Day: January 7, 2024

The Central Bank of Nigeria (CBN), has disbursed 61.64 million dollars to foreign airlines through various commercial banks. Tbe bank said in a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, in Abuja on Sunday. According to Sidi-Ali, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in the banks. She said that the initiative was part of the CBN’s efforts to reduce its remaining liability to the airlines. Sidi-Ali said that in the past three months, the CBN had also redeemed outstanding forward liabilities of close to two billion dollars. ‘This underscores the CBN ‘s commitment to the resolution of pending obligations and a functional foreign exchange market. ‘These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate. ‘It is anticipated that this initiative would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy,’ she said. The News Agency of Nigeria (NAN) reports that the total trapped fund of foreign airlines in the country is pegged at about 800 million dollars. This led to the International Air Transport Association (IATA) threatening that some foreign airlines may be forced to quit the Nigerian markets if nothing is done about the monies, which are majorly from ticket revenue The Association said that the Nigerian government is currently holding the highest amount of airline-trapped funds globally.

Source: News Agency of Nigeria

Maj-Gen. Barry Ndiomu (rtd), the Interim Administrator of the Presidential Amnesty Programme (PAP), has commiserated with the people of Delta over the demise of King Charles Ayemi-Botu of Seimbiri Kingdom. Ndiomu described the death of the prominent monarch in Burutu Local Government Area as ‘a big loss to the Niger Delta.’ He spoke during a condolence visit to the family of the departed traditional ruler in Warri, Delta, and the statement was made available to newsmen on Sunday in Abuja. The PAP boss said the late monarch was a lover of peace who was committed to the development of the Niger Delta region. He said since he assumed office as the interim administrator of PAP, the late Ayemi-Botu had been a pillar of support, offering very useful advice that had helped in his approach to some issues. Ndiomu, who regretted that King Ayemi-Botu left at a time he was mostly needed, said he would be remembered for his good works, particularly in his native Seimbiri Kingdom, where he ruled for an eventful 29 years. While urging the family to take solace in God, he tasked them to sustain his legacies, assuring that the PAP under him would support in any way it could during the funeral rites. The News Agency of Nigeria (NAN) reports that King Ayemi-Botu, who died on Oct. 5, 2023, at the age of 75, was crowned in April 2,1994, in line with the customs and tradition of Seimbiri Kingdom. He was presented with the staff of office on April 4, 1995 by the then Military Administrator of Delta, Group Captain Ibrahim Kefas.

Source: News Agency of Nigeria