Travel News
Nigerians favour Abu Dhabi, Dubai for capital protection – Report - PUNCH
Abu Dhabi and Dubai have been selected by wealthy Nigerians to protect their wealth against uncertainties, the latest Wealth Report 2025 has revealed.
According to the report by Multipolitan, titled ‘Wealth Report 2025: The Taxed Generation’, published by the international mobility platform, these two cities, alongside Singapore, are ranked as top choices for wealth management.
The Multipolitan’s report indicated that these cities are attractive for long-term wealth preservation due to their legal stability, predictable governance, and infrastructure resilience.
These factors are said to be crucial for Nigerians seeking to protect and grow their fortunes in a volatile global economy.
Commenting, the firm’s Executive Partner for Africa, Chee Okebalama, stated, “Wealth that sleeps in uncertainty isn’t wealth; it’s a risk. Cities like Singapore, Abu Dhabi, Doha, Wellington, and Copenhagen top our indices for their governance, stability, and readiness for the future. We help families gain residency in cities that reflect these values.”
The study revealed further that Nigerian elites are shifting focus from chasing high investment returns to preserving capital against political, economic, and climate-related shocks.
Group Head of Market Development at Multipolitan, Nicholas Michael, stressed that geography now plays as much of a role in wealth strategy as portfolio composition.
“Where you place your wealth can matter just as much as how you grow it. The UAE and Singapore aren’t just attracting capital; they’re protecting it through fiscal prudence and stable governance,” he said.
Additionally, in the report are five other Gulf cities – Manama, Doha, Kuwait City, Riyadh, and Muscat – recognised among the top 20.
Air Canada to Resume Flights Sunday After Government Ends Strike - BLOOMBERG
(Bloomberg) -- Air Canada will begin resuming operations on Sunday after the government moved to end a strike by more than 10,000 flight attendants that had led to hundreds of cancellations.
Flights will resume Sunday evening with a gradual ramp-up over the coming days, the Montreal-based airline said in a statement. Still, it expects to take several days before operations return to normal.
The Canada Industrial Relations Board has directed Air Canada to resume airline operations and for all Air Canada and Air Canada Rouge flight attendants to return to work by 2:00 p.m. in Montreal, according to the statement early Sunday. The move came after Jobs Minister Patty Hajdu directed the independent CIRB to order a resumption of operations and to impose binding arbitration to resolve a standoff over contract negotiations.
Some 10,500 flight attendants walked off the job early Saturday after pay talks between the union and the country’s biggest airline fell through. That led Air Canada to ground hundreds of flights and lock out flight attendants, disrupting some 130,000 passengers a day during the summer holiday season.
America the preferred destination as wealthy consider quitting Britain - THE TELEGRAPH
A wealth tax by Rachel Reeves would trigger a wave of millionaires living in Britain to flee to the US as they seek to escape punishing levies, new research shows.
More than 1,000 UK millionaires polled by Arton Capital said the US was their most preferred destination. Wealthy Britons will prioritise English-speaking countries and nations with favourable tax rates if the Government introduces a wealth tax.
Growing interest in the US as a new home for British millionaires comes after Donald Trump cut taxes for America’s wealthiest residents, and doubled the estate and gift tax exemption from $5.5m (£4m) to $11.2m per person, in a boost to the country’s high-net-worth families.
More than half of millionaires (53pc) polled were considering moving abroad if a wealth tax was introduced, while 60pc believed they could have a better quality of life outside the UK.
Canada, Australia and the UAE were also found to be popular locations for relocation according to the research from Arton, which advises wealthy individuals on global citizenship programmes.
The findings come amid concerns that a new levy on assets over £10m would drive people overseas and trigger a fresh exodus of the rich from Britain.
Several Left-wing Labour figures, including Lord Kinnock, the former party leader, have repeatedly called for the introduction of a wealth tax.
Last month Jonathan Reynolds, the Business Secretary, dismissed the idea as “daft” and urged backbenchers to “be serious”.
Mounting pressure on the Chancellor to introduce a new levy on Britain’s wealthiest comes as Ms Reeves faces a black hole of as much as £50bn in the public finances.
Armand Arton, the chief executive of Arton Capital, said fears from Briton’s wealthiest about a potential wealth tax showed the UK was at a “tipping point”.
He said: “The uncertainty around the Government’s proposed wealth tax mirrors the ongoing economic uncertainty seen around the world – from Trump’s tariffs to conflict in the Middle East.”
