General News
2013 is Year of Safer, Cheaper Air Business – Uriesi

George Uriesi is managing director, Federal Airports Authority of Nigeria (Faan), a service organization statutorily charged to manage all Commercial Airports in Nigeria and provide service to both passenger and airlines
Uriesi is one of Nigeria’s best brains in the aviation sector with a career spanning more than 20 years both at home and abroad.
He spoke to peter ugwu on a wide range of issues
Faan’s Success in 2012 and Projection for 2013
So far, a lot of vision has been put in place. And we are hopeful of bountiful benefits of those efforts in 2013.
Our 2012 remodeling project went into a different gear, especially with the commissioning of the General Aviation Terminal (GAT) in Lagos.
This year we hope that some of the other airports that have been completed will be commissioned. Benin for instance is already been used; Kano is completed and Yola is nearing completion.
So, quite a number of them have been completed and we shall also step into the second phase which is another eleven airports.
Secondly, this year we are looking at the commencement of construction work of brand new airports in Lagos, Abuja, Port Harcourt and Kano.
This is also to ensure that Nigerians have world class facilities at the airports. The intention is to develop those areas as international hubs.
We are also going to grow the cargo business by developing cargo airports. That is, designating airports-container cargo terminals.
That is to diversify the earnings of revenue, in such that airports that are designated as cargo will develop along that line.
For instance, in Kano, which is one of the designated areas, if there is a strong point in terms of vegetable, there will be refrigeration, markets, etc., that will be built alongside.
Discussions are on-going with the Chambers of Commerce to get market, so that such goods will be transported.
And if you look at oranges and pineapples, ours are of international standards, but right now it is the Philippines that are gaining more from the market internationally.
That is a window open to Nigeria, but yawning for development. But after our modalities processes, we should be able to be airfreight goods directly, whether it is from Aba, Enugu, Owerri, Ibadan or Ilorin.
That alone will generate a lot of activities instead of the present gluts that farms are left with their products harvested; they lose money and get discouraged.
It will not only open up the market, it will make the airports more sustainable, and create a value chain of economic activities, in such that the airport user, the airline will benefit.
The farmer and the Youths will benefit also, because there will be employment generation.
Strategies in Place to Actualize the Objectives
First is the removal of tariffs in the passenger planes.
This strategy married with the Federal Ministry of Aviation master plan will definitely make it cheaper for domestic airlines to operate.
By implication it will boil down to cheaper ticket. Because there is no reason, whatsoever, with the intervention being put in place that an hour flight should cost N30, 000. It should come down to less than N10, 000, so that the common man can afford to fly.
Invariably, we are looking at what major components constitute high costs for the domestic airlines and those are the areas government is looking at.
And the Federal Airport Authority of Nigeria (Faan) is not leaving any stone unturned in the area of staff re-orientation, which formed part of the Aviation master Plan pursued by Princess Stella Oduah led aviation ministry.
Faan is spearheading a number of the reorientations, in terms of attitude to work, operation. So that with these new facilities there will be a new way of thinking, as regards passenger management, personnel relationship, security, safety, etc.
Those are issues that will be on the front-burner. However, the emphasis shall remain safety, safety, safety.
Developing New Airports Alongside the Remodeling Projects
There was a stipulated template as encapsulated by the Aviation Master Plan (AMP). And the master plan is such that Nigeria should take her place as the leading aviation nation in Africa.
It was also put in view that aviation should be a major economic earner. There are a lot of things that must be in place for us to realize those dreams.
That is why we are striving to ensure the infrastructures that have been going down for the last 30 years are rehabilitated.
For us to be taken serious worldwide, we must have facilities that meet up with international standards. Facilities must be in place for us to become a key player.
For instance, in terms of airplanes, there are certain planes that may not be able to land in our airports, because of their sizes or technologies in them.
That gives rise to the fact that we need to open up our frontiers and re-organise. We believe that with the expansion of some airports from passenger to cargo business there will be so much that the facilities will be optimally used.
Not only that, there is also the Aerotropolis project-developing cities around airports, and that will assist in trade facilitation.
How? Some passengers fly to Lagos for maybe one hour from Abuja and they spend about three hours to get to the Island.
But if there are facilities to do business here, there will be no need to do that. They can actually fly in, do their businesses and fly out; that is the new business model anywhere in the world.
So, if you create the facilities, hotels, banking halls, conference centres, all within the airport environment, definitely, it will make the process more attractive. Those are the considerations we think make it mandatory that we provide more facilities on the ground than we have now.
Purchase 30 New Aircrafts for Operators
Well, it is a worthwhile project been handled by the Ministry of Aviation. Sometimes, I tend to explain to people about the project so they would get the big picture clearer.
However, the Federal Ministry of Aviation has the modalities and can only explain more on that.
At present, the Authority is focused on the reconstruction of 22 airports across the country as initiated by the Minister of Aviation, Princess Stella Oduah.
So, I want to use this medium to dispel the rumour that it is Faan that is in-charge of the purchases. No, it is under the purview of the Ministry.
Committee on Disposal of Abandoned Aircrafts
We need to understand that the cases are actually in three categories. The ones that have cases in courts are been resolved by our legal department.
