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General News

Arik, CFM Partner to Develop Indigenous Skills

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Arik Air, West Africa’ biggest carrier, and CFM International, World renowned aircraft engine manufacturer, have kick-started discussion on the training of Nigerians on aircraft engine maintenance and repairs.

This is an invaluable contribution of Arik Air to government’s local content development policy and as discussion progresses, it is expected that the airline would select intelligent, bright and young Nigerians that would be trained by CFM, which is the manufacturer of Arik Air Boeing 737 New Generation (NG) engines.

The discussion took firm ground on Monday when Jean-Paul Ebanga, president of CFM visited the headquarters of Arik Air at the Murtala Muhammed International Airport, Lagos to affirm the importance of the airline to the company and also show commitment to the planned partnership.

Ebanga who toured Arik Air’s facilities at its headquarters said that he was impressed by the progress the airline has recorded in just eight years of its commercial operations, adding that Arik would soon be one of the leading airlines in Africa.

“What the Chairman of Arik Air, Joseph Arumemi-Ikhide is doing right now is to do, not to talk. He is bringing the needed change in air transport in Nigeria. In three to four years from now Africa will be the most populated continent with growing middle class. We have CFM engines in many aircraft operating in Africa. So we grow with Africa’s economy as the middle class becomes empowered by the on-going economic growth. I think the population of CFM engines in Africa is the biggest one. I think we have about 900 engines flying all over Africa and the engines are behaving very well,” Ebanga said.

The President of CFM also observed that for African airlines to be competitive they have to operate new and modern equipment as Arik Air is doing, engage the services of skilled manpower and operate modern system that would dovetail with operators in other parts of the world because every airline in the world is competing at the same level because all have access to the same market.

“I think one of the challenges of Africa is that Africa is now part of the global economy and African airlines are competing with all the other airlines in the world. I think African airlines will have to keep up with the skills, organisational efficiency to be able to compare with the best airlines in the world. This is what is already in progress. Arik is one of such airlines in Africa. They are using the top notch aircraft like other companies in the world. Of course, there are challenges but the leaders of these airlines in Africa understand those challenges,” the CFM President said.

Arumemi-Ikhide, chairman of Arik Air, explained that the airline and CFM International talked about partnership, the development of indigenous manpower and technical support of the company to the airline.

“We set up two working groups made up of people from their side and our side and we are looking at issues of Harmattan on our engines and you know we are going to build MRO. They are going to let us know what role they will play there. We are going to start a lot of work locally but they must have to be of international standard. Nigerians are well trained. We have skilled people all over the world. Like he said, it is one step after the other but government must support. Without government’s support, we cannot do anything,” he said.

Arik Air Chairman also said CFM engines are good because the people are very experienced and the engines are very efficient.

“They are very safe. We have not experienced any flame out or catastrophe. They are used all over the world and they are very efficient. In fact, we are satisfied with their engine performance in Nigeria. We use 26 of their engines on our 13 Boeing 737 airplanes and we also have spares. We have a long relationship with them. We found their engines very satisfactory and we have placed more orders with Boeing for the Boeing Max. So in a couple of years we are going to have about 30 aircraft and 60 engines,” Arumemi-Ikhide said.

 


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General News

Wema Bank Plans N2M Grant to Empower Women

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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.”

 


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General News

Unlicensed Investment Firms Fall Hard in Lagos Court

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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.


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Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

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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 Distances Himself from Meme Coin, Labels Crypto as Fraud

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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