figure was rising every week.

In the op-ed titled, ‘Blocked funds threaten to hamper Aviation in Nigeria’, the IATA VP said, “At the onset of COVID-19, Nigeria’s air connectivity was severely damaged as aviation took its biggest hit in history.  In April 2020, Nigeria lost over 75 per cent of its international route connectivity compared to 2019, and passenger demand still hasn’t recovered to pre-pandemic levels.

“But COVID-19 is not the only threat to connectivity, to aviation’s recovery in Nigeria, or to the country’s economic revival.  Airlines’ inability to access adequate foreign exchange in Nigeria is a rapidly increasing obstacle.”

Kamil Al-Awadhi added, “Globally, $1bn in airline funds is blocked by 20 countries worldwide.  Of this, roughly $700m is tied up in 11 African countries, including $208m being held back in Nigeria.  It is the most amount blocked by any single African country, and the amount is rising every week.”

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Tops chart as 11 African countries block airlines’ $700m revenue

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