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Visa on Arrival Paying Off in Nigeria



  • Visa on Arrival Paying Off in Nigeria

Nigeria’s Visa on Arrival (VOA) policy has increased the influx of tourists as well as facilitated ease of doing business in the country.

Mr Muhammad Babandede, Comptroller General of the Nigeria Immigration Service (CGIS), said on Thursday: “The VOA Policy has boosted influx of tourists into the country; people do visit the country now, because the policy has made the acquisition of visa very simple and easy.’’

Babandede made the observation in his presentation entitled “Encouraging Tourism in Nigeria: Role of Nigeria Immigration Service’’ at the fourth Nigeria Tourism Investors Forum and Exhibition (NTIFE) in Abuja.

NTIFE is an annual meeting organised by Federation of Tourism Associations of Nigeria (FTAN) to attract relevant stakeholders and chart a way forward for the tourism sector in the country.

The theme for the two-day forum and exhibition is “Infrastructure and Security: Catalysts for Sustainable Tourism Development”.

“Visitors and tourists now come into the country and get their visa within 48 hours and go to patronise hotels and get involved in other leisure activities’’.

Babandede, who was represented by an Assistant Controller General, Caroline Adepoju, said that the VOA had resolved the naughty issue of having to return to one’s country of residence before applying for visa.

He explained that businessmen, tourists and visitors could apply for the visa from any part of the world.

According to him, the VOA has facilitated ease of doing business in Nigeria, eliminated unnecessary human contact which can encourage corrupt practices and elimination of error in visa classification.

“As a leading agency responsible for migration, the importance of encouraging tourism to the Nigeria Immigration Service cannot be over emphasised.

“In other to encourage international tourism, the service has taken various measures which include contributing to national security through taking seriously issues of border patrol and security.

“Our personnel are trained in `host-manship’ to engender a friendly atmosphere for migrants, tourists and visitors and the personnel are expected to treat people with courtesy.

“The issue of multiple clearance procedures in our ports of entry has been addressed by collaboration with sister security agencies such as Port Health and Nigeria Customs.

“ Check points along our ways from International Border routes have been dismantled and our personnel have been directed to do more of border patrol because this allows for easy movement,’’ he said.

The Immigration boss also urged groups, government agencies and corporate orgainsations who invited persons from outside the country to always inform the service ahead of their arrival.

“It will assist us to provide dedicated desks to facilitate easy and effective clearance of the invited persons at our entry points,’’ he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper



flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

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African Airlines Projected to Cut Losses to $400m in 2024, Says IATA



Ethiopian AIrlines

The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.

The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.

IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.

The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.

Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.

Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.

IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.

However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.

He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.

Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.

Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.

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Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks



SpaceX- Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

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