Trapped Revenue: CBN Bows to Foreign Airlines’ Pressure, Releases $265m Chinedu Eze and James Emejo The Central Bank of Nigeria (CBN) yesterday released $265 million to foreign airlines operating in the country for the remittance of a part of their revenues trapped in the country. A number of foreign airlines had raised the alarm over their
inability to remit their revenues in Nigeria said to be around $450 million. Last week, Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022 over its stuck $95 million. The Nigerian government bowed to the foreign airlines’ pressure yesterday.
A breakdown of the figure indicates that $230 million was released as special foreign exchange intervention while another sum of $35 million was released through Retail SMIS auction. Confirming the development, CBN Director, Corporate Communications Department, Mr.
Osita Nwanisobi, in a statement said the apex bank’s governor, Mr. Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travellers, as well as the country in the comity of nations. He pointed out that the central bank was not against any
company repatriating its funds from the country, adding that what the bank stood for was an orderly exit for those that might be interested in doing so. The statement added that with the latest development, it is expected that operators and travellers would heave a huge sigh of relief as some airlines
had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets. Reacting to the payment by CBN, the President of the National Association of Nigeria Travel Agencies (NANTA), Mrs. Susan Continued on page 5
Shettima: I Deliberately Wore Sneakers to NBA Conference to Offset Hostile Crowd... Page 8 Saturday 27 August, 2022 Vol 27. No 10000
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2023: We Won’t Lower the Bar, INEC Assures Nigerians
Promises not to jettison electronic transmission of results To punish political parties violating electoral timelines
Chuks Okocha in Abuja The Independent National Electoral Commission (INEC) yesterday promised Nigerians
that it would not lower the bar in the 2023 elections, in the light of its achievements in the off-season Ekiti and Osun governorship elections, and that
it would be bold and courageous in prosecuting the elections. A National Commissioner of INEC and Chairman of its Information and Voter Education
Committee, Festus Okoye, made the promise in Abuja during a post-election roundtable and public presentation of the final report on the observation of 2022 Ekiti
and Osun Governorship Election, organised by a human rights organisation, Yiaga Africa. The commission also maintained its ground not to
jettison electronic transmission of results and that political parties found to be violating electoral Continued on page 5
Wike’s Group Increases Demands on Atiku Wants commitment to serving one term put in writing Calls for alteration of northdominated PDP NWC; Ayu and deputy (North) must go Atiku mulls requests, will get back in two weeks Unyielding Wike returns from London, says he’s seeking remedies that will restore enduring hope in Nigeria Charles Ajunwa in Lagos, Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt Governor, Nyesom Wike of Rivers State and his allies at loggerheads
with the Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, increased their demands on the party’s Continued on page 5
ALL EYES ON 2023… The National Chairman of the All Progressives Congress (APC), Abdullahi Adamu; the party’s presidential candidate, Bola Tinubu; his running mate, Kashim Shettima and the party's Deputy National Chairman (North), Abubakar Kyari, when Adamu and members of the APC National Working Committee visited the Tinubu/Shettima Campaign Office in Abuja...yesterday.
High Commission Alerts Nigerians as South Africans March against Immigrants... Page 8