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General News

Emirates Begins Abuja – Dubai Daily Direct Flight

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(L-r): Hafeez Azeem, Emirates regional manager commercial operations, Northern and Western Africa, Mike G. Omotosho, Nigeria’s Consul General in the UAE with Adil Al Ghaith, Emirates vice president commercial operations, Northern and Western Africa, at Dubai International Airport, with members of Emirates’ cabin crew for the start of the new daily Dubai-Abuja service.
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Emirates, a global connector of people and places has now connected Abuja, the Nigerian capital, to its worldwide network. Abuja is Emirates 26th destination in Africa and its 144th worldwide.

Emirates flight EK785 landed at Abuja’s Nnamdi Azikiwe International Airport on 1st August, marking the start of the airline’s daily service to its second destination in Nigeria. Services to Lagos were launched just over 10 years ago.

“This new daily flight provides a convenient point to point service for our customers between Abuja and Dubai, and it will meet and further stimulate a vibrant market demand between the two cities. It will also serve our customers in Nigeria and around the network with additional connectivity and daily frequency. Our leisure and business passengers from Nigeria can now better connect to the Middle East, Europe, the United States and Asia via our hub in Dubai. Customers in Abuja can experience our A380 flagship aircraft to 29 destinations around the world, including popular ones like Beijing, Hong Kong, Mumbai, New York, Jeddah and London,” said Adil Al Ghaith, Emirates vice president commercial operations, Northern and Western Africa.

“With a fast growing economy, Nigeria is a key market for Emirates. We started operations to Nigeria on 2nd January 2004, with four flights a week from Dubai to Lagos. Since then, our operations have steadily grown with increases in both frequency and capacity between Lagos and Dubai. Today, we fly twice daily to Lagos and now we have added Abuja, giving us a total of more than 12,200 seats a week, which will further stimulate business and leisure travel, as well as trade,” he added.

Emirates’ Dubai-Abuja route is served by an Airbus A340-300 which offers 267 seats in a three-class configuration – 12 First Class, 42 Business Class and 213 Economy Class seats.

The Airline said that customers on the route experience Emirates’ award-winning hospitality – from multi-national cabin crew and gourmet cuisine to the ice entertainment system, which offers hundreds of channels of audio and visual entertainment. Customers also enjoy Emirates’ generous baggage allowance of 30kg in Economy Class, 40kg in Business and 50kg in First.

Emirates SkyCargo, the freight division of the airline, offers over 180 tonnes of cargo capacity a week on the route.

The main imports into Abuja are expected to be machinery, chemicals, transport equipment and manufactured goods, while exports include leather, vegetables and foodstuffs.

The additional cargo capacity on the new service will see a further strengthening of the bilateral trade between Nigeria and the UAE.

According to the UAE Ministry of Economy, the value of bilateral trade stood at US$ 106 million at the start of Emirates’ services in 2004. This increased to US$ 857 million in 2009 – a 710 % increase in a five-year period.

Emirates flight EK 785 departs Dubai daily at 1050hrs and arrives in Abuja at 1510hrs.

The return flight, EK 786 departs Abuja at 1935hrs and arrives in Dubai at 0550hrs the next morning.


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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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General News

AM Best Reaffirms Stable Outlook for Cyber Insurance Market

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AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.

Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.

Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.

AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.

According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.

The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.

However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.

 


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Woodhall Capital and Partners Launch ₦1.5Bn Fund

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L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
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Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos

The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.

The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.

In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.

The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.

At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.

“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”

Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.

The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.

The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.

The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.

Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.

As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.

The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.


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