This is contained in a statement signed by Dr Ejike Ndiulo, head of Corporate Communications, Air Peace, on Wednesday in Lagos.
According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.
He said without these reports from the control tower, flight safety could not be guaranteed.
“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.
“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.
The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.
News
Nigeria Waits for Complete Election Results
By Lukman Otunuga, FXTM Research Analyst
Whatever the outcome of Nigeria’s presidential election, it will certainly have an impact on investor sentiment.
Foreign investors need to see Nigeria stepping up its efforts to diversifying away from oil dependence, while also boosting infrastructure spending across major sectors. If the correct strategy is implemented towards improving local macroeconomic conditions and shielding against external forces, Nigeria could move a step close to nearing its true potential. Although the elections will affect investor confidence in the near term, it’s the critical steps taking after that will shape sentiment towards the largest economy in Africa.
Pound clings onto Brexit delay hopes
Pound bulls were injected with a renewed sense of confidence this morning following reports that UK Prime Minister Theresa May could delay Brexit beyond 29 March.
This development will certainly remove some element of uncertainty over Brexit whilst soothing fears over the UK crashing out of the EU without a deal in place next month. However, a major risk accompanied by extending Article 50 is that Britain will find itself trapped in a Brexit limbo. While the Pound has scope to extend gains on Brexit delay expectations, the medium to longer term outlook remains blurred by a thick cloud of uncertainty. With the odds of a second referendum also rising after Labour leader Jeremy Corbyn made a U-turn to back the move, another question floating in the air is whether there will even be a Brexit.
With just over one month left until the UK is scheduled to leave the European Union, we expect the Pound to display extreme levels of sensitivity and volatility to Brexit headlines. Although some attention will be directed towards the inflation report hearings later today, this will likely be overshadowed by a crucial cabinet meeting where the Brexit deadline will be discussed.
Focusing on the technical picture, the GBPUSD is pushing higher on the daily charts with prices trading around 1.3130 as of writing. The combination of Brexit delay expectations and Dollar weakness has the potential to push the GBPUSD towards 1.3200 in the near term.
Dollar waits for Jerome Powell
The Dollar has lost its mojo in recent days, slipping closer to the 96 psychological level due to a number of domestic and external factors.
A string of soft economic data from the United States, coupled with growing speculation over the Fed taking a break on monetary tightening this year, has brought nothing but bad news for the Dollar. The risk-on flows have also pulled investors away from safe-haven assets and currencies, which will inevitably pressure the Dollar further. Although Dollar bulls were initially supported by the economic divergence between the US and everyone else, this theme could be coming to an end.
Much attention will be directed towards Fed Chair Jerome Powell’s congressional testimony later in the day. Powell’s testimony could offer investors some additional insight into the Federal Reserve’s monetary policy stance for 2019. The central bank head is expected to reiterate that the Federal Reserve will remain “patient” on future hikes. We see the Dollar weakening against a basket of major currencies if Powell adopts a dovish tone during his testimony.
Commodity spotlight – Gold
Gold weakened towards $1,326 this morning, as US-China trade optimism sent investors sprinting to riskier assets.
Although the precious metal is at risk of depreciating further in the short term amid the risk-on sentiment, the medium to longer term outlook swings in favour of Gold bulls. For as long as geopolitical risks, concerns over plateauing global growth and speculation over the Fed taking a pause on rate hikes remain key themes, Gold is insulated from extreme downside shocks.
In regards to the technical picture, sustained weakness below $1,330 is likely to encourage a decline towards $1,318. However, bulls still remain in control above the $1,303 higher low.
Against the backdrop of Lagos State’s proactive efforts to reform its electricity sector, the Consumer Advocacy and Empowerment Foundation (CADEF) has launched its ‘Renew Energy Nigeria’ platform, a nationwide initiative with potential synergies for the state’s ambitious energy goals.
Professor Chiso Ndukwe-Okafor, CADEF’s Executive Director, introduced the platform in Lagos, highlighting its aim to empower Nigerians with information and access to decentralized renewable energy (DER) solutions. “The launch of this platform marks a significant step towards democratizing access to information and resources within Nigeria’s burgeoning sustainable energy sector.”
The platform’s launch comes as Lagos State, under the Lagos State Electricity Law, is actively establishing a regulatory framework and attracting private sector investment. Kamaldeen Abiodun-Balogun, General Manager of the LSEB, detailed the state’s progress in creating a functional electricity market, ensuring payment security, and addressing infrastructure challenges. “This law enabled us to create policy documents and establish regulatory agencies to initiate the implementation of the Lagos electricity market,” he explained, adding that private sector involvement will be key in areas where existing Discos face performance issues.
Segun Adaju, a private sector player deeply engaged in the energy sector, lauded Lagos State’s leadership. “In all these, Lagos State is always setting the pace. Many of us in the private sector players like myself, we are also looking up to Lagos State to set the pace,” he said, also mentioning his work on the Centralized Renewable Energy Desk for the state government.
While acknowledging national-level challenges such as import restrictions and forex fluctuations as noted by Professor Ndukwe-Okafor: “The recent federal plan on restrictions on the importation of solar products and the fluctuation of forex rate have made clean energy solutions costly”, the focus on Lagos State’s progress suggests a promising local environment for DER adoption, potentially amplified by CADEF’s new platform.
The broader socio-economic context, as highlighted by Olumide Ajayi, “Over 40% of Nigerians do not have access to reliable electricity”, underscored the importance of initiatives like ‘Renew Energy Nigeria’ and the enabling policies being implemented in states like Lagos.
Professor Ndukwe-Okafor concluded with a powerful call to action. “This platform is not an isolated intervention. It is aligned with our ideal country’s national vision, the 30-30-30 initiative. Let us not build a solar future that only serves the wealthy. Let us democratize clean energy. Let us make it local, inclusive, and scalable.”
The launch of “Renew Energy Nigeria” marks a significant step towards a more sustainable and equitable energy future for Nigeria, driven by innovation, collaboration, and a commitment to empowering its citizens. The platform is now live and accessible to all Nigerians seeking reliable and clean energy alternatives
A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.
Emeka Nwite, presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to the EFCC.
In the application by the EFCC, the six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
The commission sought an order of the court for a warrant of arrest of the defendants.
They also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.
Yusuf said that the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.
In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.
The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.
“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.
“The victims were initially given full access to the platform to monitor their investment.
“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“The victims later discovered that the said scheme is a scam.
“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”
The anti-graft agency said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.
Nwite granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.
“I have listened to the submission of the learned counsel for the applicant,” Nwite said.
“I have also gone through the affidavit evidence with exhibits thereto, along with the written address.
“I am of the view and I so hold that the application is meritorious.
“Consequently, the application is granted as prayed.”
Earlier in April, reports emerged that CBEX users could no longer withdraw their funds.
On Monday, angry investors stormed and looted the office of Smart Treasure (ST Team), an affiliate of CBEX, in Ibadan, Oyo State.
The EFCC recently confirmed receiving multiple complaints about the platform.
Dele Oyewale, the commission spokesperson, assured affected investors that efforts were underway to recover their funds.
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