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
The Right Approach to Credit Will Grow, Not Harm, Your Business
Imagine this: Mr. Okeke runs a small grocery store in the bustling city of Lagos, Nigeria. He has been in business for several years, and his shop is an integral part of the local community. Yet, like many small business owners in the informal sector, Mr. Okeke faces a significant hurdle: accessing credit to grow his business.
Kevwe Onokerhoraye, Head, Product Strategy, OnePipe
For many, credit can seem like a double-edged sword, promising growth on one hand, but harboring the risk of debt on the other. However, with the right approach, credit can be a powerful tool that propels a business forward without causing financial harm.
The first step towards a healthy relationship with credit is understanding its role. Credit is not just a financial instrument; it’s a growth enabler. It can help businesses invest in new equipment, expand product lines, and even open new locations. Credit can also help businesses manage their cash flow more effectively, ensuring they can meet their obligations even during quieter periods.
However, the key to leveraging credit effectively lies in accessing it responsibly. This means understanding your business’s financial situation and borrowing within your means. Responsible borrowing involves being aware of the interest rates, repayment terms, and potential penalties associated with a credit facility. It also means making sure that the credit is used for productive purposes that will generate returns and enable the business to repay the borrowed funds.
In Nigeria, a significant barrier to accessing credit is a lack of a formal financial track record, especially for small businesses operating in the informal sector. Traditional financial institutions often require a history of financial transactions and collateral, which many small business owners cannot provide.
Fortunately, the financial landscape in Nigeria is evolving. A new generation of financial technology firms is developing solutions designed to increase the accessibility of credit. These solutions leverage technology to assess creditworthiness in innovative ways, such as analyzing transaction data from mobile money platforms or using alternative forms of collateral.
This evolution in the financial sector represents a significant opportunity for small businesses. By leveraging these new sources of credit, businesses can overcome traditional barriers to finance and unlock new growth opportunities. However, it’s crucial that businesses approach this opportunity with a clear understanding of their financial capacity and a plan for how they will use and repay the borrowed funds.
Another critical aspect of a healthy approach to credit is financial education. Small business owners must understand the terms and conditions associated with the credit they access. This understanding allows them to make informed decisions and avoid potential pitfalls. Financial education can also help businesses understand the wider financial landscape, including the range of credit options available to them and how to compare these options effectively.
Credit can also be a tool for resilience. In times of uncertainty, such as during a pandemic or economic downturn, access to credit can help businesses weather the storm. It can provide the necessary funds to keep operations running, pay employees, and even pivot the business model to adapt to changing market conditions. This kind of flexibility can be crucial for survival in challenging times.
In conclusion, credit is a powerful tool that, when used responsibly, can drive growth and resilience for small businesses. The key lies in approaching credit with understanding, responsibility, and a clear plan for how it will be used to generate growth. As the financial landscape in Nigeria continues to evolve, businesses like Mr. Okeke’s grocery store has an unprecedented opportunity to leverage credit as a catalyst for their growth journey.
However, the right approach to credit is not just about individual businesses; it’s about building a more inclusive and resilient financial system that benefits everyone. By democratizing access to credit and promoting responsible borrowing, we can empower businesses to grow, innovate, and contribute to the economic development of Nigeria.
This Evolution brings us closer to a future where every business, no matter how small, has the financial tools it needs to thrive. Thus, adopting the right approach to credit is not just about enhancing the growth of an individual business, it’s about contributing to the growth and resilience of the entire economy.
For Mr. Okeke and countless other small business owners in Nigeria, the right approach to credit could be a transformative force. It could help them turn their business aspirations into reality, bring prosperity to their communities, and contribute to Nigeria’s economic development.
The journey towards financial inclusion and empowerment is a challenging one, but with the right tools and approaches, businesses can navigate it successfully and reap the rewards.
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.
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.
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