The research also revealed that 82pc of millionaires resident in the UK would consider investing in a golden visa or citizenship by investment programme, which allows individuals to gain residency or citizenship through financial investment. Arton offers a consultancy service to millionaires seeking out such programmes.
Despite many millionaires weighing up a potential move abroad, 66pc of those surveyed said they still believed the UK was an attractive place to invest compared to other nations.
Concerns about a new wealth tax come as the Government faces scrutiny over its approach to Britain’s high-net-worth individuals and entrepreneurs.
Many wealthy residents are already moving abroad after Ms Reeves scrapped non-dom tax status and introduced inheritance tax on overseas trusts earlier this year.
Since the rule change there have been a series of high-profile departures, including Richard Gnodde, Goldman Sachs’s vice chairman, who said he was relocating to Milan to avoid being hit by the scrapping of the non-dom status.
The Office for Budget Responsibility said in January the abolition of the tax status would result in 25pc of non-doms with trusts leaving the UK, while 10pc of those without trusts would move overseas.
Mr Arton said: “There are many repercussions of the introduction of a levy, but one thing is clear: the longer that unpredictability persists, the greater the risk of losing capital, talent and long-term investment to countries that offer greater security for individuals, families and their futures.”
Ethiopian Airlines expands Abuja operations with extra flights - P UNCH
In a bid to support the growing trend of Abuja becoming a major destination for international conferences and meetings, Ethiopian Airlines, Africa’s largest airline, is set to add extra flights to the Nigerian capital from October 28, 2025.
The airline will introduce three additional weekly flights to its daily flights already operating out of Abuja, offering passengers more options and convenience, according to a statement on Wednesday.
The extra flights will depart Abuja at 10 pm and arrive in Addis Ababa at 5 am, connecting to various African and Asian destinations, including Dubai, Addis Ababa, and others. According to Mrs Firiehiwot Mekonnen, Area Manager of Ethiopian Airlines in Nigeria, the additional flights will not only provide more options but also come with extra benefits.
“Passengers will enjoy more baggage allowance on certain routes, including Mumbai, Delhi, Hyderabad, Madras, and Dubai,” Mekonnen said.
“You can also get double miles if you fly with us,” she added. The airline’s loyalty program will reward its loyal passengers with extra benefits.
The daily midday flight will remain unchanged, while the additional evening flights will offer passengers more flexibility and options. The extra flights will also enable passengers to connect to many African and Asian destinations with reduced total hours of flight time.
Mekonnen emphasised that the additional flights are designed to improve service delivery and reduce costs for travelers. “Most of our passengers will now arrive at their destinations faster,” she said. Ethiopian Airlines has been serving the Nigerian market since 1960, operating with the newest aircraft in the world, including the A350-1000 and B787 Dreamliner.
The airline connects Abuja, Lagos, Enugu, and Kano to over 150 global destinations, solidifying its position as a major player in the aviation industry. The Nigerian government’s recent reopening of the Abuja International Conference Centre is expected to boost the country’s Meetings, Incentives, Conferences, and Events (MICE) sector, and Ethiopian Airlines’ additional flights will support this growing trend.
Why it no longer pays to earn £100k - THE TELEGRAPH
Story by
Tax Trap
Have you turned down a pay rise to protect yourself from higher tax? Let us know: [email protected].
Earning over £100,000 used to be a hallmark of success. Not so much any more.
These days, workers on six-figure salaries can be left thousands of pounds worse off thanks to our warped tax system.
Those earning between £100,000 and £125,140 face the highest effective tax rates in the country. This is because they lose their £12,570 personal allowance at a rate of £1 for every £2 earned, until it disappears entirely. Although on paper they pay 40pc tax, their effective tax rate is actually 60pc, meaning they only keep £400 of every £1,000.
On top of this, parents can be better off turning down a pay rise because they lose valuable childcare subsidies once they step over the £100,000 mark.
This year, almost 725,000 workers will fall into the 60pc tax trap, according to new figures from HM Revenue and Customs (HMRC), up from around 300,000 in 2018.
Sean McCann, of insurer NFU Mutual, who obtained the data through a freedom of information request, said: “Earning £100,000 used to be aspirational, but now it’s a sting in the tail.”
He continued: “When you add in National Insurance of 2pc, this means that only £38 of every £100 earned between these amounts ends up in the employee’s pocket.”