There are also the second stages where people just abandoned the aircrafts. We have contacted them through the Committee headed by Captain Henry Omeogu, director of Operations, Faan.
We are happy that the Committee has already made efforts towards explaining to some of the owners, who have eventually indicated interests to evacuate them.
The third category comprises of those who are willing to evacuate them but the aircrafts are tied to loans.
So, we are looking at strategies, but definitely as chairman of the Committee said, there will be no stopping us.
We are determined to ensure the abandoned aircrafts are moved out, because they constitute a danger, especially of bird strikes.
They provide shades that birds can hide in. although, we don’t want to create an alarm, but it is a danger.
On the other hand, it does not fit into the new image we want of world class facility. And the committee is ensuring that will be done immediately.
Stopping Airlines from Abandoning Aircrafts
Yes, we are actually looking at the possibilities. Usually, in other countries (like in America) there are airports in the desert that are designated for that.
When an airplane is getting aged or the operator wants to abandon it, you take it there. That is what we are also looking out.
There were actually one or two airports that were earmarked for that, but the rise in activities and awareness, there was a change of plans.
However, there will be designated areas far away from these areas for activities.
Relationship between Faan and Some Airport Concessionaire
Well, there are different relationships, depending on the concessionaires we are handling. There are those who out rightly took advantage of Faan and by implication, the commonwealth of the Nigerian people.
They were using agreements that were deliberately coined against Faan to their benefits. And that is being reviewed to the benefit of Nigerians. And those agenda are been vigorously pursued.
We are also happy that a lot of progress is being made. Nigerians are happy for it as well. There are other concessionaires that are not up and doing.
For instance, the cleaners – toilets are left unattended to. We concession it out, but because of the capacity of the company involved, we are having a backlash; if you go to some of the toilets and they are not well kept, there is a concessioner that ought to do that.
At the same time, to our numerous customers and clients, they would blame it on Faan. So, the managing director has already given them ultimatum to either meet up with the terms of agreement or they will be shown the way out.
There will be no compromise. We don’t believe that the old order (in operation) should be part of the operations in the new facilities.
Nigerian deserve the best, they are paying for it. To other concessioners that are operating along the terms of agreement, we encourage them, because Faan is a service provider and we will not shy away from providing enabling environment for the private sector to flourish, because the dream is let private sector handle most of these activities.
Level of ICT Inclusion In Airport Administration?
Information Communication Technology, ICT is aviation, just as aviation is ICT. There are a lot of efforts to improve on what is on ground, especially this year. We will recall the automation of our resources platform.
Of course, the world is going ICT and if we want to operate world standard airport system, we have no option than to align ourselves in the trend.
Our ICT inclusion is needful in the areas of human capital development, services, training and re-training.
Anybody who wants to be a serious player, not only in aviation, must not take ICT for granted, because every activity is affected. And that is why is on the forefront to ensure our system is ICT compliance.
General News
Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.
BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.
Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.
The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.
“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.
The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:
- Do not click on links or respond to unsolicited emails.
- Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
- Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.
General News
Universal Insurance to Raise N15bn to Meet Capital Rules
Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.
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The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.
Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading
Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.
Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.
Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.
Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.
On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.
Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.
The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.
The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.
General News
FG Rejects Northern Elders’ Gold Refinery Siting Claim

Federal Ministry of Solid Minerals Development has debunked allegations by the Northern Elders Forum that the Federal Government sited a gold refinery in Lagos, breaching the federal character principle.

Minister Dele Alake
In a statement from Abuja, Special Assistant to Minister Dele Alake, Segun Tomori, described the claim by the forum’s spokesperson, Prof. Abubakar Jiddere, as “false and misleading.” He clarified that the minister never announced any government-owned gold refinery in Lagos or elsewhere.
Mr Tomori stressed that Minister Alake explicitly described the refinery as a private initiative by Kian Smith, one of several such projects nationwide. “The Federal Government does not compel private companies to site operations in specific regions,” he added, crediting founder Nere Emiko’s leadership.
The project supports the government’s value-addition policy to curb raw mineral exports and boost local processing. Reforms over two years have spurred investments like a $600 million lithium plant in Nasarawa, a $400 million rare earth facility there, and a $200 million ASBA lithium plant in Abuja.
Tomori highlighted the policy’s role in attracting foreign capital and creating jobs, describing the Lagos refinery as proof of successful reforms. He urged the Northern Elders Forum to back efforts for a stronger Nigerian economy rather than spreading misinformation.
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