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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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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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Liyel Imoke Urges Unity, Resilience at African Democratic Congress Convention

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African Democratic Congress Convention

Liyel Imoke Urges Unity, Resilience at African Democratic Congress Convention—-Chairman of African Democratic Congress (ADC) Convention Committee, Sen. Liyel Imoke, on Tuesday, called party leaders and members to be united and resilient amid escalating political pressure.

Imoke said this while welcoming party leaders, delegates, coalition partners and Nigerians to the party’s 2026 convention held in Abuja.

While describing the gathering as a “defining moment,” he said that the convention represented not just a meeting but a convergence of purpose to rebuild Nigeria.

Imoke said that the coming together of members was deliberate, driven by urgent national needs and a shared understanding that unity and clarity of vision were essential.

He lamented what he termed the rising insecurity, erosion of rule of law, shrinking democratic space and increasing cost of living, calling for decisive action.

“These realities are difficult but also clarifying, compelling us to define precisely the kind of country we want to build for present and future generations,” he said.

Imoke noted that preparations for the convention were marked by significant challenges, including legal battles and attempts to deny the party access to venues.

“Even as recently as last night, there were efforts to pressure the venue owners to cancel our reservation but despite everything, we are here,” he stated.

Imoke said that the resilience demonstrated by party leaders and members in overcoming obstacles reflected a deep commitment to the party’s ideals and national transformation.

He commended members for working tirelessly, often under difficult conditions, improvising when necessary and ensuring that all arrangements for the convention were successfully executed.

The former Cross River governor said the spirit of sacrifice was evident as some leaders contributed personal resources, describing the gesture as unprecedented in Nigeria’s political landscape.

“This spirit is instructive and speaks to what we are becoming as a party committed to genuine change and national renewal,” he added.

He said that each challenge faced had strengthened unity within the party, reinforcing the belief that ADC represented a credible pathway to Nigeria’s future.

Imoke, therefore, urged delegates to engage thoughtfully, make wise decisions and act in ways that would reflect the trust and expectations of Nigerians.

He reaffirmed the party’s commitment to collective action, team work and purposeful leadership, aimed at ensuring that Nigeria worked again for all.

Imoke expressed optimism that the convention would further strengthen the party’s resolve to deliver meaningful change and sustainable national development.

The News Agency of Nigeria (NAN) reports that those present at the convention included: the Chinese, British and Norwegian envoys, ADC leaders and former Vice-President Atiku Abubakar.

Others were: the 2023 Labour Party presidential candidate, Mr Peter Obi, former Governors Aminu Tambuwal, Rotimi Amaechi, Rauf Aregbesola, Rabiu Kwankwaso and Sen. Dino Melaye.

Also former National Chairman of ADC, Raph Nwosu, former Deputy Speaker of House of Representatives, Emeka Ihedioha, Chief John Odigie-Oyegun, Mr Abubakar Malami and Sen. Ireti Kingibe were in attendance.

The national convention equally featured a former governor of Ebonyi, Dr Sam Egwu, Mohammed Hayatu-Deen and a former Secretary to the Government of the Federation (SGF), Babachir Lawal, among others.

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