News Africa

Nigeria blocks foreign airlines from repatriating about $744 million – Report

“For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world,” IATA said in a letter to the Minister of Aviation Hadi Sirika, according to the newspaper. The amount owed has risen from $464 million in July last year.

Foreign airlines have cut the number of seats available for sale in Nigeria and frequency of flights in a bid to slow the rising debt burden, IATA said.

The central bank in Africa’s biggest economy rations dollars to preserve its foreign exchange reserves, which have come under pressure from slumping oil production. Foreign airlines sell tickets in local currency, but are unable to get the dollar equivalent through the central bank.

Emirates Airlines halted flights to Nigeria last August due to challenges in repatriating funds.

 

Source: Bloomberg

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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