JUNE 13, 2023

(Bloomberg) -- Foreigners are flocking to New Zealand in record numbers after the nation loosened immigration rules to plug labor shortages.

A record net 98,391 non-New Zealand citizens arrived in the year through April 30, while 26,061 citizens departed, Statistics New Zealand said Tuesday in Wellington. That saw net immigration rise to 72,330, the biggest annual gain since July 2020 and up from a revised 65,755 in the 12 months through March.  

New Zealand urgently needs a range of workers, from nurses and doctors to mechanics, engineers and construction staff, to ease labor shortages that became acute when the border was shut during the Covid-19 pandemic. The nation’s central bank said last month that the immigration surge reflects pent-up demand and should soon start to wane.

“This is a positive sign that we are getting the workers our economy needs,” said Immigration Minister Michael Wood. “We know that many industries have been calling out for workers as the global labor shortage bites, and we want our immigration settings to be responsive to that.”

While the influx could reduce upward pressure on wages, it may also fuel demand for goods and services, leaving its impact on inflation unclear.

In the month of April, net immigration slowed to 5,785 from more than 13,000 in each of the two previous months. Economists suggest that is a sign of an approaching peak in arrivals.

“The data signals a sizable desire to move to our corner of the world,” said Mary Jo Vergara, senior economist at Kiwibank in Auckland. “We may see a continued increase in non-New Zealand migrant flows ahead, but we think we’re nearing peak load.”

The Reserve Bank, which brought an end to its rate-tightening cycle in May, said it will continue to assess incoming data including the mix of immigrants. They include workers in the country for as little as two years but also those with families who settle and buy houses.

“It’s that kind of mix that you need to have an understanding of, and immigration data has historically been quite volatile as well,” Assistant Governor Karen Silk told Bloomberg in an interview last month.  

In the year through April, there were 144,263 non-New Zealand citizen arrivals offset by 45,872 non-citizen departures.

The level of non-citizen arrivals is higher than the 60,200 average in the five years prior to April 2020, the statistics agency said.

(Updates with economist’s comment in seventh paragraph)

JUNE 13, 2023

MAIDUGURI, Nigeria, June 13 (Reuters) - At least 50 people drowned and several others were missing after an overloaded boat capsized in Nigeria's north central region, residents and state officials said on Tuesday.

The wooden boat was ferrying people across a river to Kwara state after a wedding ceremony in neighbouring Niger state when it capsized on Monday night, local residents said.

It was not immediately clear how many people were in the boat, but Kwara state government in a statement said the people were from five villages and rescue efforts for possible survivors were still underway.

The statement said the Kwara state governor commiserated with the people "on the devastating news of a boat mishap in which dozens of people were feared killed and many others still missing."

A Kwara state police spokesperson could not be reached for comment.

Fearing abductions by armed gangs on the roads, some Nigerians use boats to travel to nearby locations. However, overcrowding and poor maintenance is responsible for most boat accidents on Nigerian waterways.

Reporting by Ahmed Kingimi; Writing by MacDonald Dzirutwe; Editing by Bill Berkrot

JUNE 16, 2023

(Bloomberg) -- Restless Americans fueling white-hot demand for travel caught a break last month thanks to lower prices for airline tickets and rental cars.

In May, airfares in the US fell 13% from a year earlier, the largest decline since March 2021, according to figures released by the US Bureau of Labor Statistics on Tuesday. Prices for rental cars and trucks sank 12%, the most since May 2020 when the pandemic drastically curtailed travel. 

Airlines had slashed prices to court leery travelers during the pandemic-era flying trough. The easing of Covid restrictions last year led to a rebound in travel — and prices — but flight costs are now comparable to what consumers paid a decade ago, according to United Airlines Holdings Inc. Chief Executive Officer Scott Kirby.

“We’re just coming back to normalcy in pricing. The pandemic years were the aberration,” Kirby said Monday in an interview. “I think this is the new normal for travel.”

