General News
Demonstration Flight Hours Cost Airlines N36m for AOC Acquisition
Aviation experts in Finum Aviation Services have decried the estimated sum of N36 million spent by airlines in sponsorship for the fifty demonstration flight hours in the course of Air Operators Certificate (AOC) acquisition.
Aside that, experts at Finum believe that the process of (AOC) acquisition has and is perhaps still been seen as a task by those in the industry and by greenhorn investors from outside the sector.
Speaking at the 2nd memorial lecture in honour of Engr. Zakari Musa Haruna held at the NCAA annex, Lagos, Sheri Ayuba Kyari, managing director of Finum Aviation Services, said that the cost of fuel worked out by them shows that an average of Thirty Five or Thirty Six Million Naira is being expended by airline sponsors for the fifty demonstration flight hours in the course of AOC acquisition.
He said that FAS feel such sum can be reduced drastically to only five hours without passengers while ninety five hours can be done while carrying passengers.
According to him, this will reduce cost and the airlines can be made to use a large amount for the training of crew and engineers, et cetera.
To lead us in this task will be no other person than our amiable Guest Speaker, Mr. Gbenga Olowo, President, Sabre (WA), a man with a wealth of experience in airline management, marketing and economy.
He said, “This year, we are looking at the complex processes of acquiring the Nigerian Civil Aviation Authority (NCAA)’s Air Operators Certificate (AOC). The process has and is perhaps still been seen as a task by those in the industry and by greenhorn investors from outside the sector. Today we will all try to contribute to finding a middle of the road approach and open our industry for expansion in order to absorb the teaming young population dotting our airports in search of jobs.
“We at Finum will like to start by congratulating the Federal Government for proceeding with the award of contract for the construction of the second runway at the Nnamdi Azikiwe International Airport; Abuja almost thirty five years after the only run was commissioned. With the incident of the Saudi airline last year which caused the runway to be close for eighteen hours and the closing of the runway for maintenance this year clearly shows the need for that facility – second runway.
“The next facility that is of dire need today is a maintenance centre capable of handling all the commercial airliners in the country that require heavy maintenance. The absence of this asset is encouraging capital flight and this song has been sung for too long to the stage that the music is losing its flavor.
“We will however continue till sing it till the tune actually loses it meaning, if it will. This is a facility that can be taken up by private investors but the fear of policy inconsistency is the order of the day. Government therefore, must provide guarantee and assurances to investors either by getting involved or providing a conducive environment for investors.
“Our airports need to raise the level of security in view of the sporadic bombing of public places in the country. And since airports are also public places, we have a duty to use technology for surveillance of secured environments around the airports.
“Undoubtedly, we need to increase the level of security awareness and employ latest technology to scan the airports to keep air travelers, workers and infrastructures safe and secure.
“Unemployment of pilots, engineers and other cadre of aviation workers is still an issue and last year we were told over two hundred young pilots were without work and similar situation is befalling others. We need to open up the industry for more investors and give these young ones an opportunity to achieve their aspirations.
“All bottle necks for investors should be removed and allow serious investors whether domestic or foreign to buy into aviation. This will also pave way for more jobs and even consultants to thrive.
“Aviation professionals have indeed failed the industry by the continuous bickering without coming together to find a way for a smooth management of the industry. Whether those in employment or the retired ones. There is no document forwarded to any minster of aviation by the totality of industry professionals.
“A document that has the input of Air Traffic Controllers, Meteorologists, Cabin Crew, Engineers, etc., itemizing priority areas, rather it is individuals that send proposals and use polarizing sentiments such as ethnicity, religion or regionalism to direct whoever happens to be Minister or chief executive. We are Finum, pray that we will find a cause to unite and present a common position for the benefit of the industry and the nation.
“The last thing on our mind is the protracted case of the Nigeria Airways ex-workers. The professionals and the other highly placed persons in the industry have failed to support in the fight for them to have their pensions paid.
“This is unfair and we believe that it is time for all groups to act and assist these ex-workers to secure what belongs to them, not as a gift, but as a constitutionally and legally endowed right for being government workers”.
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.
AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.
Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.
Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.
AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.
According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.
The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.
However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.
Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.
L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.
The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.
In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.
The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.
At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.
“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”
Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.
The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.
The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.
The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.
Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.
As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.
The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.
Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.
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