BUSINESS NEWS

Indigenous airlines operating under the Airline Operators of Nigeria (AON) have warned that they may withdraw flight services across Nigeria if the Federal Government does not intervene in the rising cost of aviation fuel.

In a letter signed by the President , Airline Operators of Nigeria, Abdulmunaf  Sarina, the airlines stated that the price of jet fuel has surged from ₦900 per litre to over ₦3,300 per litre—an increase of more than 300% since February 28,  this year, adding that they have continued operations in recent weeks out of patriotism, despite mounting losses.

The Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of winding down 89 failed Microfinance Banks and Primary Mortgage Banks across Nigeria.

According to Head of Communication and Public Affairs at NDIC, Hawwau Gambo, the process involves new operators taking over the failed banks under the Purchase and Assumption model, with 89 newly licensed institutions already assuming their assets and liabilities and continuing operations under new identities.