Airfare declines came amid a broader slowdown in the pace of inflation, with the consumer price index decelerating to 4% in May, the slowest rate of price hikes in more than two years.

Despite seeing some relief in the cost of getting places, travelers had to pay more to stay there. The price of hotels in May rose 3.7% year-over-year, according to BLS data.

(Updates with United CEO’s comments in third and fourth paragraphs.)

JUNE 18, 2023

* Hundreds of intending pilgrims stranded at Lagos Airport as Arik Air fails to provide aircraft

BY  Chinedu Eze

Nigeria has appealed to the Saudi Arabian Government to increase its Hajj Pilgrims’ quota, in view of the increase in demand for Hajj seats from Nigerians wishing to undertake the religious journey.

This came as hundreds of intending pilgrims to Saudi Arabia were stranded yesterday at the Murtala Muhammad International Airport, (MMIA) Lagos, as the indigenous carrier, Arik Air, failed to provide aircraft to airlift them to the holy land. Nigeria’s Ambassador to Saudi Arabia, Alhaji Yahaya Lawal made the assertion during an interview at the meeting of Organisation of Islamic Cooperation (OIC) in Jeddah.

Lawal said at present Nigeria is the fourth or fifth country with the largest number of pilgrims that participate in Umrah and Hajj exercises in the Kingdom, year in, year out.

The envoy further reiterated his earlier advice to Nigerian Pilgrims to be good ambassadors of their country and religion by being law-abiding and respecting laid down rules and regulations for ease of interaction while in the Kingdom of Saudi Arabia for the Holy and Spiritual Pilgrimage. He enjoined Nigerian pilgrims to make maximum use of Allah’s given opportunity to maximise their temporal and spiritual benefits of the Hajj exercise. Lawal also called on the pilgrims to diligently utilise facilities put in place to ensure their comfort, well-being and ease of performing the Hajj rites and other religious activities.

Meanwhile, hundreds of intending pilgrims to Saudi Arabia were stranded yesterday at the MMIA in Lagos, as the indigenous carrier, Arik Air, failed to provide aircraft to airlift them. The affected intending pilgrims were those scheduled to be carried by the private tour operators under the aegis of the Association of Hajj and Umrah Operators of Nigeria (AHUON).

Some of the tour operators had booked Arik Air, one of the airlines approved by the National Hajj Commission of Nigeria (NAHCON) for the airlift of pilgrims to the Holy Land. But when the travellers came to the airport as scheduled, the airline did not provide aircraft. Consequently, the would-be pilgrims started protesting against the delayed airlift at the international wing of the airport and the airline’s head office at the General Aviation Terminal (GAT) located at the domestic wing of the airport.

Arik Air was allocated pilgrims from AHUON and the airline was to airlift pilgrims from Lagos, Kano, and Abuja zones. The delay due to the non-availability of aircraft has stirred fears that most of the affected intending pilgrims might miss the Hajj as the deadline for the arrival of intending pilgrims to Saudi Arabia draws near.

The deadline would be marked by the closure of Saudi Arabia’s airspace. By noon yesterday, hundreds of the intending pilgrims were still stranded at the MMIA where they have been sleeping for the past four days, awaiting their airlift. One of the intending pilgrims told journalists that some of them who were to be airlifted since June 14 were still at the airport. They have been sleeping in the mosques and other open places around the international airport and the airport facilities are said to be overstretched with the departure hall crowded.

 But reacting to the action of the passengers, Arik Air in a statement signed by PR and Communications Manager, Adebanji Ola, said the National Hajj Commission of Nigeria selected Arik Air as the carrier to work with the tour operators for this year’s hajj exercise, adding that the airline has already airlifted 374 passengers since it commenced the airlift of pilgrims in both Abuja and Lagos on Wednesday, June 14, 2023.

