General News
Capt. Fola Akinkuotu Emerges Substantive CEO Aero

Mr. Adeniyi Adegbonmire, the receiver manager, has appointed Capt. Fola Akinkuotu as substantive CEO for Aero Contractors, as part of the second phase of the restructuring process of the airline.
According to Adegbonmire, the second phase of the intervention was to appoint a CEO after 15 days of the tenure of Tunde Fagbemi of Springfountain, the Receiver Manager Representative (RMR).
Capt. Fola Akinkuotu, who was the director general of the Nigerian Civil Aviation Authority (NCAA) between August 2013 to March 2014, takes over with immediate effect, following a brief intervention led by the RMR.
Fola Akinkuotu is a pilot, as well as flight and aircraft engineer. He was responsible for the start up and running of IRS Airlines as pioneer Managing Director/COO. Thereafter he was part of the start up team for Arik Airlines.
Capt. Fola Akinkuotu was Technical Pilot and Training Manager for Virgin Nigeria, NCAA designated Type Rating Examiner becoming the Director Flight operations and later Executive Director International Operations in Virgin/Air Nigeria.
In addition to his technical skills, he has extensive administrative experience as, founding Rector/CEO of the International Aviation College Aviation Ilorin, before becoming the Director General of the Nigeria Civil Aviation Authority (NCAA).
With over forty, 40, years experience in the aviation industry, he has held previous senior management positions in a number of airlines.
Starting out as an aircraft engineer, where he was in charge of the Presidential fleet, he then qualified as pilot and flight engineer turbo jet.
He has over 13000 hours of jet time flying in commercial airlines. In 1998, he was entrusted with the honour of flying Pope John Paul II in Nigeria during his pastoral visit to Nigeria.
Capt. Fola Akinkuotu is a qualified Licenced Aircraft Engineer, (Airframe and Engines), Airline Transport Pilot Licenced with type ratings on several commercial jet airplanes, Turbo Jet Licenced Flight Engineer and Associate Member of Society of Licensed Aircraft Engineers and Technologists with Certificate in Total Quality Management from Lagos Business School and Type Rating Instructor B737 from Oxford Aviation Academy, United Kingdom.
Capt. Akinkuotu said he is pleased to be given the opportunity to turn around Aero Contractors, adding: “AMCON has given us a lifeline which is an opportunity for us to succeed. This option is a huge opportunity we must take as there’s no other option. I believe we can make Aero Contractors a success story.
“Aero is a premium Nigerian legacy brand, and I am determined to ensure that this airline continues to serve the Nigerian market efficiently, reliably and with its safety record intact.”
Following a high court order obtained by Asset Management Corporation of Nigeria, (AMCON), a Receiver Manager Representative, Tunde Fagbemi of Springfountain was appointed February 5, 2016 to begin the process of turning around the Aero Contractors with a view to handing over to a substantive CEO.
General News
Taraba Adopts Electronic Case Management System
Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.
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The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.
Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.
Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.
He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.
Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.
He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.
Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.
He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.
The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.
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.
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