‘The allure of a higher salary diminishes’
The number of workers caught in the 60pc tax bracket is expected to soar to 850,000 by 2028-29, as wages rise while thresholds remain frozen – a phenomenon called fiscal drag.
In total, HMRC forecasts that 2.25 million workers will lose some or all of their personal allowance by 2028-29 because they exceed the £100,000 threshold.
John Clamp, of asset manager Bowmore Financial Planning, said “a huge cohort” of taxpayers were now taking home far less than expected.
“The tax burden on high earnings could have a broader and worrying impact on parts of the economy, as it is encouraging many taxpayers to reevaluate their work-life balance to reduce their tax bills.
“Leaving the tax trap unresolved means people will not see the reward of going the extra mile to earn a higher income. If HMRC takes 60p in every pound you earn above £100,000, the allure of working hard for a higher salary diminishes.”
The disappearance of childcare benefits makes the £100,000 cliff-edge even steeper.
Once a parent earns over £100,000, they no longer qualify for 30 hours a week of free childcare or tax-free childcare, worth up to £2,000 a year per child.
According to calculations by stockbroker AJ Bell, a £2,000 pay rise could cost a worker earning £99,000 almost £28,000 in tax and childcare subsidies.
Charlene Young, of investment platform AJ Bell, said: “What’s astonishing is how much their salary would need to increase to get to the same post-tax income and value of childcare support as before.
“The breadwinner’s salary would need to increase to around £156,000 before the family got back to the same total disposable income as when the breadwinner was earning £99,000.”
This distorted system means many high earners will do everything in their power to keep their salary below the six-figure mark.
Nimesh Shah, of accountancy firm Blick Rothenberg, said the main actions workers take to bring their income below the £100,000 threshold include saving more into their pension, donating to charity or buying additional holiday.
He added: “I’ve seen workers delaying bonuses so that income in the current tax year remains below the threshold, and even rejecting a salary increase because of the impact of the childcare threshold.”
Mr Clamp said some will go part-time or retire early to avoid the punitive tax rates and retain their childcare benefits.
“People who reach this kind of income are typically high performers – it’s not good for UK plc if they are cutting down on their work,” he said.
But not everyone can afford to take these actions. Cash-flow pressures may prevent a higher earner from increasing pension contributions or otherwise reducing their salary.
Average mortgage rates recently dropped below 5pc for the first time since the Liz Truss mini-budget but millions of borrowers remain stuck on higher repayments.
Inflation has risen to its highest level since January 2024, according to data from the Office for National Statistics, as households continue to face a cost of living squeeze.
The 60pc tax trap has existed since 2010 when Gordon Brown’s chancellor, Alistair Darling, first introduced the tapering of the personal allowance to raise revenue after the financial crisis. But since then, the £100,000 threshold has not moved. Had it risen with inflation, the threshold would now stand at £154,800, NFU Mutual said.
Freezing income tax thresholds is a way of raising revenue without changing rates – and so is often referred to as ‘taxation by stealth’. Rishi Sunak first froze thresholds as chancellor in 2022, promising the bands would rise with inflation in 2025-26. However, the next chancellor, Jeremy Hunt, extended the freeze until 2027-28.
In last year’s autumn budget, Rachel Reeves vowed to uprate the bands with inflation in April 2028. But with a ballooning £50bn hole to fill, there are fears she could break this promise in the next financial statement in order to balance the books.
A Treasury spokesman said: “This government inherited the previous government’s policy of frozen tax thresholds. At the Budget and the Spring Statement, the Chancellor announced that we would not extend that freeze.
“We are also protecting payslips for working people by keeping our promise to not raise the basic, higher or additional rates of Income Tax, employee National Insurance or VAT. That’s the Plan for Change – protecting people’s incomes and putting money into people’s pockets.”
Trump administration reviewing all 55M people with US visas for potential deportable violations - THE INDEPENDENT
The Trump administration said Thursday that it’s reviewing all the more than 55 million people with U.S. visas for potential deportable violations.
The State Department says visas that allow people to stay in the United States are revoked any time if there are “indicators of overstays, criminal activity, threats to public safety, engaging in any form of terrorist activity, or providing support to a terrorist organization.”
Air Peace, United Nigeria to hike airfare to N350,500 December - NIGERIAN TRIBUNE
Two domestic carriers, Air Peace Airlines and United Nigeria Airlines, have fixed their yuletide economy airfare at N350,000.