He disclosed that the airline was allocated about 10,000 pilgrims spread across Abuja, Lagos, and Kano states. “We commenced the airlift of pilgrims in both Abuja and Lagos on Wednesday, June 14, 2023, and we have carried 374 passengers to date. The issues involved in the smooth operation of the airlift are currently being addressed by all parties involved; Arik Air, NAHCON, and the tour operators. We hereby assure the pilgrims that as soon as we resolve the issues within the next 24 hours, the airlift will resume simultaneously in Abuja, Lagos, and Kano. We appeal for the understanding of all concerned and apologise for the inconvenience the slow pace of airlift may have caused the intending pilgrims and all the parties involved,” the statement explained.

JUNE 18, 2023

By Tina Abeku, Abuja

Acting Comptroller General of the Nigeria Immigration Service (NIS), Caroline Wura-Ola Adepoju, has declared a state of emergency on Passport issuance to address challenges faced by Nigerians in obtaining the document.

Making the announcement via a statement signed by the Public Relations Officer (PRO) of the Service in Abuja, Adepoju said the declaration became necessary to emphasise the urgent need to address the challenges through a comprehensive plan of action.

The statement added: “The state of emergency declaration on Passport issuance signifies the renewed commitment of NIS to resolving the challenges faced by Nigerians seeking to obtain passports.

“It represents a call to action for all stakeholders to prioritise efficiency, transparency and excellence in service delivery.

“Adepoju had earlier directed all Passport Control Officers (PCOs), relevant units and personnel within the NIS including our Missions abroad to work tirelessly towards eliminating all hindrances preventing Nigerians from accessing Passports promptly. The NIS is leveraging technology and instituting robust administrative measures to enhance the Passport application and issuance process.

“The Ag. CGI urges all Nigerians to remain patient and cooperate with the NIS as it takes decisive steps to address the Passport crisis. She assures the public that efforts are being made to ensure that every eligible Nigerian who requires a Passport can obtain one in a timely manner.”

The acting CGI, who visited Lagos recently, had inaugurated a state-of-the-art Visa on Arrival Lounge at the Murtala Mohammed International Airport to demonstrate her commitment to improving the overall travel experience for visitors entering Nigeria.

Adepoju had also paid an unscheduled visit to the Alausa Passport Office for an on-the-spot assessment of the situation.

At the palace of the Oba of Lagos, Oba Rilwan Akiolu, whom she also visited, the immigration boss stressed the importance of collaboration and community engagement in raising awareness about the menace of human trafficking.

She called for the cooperation of traditional rulers in initiating joint efforts to combat the malaise.

JUNE 18, 2023

PARIS, June 16 (Reuters) - Binance is under preliminary investigation for illegal canvassing of clients and money-laundering, the Paris prosecutor's office said on Friday, the latest in a series of setbacks for the world's largest crypto exchange.

The investigation is about "the unauthorised practice of the profession of virtual assets service provider" and "aggravated money-laundering," the prosecutor's office said in a statement.

A Binance spokesperson said Binance had an "on-site visit last week by the relevant authorities" in France. The exchange "was fully collaborative and we met our obligations accordingly," they said.

"Information about our users is held securely and only provided to government officials upon receipt of documented, appropriate justification," the spokesperson added.

Binance and its CEO Changpeng Zhao were charged last week by the U.S. Securities and Exchange Commission (SEC) with 13 offences, including operating an unregistered securities exchange and failing to restrict U.S. customers from its platform. Binance disputes the SEC charges.

Zhao, a billionaire who is one of crypto's most powerful figures, tweeted on Friday in response to a news story on the French investigation, "FUD" - crypto jargon for news perceived as negative. "It's not 'news'," Zhao wrote.

In May last year, Binance said it had registered with France's market regulator, adding it was seeking to open a regional headquarters in France.

A group of French crypto investors filed a criminal complaint against Binance in December, accusing it of misleading the public and promoting its services before it was legally allowed to do so.

Earlier on Friday, the company said it was leaving the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.

Elsewhere in Europe, Binance has applied to be removed from Cyprus' register of crypto asset service providers.

A Binance UK unit, Binance Markets Limited, also asked to be removed from the UK's equivalent Financial Conduct Authority (FCA) register. It was removed on May 30, leaving Binance with no authorised entities in the UK, the FCA's website said.

