Business
Air Peace Distances Itself from Ajaero’s Arrest
Air Peace has clarified its position regarding the arrest of Joe Ajaero, the National President of the Nigerian Labour Congress (NLC), by the Department of State Services (DSS), stating that the airline is not involved in the recent actions taken against him.
In a statement released by Air Peace spokesperson, Omotade Makinwa, the airline acknowledged that it had initially filed a petition against Ajaero in September last year after its operations were disrupted by the NLC in Owerri. However, Makinwa emphasized that the dispute was resolved amicably, and the airline had withdrawn its petition well before Ajaero’s arrest.
Makinwa explained that the Nigerian Police chose to act on the original petition, leading to the recent arrest. Despite this, Air Peace expressed concern over the negative publicity surrounding the incident, reiterating that it does not reflect the current relationship between the airline and the NLC.
“We express deep concern over recent media reports regarding the arrest of the President of the Nigeria Labour Congress (NLC) in connection to a petition filed by the airline in September 2023. This development, which has led to negative publicity, does not reflect the current relationship between Air Peace and the NLC,” the statement read.
The statement further clarified that the initial petition was filed in response to a disruption of Air Peace’s operations by the NLC on May 3, 2023, as part of a broader conflict with the Imo State government. Although Air Peace was not involved in the dispute between the NLC and the Imo State government, the airline suffered significant financial losses and service disruptions as a result.
Despite these challenges, Makinwa reiterated that Air Peace and the NLC have since moved past the incident, highlighting the positive working relationship that now exists between the two organizations.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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