This will affect trips from Lagos and Abuja to South East (Owerri, Enugu and Anambra) airports and South South (Port Harcourt and Asaba) airports.
The cost of inbound ticket from these airports to Abuja or Lagos is also N350,500.
The air fares are already conspicuously displayed on their websites.
For Air Peace, the fare of N350,500 starts from December 1, 2025 and stretches to the end of the month and up to January 30, 2026, while for United Nigeria the N350,500 fare starts from the second week of December (December 11 precisely), and stretches to the end of December as well.
However, for United Nigeria, one-way economy ticket from January 1, 2026 for Abuja to Asaba, and also for Abuja to Anambra, Port Harcourt and Owerri, drops to N150,000.
The fares charged by both Air Peace and United Nigeria to the northern part of the country for the yuletide are relatively low.
Air Peace one-way economy ticket for Lagos to Kano, for instance, is in the range of N106,900, though it is quite high 350,500 on a couple of the days.
For United Nigeria, the air fare for Lagos to Kano is almost flat at N220,499.
Air Peace does not have daily flight from Lagos to Yola. But it will charge N350.500 as its airfare for the davs it will fly the destination.
Nigeria, Benin sign deal to boost cross-border cooperation - THE GUARDIAN
By : Ameh Ochojila, Abuja
Nigeria and the Republic of Benin have signed a historic Memorandum of Understanding (MoU) aimed at strengthening cross-border cooperation at the grassroots level.
Head of Information and Public Relations Unit, National Boundary Commission (NBC), Efe Ovuakporie, in a statement on Friday, said the agreement was signed on August 18, 2025.
The MoU, according to the statement, was signed under the framework of the African Union Convention on Cross-Border Cooperation, the ECOWAS Cross-Border Cooperation Initiatives, and the Nigeria–Benin Cross-Border Cooperation Agreement.
The statement explained that it formalises cooperation between Chairmen of Nigeria’s Border Local Government Areas and Mayors of Communes in Benin Republic, alongside traditional rulers on both sides of the border.
The primary objective of the agreement, it said, is to enhance the resilience of border communities against the rising threats of cross-border crimes.
“It also seeks to revive historic socio-cultural linkages disrupted by colonial-era demarcations, foster peaceful coexistence, and promote good neighbourliness among border populations.
“The MoU will further provide a platform to accelerate the ongoing delimitation and demarcation of the Nigeria-Benin boundary. By empowering local leaders and traditional institutions to engage actively in the process, the agreement is expected to ease tensions, resolve disputes amicably, and promote stability along the frontier,” the statement further explained.
The commission said beyond peace and security, the MoU highlights the economic and developmental role of border communities. Nigeria’s delegation to the signing ceremony was led by the Director-General of the NBC, Adamu Adaji, and included senior officials from the commission, the Federal Ministries of Foreign Affairs and Justice, and the Chairmen of Border Local Government Areas from the six affected states of Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos. The Nigerian Embassy in Cotonou also provided diplomatic support.
Adaji described the MoU as “a grassroots-driven instrument that aligns with continental and regional frameworks while providing practical solutions to the everyday realities of border dwellers.”
He added: “What we have signed today is not just a document. It is a pledge to our people that we will work together, across borders, to build safer, stronger, and more prosperous communities.”
He emphasised Nigeria’s determination to ensure that the agreement moves beyond paper commitments into concrete action that directly benefits communities.
Chairman of Baruten Local Council of Kwara State, Idris Mohammed, who represented Nigeria’s border local government leaders, hailed the agreement as a timely response to longstanding community concerns.
He said: “Our people have lived with insecurity, disrupted trade, and cultural isolation for too long. This MoU is a message of hope that their challenges are now at the centre of bilateral cooperation.”
From the Beninese side, the Mayor of Malanville Commune, Mr. Joseph Ahoyo, reaffirmed the importance of involving local actors in cross-border governance.
“National agreements are important, but without grassroots participation, implementation often stalls.
“This MoU is unique because it empowers communes and traditional authorities to play an active role in shaping the future of our shared border,” he observed.
The signing of this MoU signals a renewed chapter in Nigeria-Benin relations. By bridging national policies with local realities, the agreement strengthens bilateral cooperation while serving as a model of community-driven cross-border governance for West Africa.