Reporting by Benoit Van Overstraeten in Paris and Tom Wilson in London Additional reporting by Elizabeth Howcroft in London Editing by Frances Kerry, Jason Neely and Matthew Lewis

JUNE 19, 2023

Arik Air on Monday resumed the airlift of private pilgrims going for this year’s hajj. A total of 413 pilgrims were airlifted from the Murtala…

Arik Air on Monday resumed the airlift of private pilgrims going for this year’s hajj.

A total of 413 pilgrims were airlifted from the Murtala Muhammed International (MMIA), Lagos to Medina, in the Kingdom of Saudi Arabia.

The airline is expected to operate from Lagos, Abuja and Kano simultaneously to clear the backlog of pilgrims going to Jeddah and Medina for the 2023 pilgrimage.

The pilgrims airlifted are those registered with the Association for Hajj and Umrah Operators of Nigeria (AHUON); most of whom have been left stranded at the airport for days.

Arik Air has assured the intending pilgrims that it will endeavour to airlift all of them while also thanking the National Hajj Commission of Nigeria (NAHCON) for its assistance in resolving the issues which led to the initial suspension of the hajj operations.

The airline in a statement by its spokesman, Adebanji Ola appreciated the pilgrims for their understanding and patience.
Daily Trust had reported how pilgrims who were stranded in Lagos stayed protests at the weekend.

JUNE 19, 2023

Arik Air shareholders yesterday called on all parties involved in the on-going probe of the airline by the Economic and Financial Crimes Commission (EFCC) to cooperate to allow the anti-graft agency carry out its duties without interference.

They were reacting to a statement by Mr. Simon Tumba of SY&T Communication for and on behalf of Mr. Kamilu Omokide, the Receiver Manager of Arik Air Limited (in Receivership).

According the shareholder, the statement is laced with falsehood. 

Absolving the management team of any fraudulent activities in the carrier, the receiver manager described the ongoing investigation by the anti-graft agency as a response to a petition initiated by counsel to the founder of the airline, Sir Arumemi Johnson.

But the shareholders said the receiver manager got its fact all wrong. Its reaction was contained in a statement issued yesterday from their Media Office.

The statement reads: “The attention of the shareholders of Arik Air Limited has been drawn to a press statement issued by Mr. Simon Tumba of SYT Communications  for and on behalf of  Mr. Kamilu Omokide, the Receiver Manager of Arik Air Limited (in Receivership).

“In as much as it is not in our character to engage in media disparagement of institutions and persons, we took a considered opinion to clarify certain misstatements and falsehoods in that press release.

“It is public knowledge that Sir JIA Arumemi Ikhide at the instance of AMCON was investigated by the EFCC a day before AMCON forcefully took Arik Air Limited into receivership on 9th February, 2017 on spurious allegations.
“He cooperated with the EFCC and was cleared. Till today, he remains available to honour invitations of the anti-graft agency without hesitation. He neither complained of being bullied by AMCON nor resorted to name-calling.

“It speaks to equity and reasonableness therefore that the ongoing investigations by the anti-graft agency, EFCC, should be respected by all parties and allow to run its course without interference.

“However, we wish to state that before the receivership by AMCON; Arik Air Limited was valued at the sum of $3.7b by the Delloite of London. This valuation is a product of months of forensic review of all assets and visits to all worldwide stations including the Nigerian base by the valuers in 2014.

“While it should be recalled should be recalled that AMCON through an ex parte  order in suit No,  FHC/L/CS/175/17obtained on 8th February in 2017 based upon allegations of indebtedness of Naira 141billion, the sum which is less than 5% of the valuation of the airline.

“In addition, as part of the Arik Air continuous engagement with AMCON over the years, the management of Arik Air led the team of Delloite valuers to present that report to the minister of Finance, the Central Bank, and the management of AMCON in 2014.

