General News
4.3bn Passengers Transported by Air in 2018 – ICAO
Preliminary figures released by the International Civil Aviation Organisation (ICAO) showed a total of 4.3 billion passengers were transported by air on scheduled services in 2018.
The document issued by ICAO’s Chief of Communications, Anthony Philbin, said this indicated a 6.1 per cent increase over 2017 when 4 billion passengers were flown by the airlines.
He said the number of departures rose to approximately 38 million globally, and world passenger traffic grew solidly at 6.7 per cent.
He said the growth was, however, a slowdown from the 7.9 per cent achieved in 2017.
“Over half of the world’s 1.4 billion tourists who travelled across international borders last year were transported by air, and that air transport now carries some 35 per cent of world trade by value.
“Indeed, around 90 per cent of cross border Business-to-Consumer (B2C) e-commerce was carried by air transport.
“The final official figures will be released in the 2019 Annual Report of the Council,” Mr Philbin added.
He noted that air travel growth had eased in comparison to the strong upward trend seen in 2017.
Mr Philbin said the stimulus of lower airfares to travel demand had reduced due to the higher fuel prices from the last two years, reflecting the moderation in growth momentum.
”However, air traffic growth remained solid in 2018, underpinned by the global economic conditions throughout the year.
“Despite recent softening, world real gross domestic product (GDP) growth is projected to be at 3.1 per cent in 2018 before slowing gradually over the next two years,” according to the World Bank estimates.
“Advanced economy growth decelerates, and the recovery in major commodity-exporting emerging market and developing economies levels off.
” The financial market stress, escalating trade protectionism and heightened geopolitical tensions continue to cloud the outlook,” he said.
Mr. Philbin said international scheduled passenger traffic grew by 6.4 per cent in 2018, down from the strong 8.4 per cent recorded in 2017.
He said all regions posted slower growth than 2017, with the exception of an improvement in North America driven by the stronger U.S. economy and continued international expansion of Canadian carriers.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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