• Wednesday, February 28, 2024
businessday logo


Five things to know to start your Friday


Govt guarantees airlines repatriation of funds

The Federal Government is finalising details regarding the recent lifting of the visa ban on Nigerians by the United Arab Emirates (UAE).

At the 7th African Aviation Summit in Abuja, Minister of Aviation and Aerospace Development, Festus Keyamo, emphasised the importance of reciprocal rights in Bilateral Air Services Agreements (BASA) between Nigeria and the UAE for airlines.

He also addressed concerns about trapped funds, assuring that efforts were underway to repatriate them.

Additionally, Airpeace CEO Allen Onyema announced the acquisition of 10 Embraer E175 fleets and a bilateral maintenance agreement, aiming to establish a maintenance centre in Nigeria.

Read also:FG is working out details on flight resumption to UAE: Minister

VON Automobile applauds Nigeria-India investment collaboration

VON Automobile Nigeria, a subsidiary of Stallion Group, has voiced its support for President Bola Ahmed Tinubu’s investment initiative in India.

The company’s Managing Director, Harpreet Singh, commended Tinubu’s efforts, citing the potential investment opportunities in Nigeria’s automotive industry following his visit to India.

Nigerian President Tinubu’s meeting with the Hinduja Group’s Chairman and CEO, Gopichand Hinduja, resulted in the signing of a Memorandum of Understanding for substantial investment in Nigeria’s automobile sector.

VON Automobile is also working on modifying its locally assembled mass transit buses to run on compressed natural gas and electric power, aiming to reduce running costs for Nigerians.

Cement sales plummet 30% amid naira redesign, says MAN

The Manufacturers Association of Nigeria (MAN) reported a significant decline in sales due to naira scarcity earlier this year.

At the peak of the crisis, cement sales dropped by 30 percent, and sales of consumer goods fell by 20 percent.

MAN’s Manufacturing CEOs Confidence Index highlighted the adverse effects of the naira redesign policy, suggesting that the Central Bank of Nigeria should have been more cautious in transitioning to a cashless economy.

The crisis severely impacted manufacturers, limiting their working capital and disrupting daily operations. Additionally, it led to increased inventories, especially for retail goods, and raised logistics costs.

Many small and medium manufacturing businesses, particularly in cash-based transactions, suffered greatly.

Citigroup initiates layoff discussions following extensive mgt restructuring, say Sources

Citigroup (C.N) is set to reorganize, with compliance, risk management, and technology staff facing potential layoffs, according to insiders.

The bank is discussing job cuts with employees as CEO Jane Fraser aims to reduce bureaucracy and boost profits in the largest restructuring in nearly two decades.

Citigroup is still addressing regulatory concerns dating back to 2020 and has invested in technology systems for risk controls and compliance.

Under the new structure, the heads of major businesses will report directly to the CEO, and regional leadership roles outside North America will be cut. The extent of job cuts remains uncertain.

US Special Counsel rejects Trump’s bid to replace Judge in Federal election case

U.S. Special Counsel Jack Smith has rejected former President Donald Trump’s request to have U.S. District Judge Tanya Chutkan removed from overseeing the criminal case alleging Trump’s involvement in undermining the 2020 election results.

Smith argued that there is no valid reason for Judge Chutkan to recuse herself based on her prior statements in court about Trump’s potential responsibility for the January 6, 2021, Capitol attack.

Trump had filed a motion claiming Chutkan’s comments suggested bias and could taint the proceedings.
This case is one of four criminal cases Trump faces as he seeks the 2024 Republican presidential nomination, maintaining his innocence amid allegations of political motivations by prosecutors.

Chutkan, an Obama appointee, will decide whether to recuse herself.