“It should be noted that in 2021, Arik Air shareholders, through the airline’s vice chairman, Senator Aniete Okon, made a public demand for AMCON to file the statement of affairs of the company in order for the shareholders to ascertain the state of the alleged indebtedness, but AMCON bluntly refused and resorted to name calling.

“Now, it is interesting that after over 80days  that the federal high court Lagos in suit no FHC/L/CS/1175/2021 ruled on March 31st, 2023, that the Receiver Manager and AMCON  should within 14 days of the judgement file the audited accounts of Arik Air  since receivership ( a period of six years) with the Corporate Affairs Commission (CAC), the receiver manager and AMCON are yet to obey the court order to file that account. In addition, the receiver manager disobeyed the order of court for unfettered access for the shareholders/directors into  the Arik Air offices at the Murtala Mohammed Airport, Lagos.

“That, notwithstanding, upon news of sales of some Arik Air assets and inventory in the international aviation circuit, Arik Air Limited lawyers resorted to private investigations which culminated in a recent petition to the EFCC.

“It should be noted that EFCC visited the Arik Air Headquarters in Lagos  and spent four days for on-site investigation. We therefore plead that all parties restrain themselves from overreaching or meddling with the investigation.

“Consequently, we believe it serves equity and respect that nobody should disparage the anti-graft agency nor fan embers of discord between agencies of government and or persons but encourage them to do their work in the best interest of justice.

“In that regard therefore, we will not comment on any activities of innovative management financing solutions by the receiver manager and the purported sale and or tear down of the CRJ 1000, B737NG and other such aircraft and assets of the airline that are subjects of investigation.

“In the meantime, we have advised our lawyers to properly evaluate all matters relating to third party involvement in the ongoing matter with the intention to appropriately address all issues solely within the remit of the law”.

JUNE 19, 2023

The Sultan of Sokoto and President of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Alhaji Muhammadu Sa’ad Abubakar III, has declared June 28, 2023, as Eid-il Adha or Eid-il Kabir.

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Abubakar III on Sunday night made this declaration in a statement issued by the National Moonsighting Committee (NMC) on its official Twitter page.

The NSCIA president in the statement also declared Monday, June 19 as the first day of Dhul-Hijjah 1444 AH.

“The Sultanate Council Sokoto has declared Monday 19/June/2023 as the first day of Zul-Hijjah 1444 AH,” the statement read in part.

“Accordingly, Wednesday 28/June/2023 will be the day of Eidul Adha 1444 AH.

“His Eminence The Sultan of Sokoto, Alhaji Muhammad Sa‘ad Abubakar, CFR, mni, wishes the entire Muslim Ummah happy Eid-il Adha Mubarak in advance.”

Eid-il-Adha or Eid-il Kabir as it is called is the second celebration in the Hijrah calendar.

The first celebration which is known as Eid-il-Fitr is always used by the Muslim faithful to mark the end of the Holy month of Ramadan.

Meanwhile, during the ten days leading up to the celebration, Muslims are urged to increase their acts of worship and ask Allah for all their hearts’ desires.

Eid al-Adha which is also known as the Festival of Sacrifice, commemorates the Quranic Prophet Ibrahim’s readiness to sacrifice his son to God.

It features the slaughtering of ram(s) by modern-day Muslims all across the Federation.

JUNE 20, 2023

There has been a war of words between the Arik Air management and its shareholders over alleged N120 billion fraud and attendant investigation by the Economic and Financial Crimes Commission (EFCC).

While the management insisted that nothing was amiss and that the fraud petition was a false alarm by “a serial debtor”, the shareholders said that all parties should submit to anti-graft investigation to unravel the mismanagement of assets.

It will be recalled that the Asset Management Corporation of Nigeria (AMCON), Arik Air (in-Receivership), and shareholders of the airline (led by its Chairman, Johnson Arumemi-Ikhide), have been battling over ownership of the airline that AMCON took over in 2017.

