News
FX Backlog: CBN Concludes Payment of All Verified Claims By Airlines
The Central Bank of Nigeria (CBN) has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country.
The Central Bank of Nigeria (CBN) has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country.
The final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, effectively clearing all verified claims within the sector.
“The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines,” confirmed Mrs Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, on Tuesday.
This development underlines the CBN’s commitment to resolving outstanding FX obligations across all sectors. Mrs. Sidi Ali emphasized that Governor Olayemi Cardoso and his team are “doubly committed” to clearing the entire backlog and restoring confidence in the market. The airline sector payment signifies a major step towards achieving this goal.
Beyond settling existing debts, the CBN is actively working with stakeholders to enhance liquidity within the FX market, aiming to alleviate pressure on the Naira. Mrs. Sidi Ali expressed optimism that the latest injection of $64 million will positively impact the market. However, she cautioned against speculative practices and urged market participants to maintain responsible behaviour.
“While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira,” the CBN statement reads.
To secure long-term stability, the CBN seeks public support for its foreign exchange market reforms. Mrs. Sidi Ali called upon Nigerians to back these efforts, emphasizing the bank’s dedication to promoting orderliness and professional conduct. This, she explained, will allow market forces to determine exchange rates naturally, leading to a more sustainable and efficient system.
The tensions with the Emirates stand as a stark reminder of the broader challenges at play. The airline’s brief suspension highlighted the significant impact the FX backlog can have on passenger traffic and the aviation industry. Addressing Emirates’ specific concerns, along with those of other airlines, will be crucial to preventing future disruptions and ensuring seamless air travel connectivity for Nigeria.
To secure long-term stability, the CBN seeks public support for its foreign exchange market reforms. Mrs. Sidi Ali called upon Nigerians to back these efforts, emphasizing the bank’s dedication to promoting orderliness and professional conduct by all participants. This, she explained, will allow market forces to determine exchange rates naturally, leading to a more sustainable and efficient system.
The CBN’s settlement of airline debts and its commitment to address the broader FX backlog offer a glimmer of hope for restoring confidence in the Nigerian foreign exchange market. However, addressing concerns, fostering greater transparency, and collaborating with stakeholders, including airlines like Emirates, will be crucial for repairing strained relationships, preventing future disruptions, and achieving full market recovery.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
News
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
-
News2 days agoPanic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
-
Breaking News2 days agoCorruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
-
Politics2 days agoRivers Crisis: Full List Of 8 Misconduct Allegations Against Governor Fubara
-
News1 day agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
-
News1 day agoYour Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
-
News20 hours agoHow Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
