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NAHCO Targets $500m Investment FTZ

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(L-r): Benjamin Okewu, national president, Air Transport Services Senior Staff Association Of Nigeria (ATSSSAN), Suleiman Yahyah, chairman, Board of Directors, Nigerian Aviation Handling Company Plc, (Nahco Aviance) and Oludaisi Akinbogun, Nahco Aviance\'s branch chairman  of ATSSSAN at the national executive council meeting of the ATSSSAN held in Ogun State recently.
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National Aviation Handling Company (NAHCO) Plc, said that it targets nothing less than $500 Million investment to the nation’s economy within five years through the establishment of Free Trading Zone (FTZ) at the Murtala Muhammed Airport Lagos.

Mallam Suleiman Yahyah, chairman of the Company, according to Nigerian Commercial Aviation News, at the national executive council meeting of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) in Ogun State.

Yahyah said when the Free Trade Zone is fully operational, it would create employment opportunities for quite a number of Nigerians and the economy would surely feel the impact of the operation of the FTZ.

The Nahco Aviance Chairman who reiterated the importance of making Lagos the aviation hub in the West Africa sub-region reiterated that the failure to do so would be devastating in the next few years.

He explained that both Senegal and Cote d’ Ivoire are making good progress towards developing their aviation infrastructure and that soon, any of these may be designated the West African hub.

The implication of such designation is that Nigerians, in the future, may need to fly to Dakar or Abidjan to sleep over before boarding a flight to a major European capital.

 He noted that to develop the aviation sector in Nigeria to meet up with world standard, Nigeria needs to invest a minimum of $10 Billion.

According to him, an airport which Nigeria should designate as a hub should be able to handle about 25 million passengers annually.

 Nigerian Commercial Aviation News, reported that he applauded the unique advantages of Lagos as a capital which connects to major world capitals in five to six hours.

Yahyah also pointed out that there is also the need to develop the soft infrastructure of the aviation sector.

He emphasized the need for the development of the human capital resource of the aviation industry while warning that “We should not jeopardize our Category 1 status.”

He commended the maturity of ATSSSAN in tackling issues in the sector adding that the aviation industry cannot survive a strike especially at this time when the security infrastructure of the country is undergoing severe stress.

In his remarks at the occasion, Mr. John Chuks Onyegiri, director of Operations, Nigerian Airspace Management Agency (NAMA), observed that ground handling companies are a very important part of operations in the airport.

While also noting that training is key in the sector, Onyegiri added that the task of managing the air space safely is made more difficult by operators in the sector who fail to pay for services rendered. “The attitude of people wanting free service and yet refusing to pay for such a service would not help the industry.”

On his part, Comrade Benjamin Okewu, national president of ATSSSAN, said that while the supervising Minister of Aviation may be doing a yeoman’s job, the industry needs the full attention of a substantive Aviation Minister.

According to him,: “Our members are presently disturbed and agitated by the plan of the Federal Government to merge three agencies of the Ministry of Aviation, NCAA, NAMA and NIMET. As we have profusely stated in our various public engagements in the media, petitions and appeals to pertinent authorities, this proporsed merger grossly violates the principles, letters and spirits of standards as prescribed by International Civil Aviation Organisation (ICAO) conventions and protocols. It is logitcal to perceive that if a regulatory agency like NCAA and a service provider body like NAMA are bundled into a single organization, the aviation industry would most likely become a bedlam of confusion.”

 


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EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

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Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.

EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

Tunde Ayeni, former chairman of defunct Skye Bank Plc,

This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.

He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.

Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.

Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.

Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.

About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.

The EFCC is expected to file charges once the investigation is concluded.


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Summit Factory Opens in Ogun, Targets Hygiene Market Expansion

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L-r: Sadiq Ali, General Manager, Summit Household Solutions Limited; Oba Abdulakeem Odunaro, Onikotun of Otun, Ota; Hon. Wasiu Adewale Lawal (FCA), Executive Chairman of Ado-Odo/Ota LGA; Mr Kehinde Akintomide, Permanent Secretary, Ministry of Commerce, Trade and Investment, Ogun State; and Mojeed Maaradesa, Manufacturing Manager, during the commissioning of the ultra-modern factory by Summit Household Solutions Limited in Ota on Thursday.
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Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.

The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.

Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.

He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.

Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.

In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.

He also revealed that the company is preparing to introduce new home and personal care products later this year.

Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.

Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.

Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.

The special guests were conducted around the facility, and the programme was concluded with a luncheon.

 


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US Freezes $344m in Crypto Linked to Iran in Major Crackdown

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The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.

US Freezes $344m in Crypto Linked to Iran in Major Crackdown

The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.

U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.

Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.

A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.

Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.

The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.

Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.


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