Are Britain’s rich packing up? Here’s what’s behind the tax crackdown fears - CNBC
Stark warnings have surfaced since the U.K.’s tax crackdown on the wealthy that an exodus of the mega-rich is underway. Hard data has yet to back up the trend.
At the heart of the potential flight are changes to the British tax system, from capital gains and inheritance tax to extra stamp duty rates. In particular, the abolition of the so-called non-dom regime, which allowed wealthy foreigners to avoid paying tax on earnings outside the U.K. and to elude inheritance duties on their global assets, courted much controversy.
The fear is that an exodus of wealthy people will translate into lower economic growth and diminish the UK’s attractiveness as a place to live, invest, and do business.
“We know that the top 1% and the top 0.01% pay a very high proportion of taxes in this country, so the tax base starts to shrink. The second thing is, you lose the benefit of the money that they spend in the economy. That’s not just about people that they employ, but it’s also about things like philanthropy,” said Jenkins, who is now the CEO of 10x Banking.
“What we really need most of all in this country, is people to start and grow businesses. And that means we have to be an attractive location for capital for starting businesses,” he added.
There are even warnings that the Labour party risks taking Britain back to the challenges of the 1970s, notably under then Finance Minister Denis Healey. At the time, a high-tax and anti-business environment pushed tens of thousands of people out of the country in the “Brain Drain.”
Adding to the uncertainty is whether the current Chancellor of the Exchequer Rachel Reeves will introduce further changes to taxes in the upcoming Autumn budget, such as a potential wealth duty.
However, claims of a mass exodus of wealthy non-doms in response to tax rises may be overblown. Initial tax data suggests the number leaving of people the country is in line — or below — official forecasts from the Office for Budget Responsibility, which forecast that 25% of non-doms with trusts and 12% of those with trusts would flee the U.K. over 2025-26 in response to the abolition of the tax status.
This casts shadow over a widely cited report published in association with Henley & Partners, a British investment migration consultancy, which claimed that 16,500 millionaires would quit the country in 2025. Critics have previously questioned the study for depending heavily on data from LinkedIn, which is not reliable in finding someone’s tax residence.
Confiscated undeclared cash at airports hits $2.2m – Report - PUNCH
By Anozie Egole
The Nigeria Customs Service has made significant seizures of undeclared cash at various airports across the country between January and July 2025, totalling $2.209m. The interceptions were made at the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, and Mallam Aminu Kano International Airport in Kano.
An analysis of various reports obtained from the service showed that in March, the NCS intercepted $1,154,900 and SR135,900 in Saudi Riyals at the Kano airport from a passenger arriving from Saudi Arabia.
The undeclared funds were concealed in packs of palm dates. The suspect was arrested, and the funds were handed over to the Economic and Financial Crimes Commission, resulting in a court conviction and forfeiture to the Federal Government.
Other notable interceptions include the one in Abuja Airport, which was $193,000 in undeclared cash hidden in a carton of yoghurt from an inbound passenger arriving from Jeddah in March.
At the Lagos airport, $578,000 in falsely declared cash was intercepted from an inbound passenger arriving from South Africa in March. The passenger declared $279,000 but had an additional $299,000 concealed in multiple packages.
At the Kano airport, foreign currencies totaling approximately N653.99m, including $420,900, 3,946,500 West African CFA francs, 224,000 Central African CFA francs, and €5,825, were intercepted from a suspect arriving from Saudi Arabia in July. Also at the Lagos Airport, an outbound passenger was intercepted with $29,000, but only declared $6,000, violating currency declaration requirements.
Reacting to the development, a chieftain of the Association of Nigerian Licensed Customs Agents, Mr Pius Ujubuonu, attributed the surge in undeclared cash seizures to fiscal policy issues.
“It’s a fiscal policy issue. Anywhere you have high rates of circumvention, there is something that does not add up there,” he said. Ujubuonu advised the government to review its fiscal policy to encourage people to declare their cash.
Deputy National President of the National Association of Government Approved Freight Forwarders, Dr. Segun Musa, expressed concern that the campaign against undeclared cash is not enough.
“We need to do more rigorous campaigns to make the general public aware of the rules,” he said. Musa urged the government to conduct thorough investigations into the funds to determine appropriate punishments.
The Nigeria Customs Service has reiterated the importance of declaring cash when traveling. Travelers are required to declare any cash exceeding $10,000 or equivalent in other currencies. The service has also provided forms at airline counters for passengers to make lawful declarations.
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