The fresh twist to the controversy was due to the sale of a CRJ 1000 aircraft that used to be in the operation of Arik Air, but was deregistered by its foreign owners in 2022. The development has led to a fraud petition and EFCC’s probe of Arik Air.

Receiver Manager, Kamilu Omokide, in a statement, said the petition filed was instigated by Sir Arumemi-Ikhide (the majority shareholder in Arik), allegedly owing AMCON N240 billion as of May 31, 2022.

“The wild allegations of the misappropriation of N120 billion in the petition are manifestly and patently false and amount to no more than well-concocted lies as part of a deliberate campaign of calumny against the Receiver Manager, to abort the ongoing receivership in Arik. Indeed, even on the face of the petition, the claims do not add up to N120 billion. It is made up as a publicity stunt,” Omokide stated.

The petition, he argued, presented a “disingenuous and deceptive portrayal of actions, which are the typical responsibilities and actions of a Receiver/Manager – falsely implying criminal intent. The reality is very different. Instead, the Receiver Manager seeks only to recover for the Nigerian people, monies owed to them by this recalcitrant debtor.”

He said the petition, and as being presented in the media, suggested underhand sales of assets, including a CRJ aircraft, which was only leased by Arik and has been reclaimed by its owners.

Also, the petition suggested a criminal intent in respect of the JV financing of certain wet lease operations. “These JV financings were innovative ways of raising capital due to restrictions on Arik borrowing powers – as it is a company that is technically insolvent and being kept alive only by the magnanimity of AMCON, and Federal aviation agencies.”

Furthermore, the petition raised concerns about the teardown of a Boeing 737-700 aircraft registered as 5N-MJI – which had been abandoned and cannibalised in Malta ever since 2013, by Arik under the then leadership of Sir Johnson, and years before the receivership commenced.

“This was a professionally taken decision on an aircraft that was Beyond Economic Repairs (BER) and stood the chance of being sent to the graveyard by authorities of the relevant airport in Malta. The pre-teardown valuation of the Aircraft by McLarens (a foremost Aircraft valuation company) valued the Aircraft at $1.5 million. This was, however, seized by Lufthansa Technik over Arik’s indebtedness incurred pre-receivership.

“All patriotic Nigerians should be deeply concerned by the influence peddling of a recalcitrant debtor to instigate security agencies against a public-interest receivership. The desperate resort by Sir Arumemi Johnson to all forms of bullying, ‘shake down attempts’ and other underhand tactics is pitiful,” he stated.

But in a reply, the Media Office of the Arik Air shareholders said they were not new to EFCC investigations and had consistently been found clean.

“It speaks to equity and reasonableness, therefore, the ongoing investigations by the anti-graft agency should be respected by all parties and allowed to run its course without interference,” the group stated.

They explained that before the receivership by AMCON, Arik Air Limited was valued at the sum of $3.7 billion by the Deloitte of London.

“This valuation is a product of months of forensic review of all assets and visits to all worldwide stations, including the Nigerian base by the valuers in 2014. It should be recalled that AMCON through an ex parte order in suit No. FHC/L/CS/175/17obtained on 8th February in 2017 based upon allegations of indebtedness of N141 billion – the sum which is less than five per cent of the valuation of the airline.

“It should be noted that in 2021, Arik Air shareholders through the airline’s vice chairman, Senator Aniete Okon, made a public demand for AMCON to file the statement of affairs of the company for the shareholders to ascertain the state of the alleged indebtedness, but AMCON bluntly refused and resorted to name calling.

“Upon news of sales of some Arik Air assets and inventory in the international aviation circuit, Arik Air Limited lawyers resorted to private investigations, which culminated in a recent petition to the EFCC. It should be noted that EFCC visited the Arik Air Headquarters in Lagos and spent four days for on-site investigation.

“We, therefore, plead that all parties restrain themselves from overreaching or meddling with the investigation.

“Consequently, we believe that it serves equity and respect that nobody should disparage the anti-graft agency, nor fan embers of discord between agencies of government and or persons but encourage them to do their work in the best interest of justice,” the shareholders stated.