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FG Clears $831m Of Trapped Airline FundsIATA—-The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) has successfully cleared $831 million of foreign airlines’ trapped funds from June last year to date.

This significant development has reduced the global total of such trapped funds to approximately $1.8 billion.

At its peak in June 2023, Nigeria had $850 million in blocked funds, causing substantial operational and financial difficulties for international airlines. This situation led some carriers to reduce their operations, with one airline even temporarily ceasing services in Nigeria. The blocking of funds had severe repercussions on the country’s aviation industry.

IATA Director-General Willie Walsh highlighted the current state of affairs, noting that only $19 million remains outstanding, awaiting CBN’s verification through commercial banks. He praised the Nigerian government and the CBN for their efforts in resolving the issue, emphasizing the positive impact on Nigeria’s economy and the importance of maintaining reliable air connectivity.

Walsh stated, “At its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country. Carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations in Nigeria, which severely impacted the country’s aviation industry. However, as of April 2024, 98 per cent of these funds have been cleared. The remaining $19 million is due to the Central Bank’s ongoing verification of outstanding forward claims filed by the commercial banks.”

Walsh commended the new Nigerian government and the CBN for their efforts to resolve this issue, stressing the broader economic benefits of reliable air connectivity. “We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation,” he added.

Globally, IATA has also reported a significant decrease in the amount of airline funds blocked from repatriation by governments, largely due to Nigeria’s clearance. Egypt has similarly approved the release of its accumulated blocked funds. However, airlines in both countries have been adversely affected by the devaluation of their local currencies, the Egyptian Pound and the Nigerian Naira.

The situation remains critical in Pakistan and Bangladesh, where $731 million in airline funds are still blocked. Pakistan is withholding $411 million, and Bangladesh is withholding $320 million. IATA has urged these governments to release the funds immediately to ensure continued essential air connectivity. In Bangladesh, the Central Bank must prioritize aviation’s access to foreign exchange, while in Pakistan, a more efficient system for audit and tax exemption certificates is needed to reduce processing delays.

This development is a crucial step towards stabilizing and improving the global aviation industry’s financial health, ensuring that airlines can continue to operate smoothly and provide vital connectivity worldwide.

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Lagos 2027: Governor Sanwo-Olu Endorses Obafemi Hamzat as APC Aspirant

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Sanwo-Olu Endorses Obafemi Hamzat as APC Aspirant

Lagos 2027: Governor Sanwo-Olu Endorses Obafemi Hamzat as APC Aspirant—-Lagos State Governor, Babajide Sanwo-Olu, has thrown his weight behind his deputy, Obafemi Hamzat, as his preferred successor for the 2027 governorship election—an early move that is already stirring quiet conversations within the ruling All Progressives Congress (APC).

The endorsement did not come in the open. Instead, it followed a closed-door meeting at Lagos House, Marina, where Hamzat reportedly informed key stakeholders of his intention to run. Present at the gathering were members of the State Executive Council, party leaders, and influential figures within the Governor’s Advisory Council.

Among those in attendance were former Minister of State for Defence, Musiliu Obanikoro, and former senator Ganiyu Solomon—names that signal the weight of the political bloc involved in the discussions.

Speaking afterwards, Sanwo-Olu described the decision as “unanimous,” framing it as a consensus among party stakeholders. But the speed and timing of the endorsement—well ahead of party primaries—have raised eyebrows about how firmly the succession plan may already be taking shape behind the scenes.

“We just received Mr Deputy… to inform us of his intention,” the governor said, adding that those present agreed he is “fit and well-prepared” for the role.

Sanwo-Olu leaned heavily on Hamzat’s track record and their long-standing working relationship, portraying him as a loyal and capable hand ready to take over. He went further, suggesting that Hamzat has effectively been groomed for the position from the outset.

“This is a deputy governor that is worth a governor from day one,” he said.

In a remark that may further fuel speculation, the governor also referenced President Bola Tinubu’s enduring influence in Lagos politics, hinting that the current development could be part of a longer-term political vision.

Observers note that describing the gathering as a “family meeting” may reflect the tightly knit nature of decision-making within the state’s political structure—where major alignments are often settled before they reach the public stage.

While Hamzat has long been regarded as a key player in Lagos politics, the early endorsement positions him more clearly at the centre of succession discussions, even before a formal campaign has begun.

With more than a year to go before party primaries, the move is already reshaping conversations within the APC, where control of Lagos—Nigeria’s commercial nerve centre—remains one of the most strategic political prizes.

Whether this early alignment holds or faces internal pushback in the months ahead is a question many party watchers are now quietly asking

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2027 Elections: Atiku Abubakar Backs Consensus Candidate for African Democratic Congress, Keeps Primaries as Option

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Atiku Abubakar Backs Consensus Candidate for African Democratic Congress

2027 Elections: Atiku Abubakar Backs Consensus Candidate for African Democratic Congress, Keeps Primaries as Option—-Former Vice President Atiku Abubakar says the African Democratic Congress (ADC) will prioritise a consensus approach in selecting its presidential candidate for the 2027 general elections, but may conduct primaries if internal talks fail.

Speaking on a prime-time programme on Arise TV, Atiku explained that party leaders are working to avoid internal disputes by rallying around a single candidate through dialogue and agreement.

He expressed confidence that stakeholders would reach a common ground, noting that experienced politicians within the party understand the importance of unity.

According to him, the ADC is focused on strengthening Nigeria’s democracy, with members committed to managing differences without causing division.

Atiku also reiterated his willingness to support whoever emerges as the party’s flagbearer, regardless of the selection method.

He further stated that he is open to stepping aside for any aspirant, including Peter Obi, if they emerge as the preferred choice, emphasizing that unity within the party remains the top priority ahead of the 2027 elections.

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