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
Shareholders Back Jaiz Bank’s Bid to Raise N150bn Via Sukuk
Shareholders of Jaiz Bank Plc yesterday approved the board’s request to mobilise the sum of N150 billion through the issuance of Sukuk instruments either in full or in series.
The capital injection will among other things, boost the bank’s current expansion drive, especially in the digital frontline.
The shareholders, also okayed the payment of N1.38 billion as dividend for the 2021 financial year, representing 4 kobo per ordinary share of 50 kobo each.
The resolutions were unanimously agreed upon by the shareholders who expressed satisfaction over the bank’s performance for the period under review.
This is the third year the Islamic bank has paid dividends to its shareholders since it began dividend payments in 2019.
Speaking at the institution’s 10th Annual General Meeting (AGM) in Abuja, its Chairman, Alhaji Umaru Abdulmutallab, explained that the increase in the dividend payment followed its positive growth trajectory in recent years.
He said the perception of the Jaiz brand had continued to improve with the bank being “awarded the most-improved Islamic bank in the world by the United Kingdom-based-GIFA for the second year in a row.”
According to him, “The future looks bright and fulfilling. The macroeconomic indices are projected to have an uptick as most of the economies have rebounded except for a few.
“As for us (Jaiz Bank), we will remain resolute in providing our customers better services in an efficient and delightful manner. Our digital roadmap will be judiciously executed in order to simplify our processes and engender employee’s productivity while optimising shareholders’ return.”
However, the bank’s audited financial results for the period ended showed a 43 per cent growth in Profit Before Tax (PBT) from N3.07 billion in 2020 to N4.37 billion in 2021.
This came on the backdrop of an increase of 31.76 per cent in Gross Income from N19.61 billion realised in 2020 to N25.84 billion.
Mr. Hassan Usman, the bank’s Managing Director/Chief Executive, said despite the tough operating climate characterised by weak economic growth and the negative impact of the COVID-19 pandemic, it achieved a lot in terms of financial stability.
Usman said the bank’s “external credit rating for instance has materially improved over the past 12 months. Three rating agencies (Fitch Rating, GCR Rating, and Agusto Rating) all gave the Bank investment grade rating of BBB/BBB-”.
He said the management will continue to deliver uncommon value to all stakeholders, adding that “I am confident to state that the future of the Jaiz brand remains promising for all of us”.
However, the bank’s total assets grew by 19.55 per cent from N233.60 billion to N279.28 billion while shareholders’ funds for the period grew by 36.20 per cent, from N17.85 billion to N24.31 billion.
Earnings per share for the period increased by 40.10 per cent from 9.85 kobo in 2020 to 13.80 kobo in 2021.
The bank has consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in the country.
The National Information Technology Development Agency (NITDA) is pleased to announce the inaugural meeting of the Startup Consultative Forum, scheduled for Monday April 28, 2025 This milestone event marks a significant step in deepening stakeholder engagement within Nigeria’s growing startup ecosystem.
The Forum will serve as an interactive platform for startup founders, innovators, ecosystem enablers, and intermediaries to actively shape national policies that foster growth, attract investment, and drive digital innovation.
Convened under the framework of the Nigeria Startup Act (NSA), this initiative reflects the government’s commitment to making startups not just stakeholders but key contributors in building an enabling environment for innovation.
The meeting will emphasize collaborative dialogue, with a primary focus on nominating and selecting representatives for the National Council for Digital Innovation and Entrepreneurship (Startup Council)—Nigeria’s highest advisory body for the startup ecosystem. Decisions from this Forum will lay the foundation for inclusive policy development, amplifying the voices of Nigeria’s tech and innovation community.
NITDA invites all Labelled Startups, Verified Entrepreneurial and Innovation Support Organisations, Angel Investors, Venture Capitalists, and other relevant stakeholders to join the Forum and actively participate in the nomination and voting process.
Join us in shaping the future of digital innovation in Nigeria. Together, we can build a thriving ecosystem that supports and celebrates the pioneering spirit of Nigerian startups.
International Monetary Fund (IMF) has revised downward its economic growth forecast for Nigeria in 2025 to 3.0%, a 0.2 percentage point cut from its earlier projection of 3.2%.
The downgrade is attributed to a decline in global crude oil prices, which remain a significant driver of Nigeria’s economy.
The updated figures were published in the IMF’s April 2025 World Economic Outlook (WEO) report, released in Washington, DC, during the ongoing Spring Meetings of the IMF and the World Bank.
The report outlines global and regional economic trends, highlighting continued vulnerability among oil-dependent economies.
According to the IMF, growth across sub-Saharan Africa is also expected to experience a modest decline, with projections falling from 4.0% in 2024 to 3.8% in 2025. However, a slight recovery is anticipated in 2026, with growth forecasted at 4.2%.
Nigeria, Africa’s largest economy, was singled out in the report as among the major economies affected by falling oil prices. The IMF noted that the country’s 2026 growth forecast has also been revised downward by 0.3 percentage points.
The IMF further reported similar economic challenges in other African countries. In South Africa, growth projections were adjusted downward by 0.5 percentage point for 2025 and 0.3 percentage point for 2026.
These revisions reflect weakening economic momentum following a lacklustre 2024, growing uncertainty, a rise in protectionist economic policies, and the impact of a broader global slowdown.
In a more severe adjustment, the IMF slashed South Sudan’s 2025 economic growth forecast by a staggering 31.5 percentage points.
The sharp decline is linked to delays in the resumption of oil production after a major pipeline sustained damage, significantly impacting the country’s revenue and export capacity.
The IMF’s outlook underscores the fragility of economies heavily reliant on natural resources and the ongoing risks posed by global market volatility.
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