General News
Global easing builds momentum but will CBN jump aboard?

By Lukman Otunuga, Senior Research Analyst at FXTM,
A growing sense of unease and trepidation over how badly the coronavirus outbreak will hit the global economy has left financial markets on edge.
Central banks across the world are pulling the trigger monetary easing to shield their respective economies from the virus outbreak with the Bank of England (BOE) joining the ranks on Wednesday. In a move that caught investors off-guard, the BOE launched its first emergency interest rate cut since the financial crisis.
However, the central banks’ unanimous decision to cut interest rates by 50 basis points is more symbolic, as lower interest rates are unlikely to encourage companies to invest or households to save less amid the health crisis. Given how the widening coronavirus outbreak is set to trigger more supply-side shocks, fiscal policy measures could act as a temporary pain reliever before a cure is found.
With the Federal Reserve, Bank of England and other global central banks cutting interest rates, the European Central Bank is expected to join the team on Thursday with a 10-basis point cut.
At this point, the Central Bank of Nigeria (CBN) is unlikely to cut interest rates despite the wave of global easing. The plunge in oil prices has certainly placed Africa’s largest economy on a perilous path filled with uncertainty and danger. WTI Crude and Brent are both trading over 45% lower since the start of 2020, which will most likely hit Nigeria’s foreign exchange reserves and raise speculation around a possible Naira devaluation.
It does not end here. The 2020 budget set the benchmark for Oil at $57 with an Oil revenue goal of N2.64 trillion. Nigeria’s Finance Minister Zainab Ahmad has said that the country would be cutting down on its budget thanks to the sharp decline in Crude Oil prices.
As the MPC meeting looms, investors are questioning what steps the CBN can take to support Nigeria’s fragile recovery. With inflation rising for five consecutive months to 12.13% in January, the CBN could go against the grain by enforcing an interest rate hike if consumer prices accelerates in February.
General News
NCAA Orders Airlines to Enforce $10,000 Currency Declaration Rule

The Nigeria Civil Aviation Authority has ordered all international airlines flying into Nigeria to enforce the $10,000 currency declaration rule.
The authority said the rule is required for passengers to declare cash or negotiable instruments above the limit, as part of efforts to strengthen anti-money laundering compliance.
According to the NCAA, the directive, referenced as NCAA/CPD/ABV/298, dated 24 April 2025 seeks to address gaps in the enforcement of existing currency declaration obligations for inbound passengers.
This was announced in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, via his official X account on Tuesday.
“International carriers must take two key actions, which include “Make inflight or pre-landing announcements informing passengers of their legal obligation to declare any currency or Bearer Negotiable Instruments exceeding $10,000 USD or its equivalent upon arrival in Nigeria.
“Distribute currency declaration forms onboard for passengers to complete before landing. The NCAA has received reports indicating that some airlines are yet to comply with this directive”, the statement read.
The NCAA said these requirements are consistent with international best practices and are vital to preventing the illegal movement of large sums of money across borders.
The Authority warned that full cooperation from international airlines is essential, saying, “Please note that the cooperation of all international airlines operating in Nigeria is critical to supporting the country’s efforts to align with global financial standards.”
Accordingly, the authority emphasised that full implementation of this directive, particularly as it concerns inbound passenger declarations, is of utmost importance.
“Compliance will be closely monitored, and non-compliant airlines will face appropriate sanctions,” it added.
General News
Appeal Court Nullifies Registration of ‘KPMG Professional Services’

The court of appeal in Lagos has asked the Corporate Affairs Commission (CAC) to revoke the certificate of registration of “KPMG Professional Services”.
In a unanimous decision delivered on Thursday, the appellant court granted the reliefs sought by KPMG Nigeria against CAC and KPMG Professional Services.
The judgment was read by Abdullahi Mahmud Bayero, the judge.
The two other judges are Abimbola Obaseki-Adejumo and A.M. Talba.
In 2002, KPMG Professional Services was registered as a company with CAC despite the existence of KPMG Nigeria, comprising its audit, tax, and consulting arms.
The KPMG Nigeria has long been registered in Nigeria before 2002.
KPMG Audit was registered in 1969, KPMG Tax Consultants in 1990, and KPMG Consulting in 1969.
Displeased with the registration of KPMG Professional Services, KPMG Nigeria approached the federal high court.
The consulting firm had argued that the name “KPMG Professional Services” was deceptively similar to its long-established identity.
In 2005, the lower court dismissed KPMG Nigeria’s case, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as reason the company could no longer assert rights to the name.
The lower upheld the second respondent’s (KPMG Professional Services) counterclaim and ordered that KPMG Nigeria’s name be struck off the CAC register.
The lower court had premised its decision on newspaper articles stating that KPMG Nigeria reportedly merged with Akintola Williams Deloitte.
Delivering the judgment, Bayero ruled that the lower court erred by relying on newspaper articles to ascertain that KPMG Nigeria allegedly merged with another company.
The judge said the documents showing the alleged merger were not presented before the lower court, and the form of the alleged merger could not have been known.
“In any event, the only branch of KPMG, if any, that entered into a merger with Akintola Williams as stated in the newspaper articles 18, is KPMG Audit,” the judge ruled.
“The other spheres were totally unaffected. It would therefore be wrong to state that the merger (which has not been shown to this Court) of KPMG Audit with Akintola Williams means all the other areas of business, including KPMG Consulting and KPMG Tax Consultants, also ceased to exist.
“Even if the Appellants (KPMG Nigeria) had ceased to do business as the Court seemed to have held, the 2nd Respondents (KPMG Professional Services) should not have been carrying on business until the Appellant’s certificate of registration is withdrawn or set aside.
“They cannot use the name until the Appellant’s certification of registration is withdrawn or set aside. They cannot use the name until the name is removed from the 1st Respondent’s (CAC) Register of Names.
“The 1st Respondents can only assign the name to the 2nd Respondents after first taking it away from the Appellants.”
The court ruled that CAC erred by registering KPMG Professional Services despite the existence of a business name, which is already registered.
The judge reversed the earlier ruling of the lower court and reaffirmed the primacy of statutory protection for existing business names under Nigerian corporate law.
General News
Air Peace Launches Abuja–London Heathrow, Gatwick flights October 26

Air Peace has announced the launch of direct flights from Abuja to London Heathrow and Gatwick airports, with operations scheduled to begin on October 26, 2025.
The airline said in a statement on Sunday that round-trip fares for the Abuja–London service will start from N1m, making it the first Nigerian carrier to offer direct connections from the capital to both of London’s major international airports. This was contained in a press release issued on Sunday by the airline’s spokesperson, Efe Osifo-Whiskey.
“Direct international flight services from Abuja to both London Heathrow and London Gatwick Airports, effective October 26, 2025.
“Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports, further solidifying its role as a leader in regional and intercontinental aviation.
“Travellers originating from any of Air Peace’s domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks,” the statement read.
Similarly, the new route opens convenient access for inbound passengers from the UK to cities across Nigeria.
“Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later,” Osifo-Whiskey stated.
Air Peace is also offering what it describes as unprecedented value in pricing and service.
Osifo-Whiskey said, “It provides a distinct competitive advantage, enabling passengers to travel between Nigeria and the United Kingdom with greater ease, efficiency, and value, due to the possibility of choosing multiple cities entry and exit points.
“Has the cheapest fares ever, starting from only 1 Million Naira round trip. Huge baggage allowance.”
The Abuja–London launch comes months after the airline began Lagos–London Heathrow flights, which started earlier in 2024.
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