General News
Africa Records 7.2% Demands as Air Cargo Growth Accelerates in May
The International Air Transport Association (IATA) released data for global air freight markets showing air cargo growth accelerated in May, with 4.7% growth compared to a year ago, with African carriers’ demand increased by 7.2% in May
This is up from the 3.8% year-on-year growth recorded in April.
Cargo volumes, measured by Freight Tonne Kilometers (FTKs) were up across all regions, but with significant differences in performance.
The Middle East carriers reported 9.3% year-on-year growth, whereas the corresponding growth rate for North American carriers stood at 2.4%.
The acceleration of growth reflects improved economic conditions.
There are indications that world trade and business confidence to be improving after weakness in the first quarter. In particular, Chinese manufacturing activity rebounded in May, with a corresponding rise in export order growth.
“After several months of wavering conditions in the demand environment, the outlook for global air cargo appears to be stabilizing. That’s good news but the sector still faces an uphill battle to restore competitiveness and increase its share of trade growth. This will not be achieved with a business-as-usual mindset. The competitors to air cargo are innovating aggressively, cutting end-to-end shipping times and improving efficiency. There is tremendous potential in the e-cargo agenda to help shorten average shipping times by 48 hours from the current average of 6.5 days. Airlines have a pivotal role through expanding the use of e-Air Waybills. But success will need a united approach across the value chain,” said Tony Tyler, IATA’s director general and CEO.
Regional Analysis In Depth
Asia-Pacific carriers recorded a strong increase of 5.3% year-on-year. Regional trade volumes have picked-up again, and there are signs that the slowdown in the Chinese economy is easing. Capacity grew a little faster than demand, at 6.0%, but the region still has the highest freight load factor (55.5%).
North American carriers grew by a modest 2.4% in May, down on the April year-on-year growth rate of 3.5%. This reflects the general slowdown in the US economy in the first quarter. However, the latest data supports a return to trade and business growth. Capacity was down 0.2%.
European airlines expanded 3.4% in May. The month-on-month rise was solid at 0.6% (compared to 0.3% growth recorded in April), pointing to a consistent improvement in economic activity. If GDP accelerates in the second quarter, that should support continued growth in air freight volumes in the coming months. Capacity increased 4.0%.
Middle East carriers continue to see the highest rate of growth, expanding 9.3% in May compared to a year ago. Stronger expansion in developed markets is combining with rising links to emerging economies to fuel growth. Capacity grew 10.6%.
Latin American airlines recorded an increase of 4.9% year-on-year, responding to a pick up in trade growth. This may be a spike in business activity associated with the FIFA World Cup. Capacity climbed 4.5%, slightly slower than demand.
African carriers’ demand increased by 7.2% in May, considerably ahead of the average growth of 2.9% for 2014. Weaker growth in the major African economies in the first months of the year appears to be ending, which will hopefully fuel stronger performance in the months ahead. Capacity rose 7.2%, exactly in line with demand.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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