Business
Airspace Violation: NCAA Fines Airline N9.5m
The Nigerian Civil Aviation Authority (NCAA) has imposed a fine of N9.5 million on a non-schedule airline for operating in the country without flight clearance.
NCAA spokesman, Sam Adurogboye, said in a statement on Sunday that the Letter of Sanction conveying the penalties had been sent to Lyxor International, a non-schedule general aviation operator.
He said the NCAA sanction came after the operator severally violated the terms of its approved flight clearances for non-scheduled international air services.
Adurogboye said the NCAA found clear evidence from the flight records that the aircraft was operated within the Nigerian airspace in violation of its flight clearances between Dec. 11, 2016 and Feb. 15, 2017.
“Therefore, in accordance with IS 1.3.3.3. Table 2 viii (6) of the Nigerian Civil Aviation Regulations (Nig CARS 2015), the airline is hereby sanctioned for failure to comply with the conditions of approved flight clearances for non-scheduled international air services.
“This provides for a moderate civil penalty of N500, 000 per violation.
“The airline is hereby required to pay the sum of N6.5 million (i.e. N500, 000 x 13) for the 13 times the aircraft ought to have flown out of Nigerian airspace in compliance with the approved clearances but was stationed in Nigeria.
“In addition, for the six times the aircraft violated the approved routes, the operator shall pay a moderate civil sanction of N3 million (i.e.N500, 000 x 6).
“The respondent shall however, pay the sum of N6.5 million only, having made a deposit of N3 million towards possible sanctions,” he said.
Adurogboye added that the airline was expected to pay these fines within seven days of receipt of the letter.
According to him, NCAA’s Aviation Safety Inspectors (ASI) on Feb. 16, had during a routine Ramp Inspection of the airline’s Bombardier Challenger CL605 aircraft, found it culpable of the infraction.
Adurogboye said: “Therefore, upon this discovery, the aircraft with registration mark T7-YES was immediately grounded by the ASI at the Nnamdi Azikiwe International Airport, (NAIA), Abuja.
“However, the aircraft was subsequently released after the payment of N3 million on volitional condition on account of possible civil sanction.
“This was in addition to an undertaken to comply with any sanction applicable as a result of the violation.”
He said the NCAA found the airline’s response to its Letter of Investigation unsatisfactory after due consideration.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
Business
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