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Daily Business News Brief – July 29th, 2022


Stakeholders Decry Economic Loss to Exporting Nigerian Goods by Road as Against Airfreight – Thisday
Stakeholders in the aviation industry have expressed concern over the huge economic loss of exporting Nigerian goods to other countries by road, instead of airlifting such goods from airports across the country.   According to them, the objective of the federal government to promote non-oil exports and strive to have balance of trade by improving exports of perishables and other products may not be realised, due to avoidable obstacles that make it very difficult to airfreight made-in-Nigeria goods…..Read More

4.7 million get SIMs after FG’s call ban – Punch
Four million, seven hundred and sixty-nine thousand, six hundred and eighty-five million subscribers have gotten Subscriber Identity Modules since the Federal Government barred outgoing calls from SIMs that have not been linked to their National Identification Numbers. This is according to new subscriber data from the Nigerian Communications Commission. When the Federal Government barred lines that were not linked to their NINs in early April to enforce its SIM-NIN policy, there were about 199.20 million subscribers connected to the national network…...Read More

78,549 aggrieved contributors dump PFAs, transfer N227.2bn – Punch
Displeased workers under the Contributory Pension Scheme who dumped their Pension Fund Administrators for others rose to 78,549 as of the end of the second quarter of 2022, figures obtained from the National Pension Commission have revealed.  Figures obtained from PenCom on ‘Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators’ showed that the contributors transferred N226.98bn to new PFAs of their choice.  In the latest report, the pension industry regulator disclosed that 14,821 RSA holders dumped their PFAs and transferred N50.22bn to other pension companies in the second quarter of 2022…….Read More

Domestic Carriers Struggling to Survive Despite High Cost of Operation – Thisday
T At the Air Transport Service Senor Staff Association of Nigeria (ATSSSAN) secretariat, located at the Concord area of the Murtala Muhammed International Airport, Lagos, there was no rumbling noise of aircraft taking off overhead the building.  The building, which also houses the secretariat of the League of Airport and Aviation Correspondents (LAAC) is at the flight route of Runway 18L, which is the domestic runway. Immediately aircraft takes off from the runway, it flies above the building in seconds. But recently, the aircraft take off sound has reduced, an indication that flight has also reduced. In the past at least aircraft takes off every 10 minutes, but that is no more in recent times. …Read More

Shell Posts Record Quarterly Profit of $11.5bn, TotalEnergies $9bn – Thisday
Shell has launched a $6 billion share buyback scheme after posting its best profit for a second consecutive quarter as high energy prices and refining margins generated bumper earnings for the world’s oil and gas majors.  Europe’s largest oil company’s adjusted earnings, the profit measure most closely tracked by analysts — rose to $11.5 billion in the second three months of the year, breaking the record $9.1bn posted in the first quarter.…..Read More

Customs Intercepts Smuggled Rice, Tramadol Worth N7bn – Daily Independent
The Comptroller General of Customs, Strike Force, Zone A, of the Nigeria Customs Service (NCS), has announced that it intercepted N7billion worth of contraband smuggled into the country from neighboring countries between January to June 2022.  In a chat with newsmen in Lagos, the Coordinator, Strike Force Unit, DC Mohammed Yusuf, said four suspects were arrested in connection with the smuggled items……..Read More
fake richard mille
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