Nigeria ranks 6th on Africa Visa Openness Index - VANGUARD
NOVEMBER
25,
2024
Nigeria ranked sixth among 54 countries in the African Development Bank (AfDB) and African Union’s 2024 African Visa Openness Index (AVOI) report.
The News Agency of Nigeria (NAN) reports that the AVOI tracks visa-openness on African continent and how easy it is for African citizens to travel to other African countries
“Visa openness refers to the ease with which travellers can obtain authorisation to travel to and enter a country, pending final determination by the destination immigration officials.
“The more visa-open a country, the easier it is for a traveller to visit that country.
“There are different degrees of visa openness.
“A more visa-open country has a generally more liberal or relaxed visa policy for visitors, meaning that visitors either do not need a visa to enter its territory or can obtain a visa upon arrival,’’ the report said.
According to the report, Benin, the Gambia, Rwanda, and the Seychelles continued to occupy the top spot on the AVOI in 2024.
It said: “Sixteen of the top-20 ranked countries are located in West and Eastern Africa in equal parts, eight in West Africa and eight in East Africa.
“North Africa is represented by one country (Mauritania), while Southern Africa accounts for three countries, namely Madagascar, Mauritius, and Mozambique.
“Eighteen of the top-20 countries on the AVOI are classified as either lower-middle-income or low-income countries, suggesting that lower-income countries are often more embracing of liberal visa regimes.”
It said several higher-income countries had continued to maintain restrictive visa regimes, perhaps owing to concerns that visa openness would incentivise inbound travel for purely economic reasons or create pathways to irregular migration
Nigeria boat accident leaves five dead, 20 missing - REUTERS
NOVEMBER
26,
2024
YENAGOA, Nigeria, Nov 26 (Reuters) - At least five people were killed and 20 others are missing after a speedboat struck a submerged log and capsized in Nigeria's southern state of Delta, a police spokesperson said on Tuesday. The incident happened on Friday in the remote Gbaramatu Kingdom of the state's Warri South-West district. Emergency responders are still conducting a search and rescue operation to find the 20 missing people. Six survivors are receiving treatment at a local hospital.
Reporting by Tife Owolabi in Yenagoa; Writing by Elisha Bala-Gbogbo, editing by Ed Osmond
Libya repatriates 150 Nigerians - THE GUARDIAN
NOVEMBER
27,
2024
By Segun Adewole
Over 150 Nigerian migrants have been repatriated from Libya by the Directorate for Combating Illegal Migration, in partnership with the International Organisation for Migration. The returnees, consisting of women and children, were repatriated through Mitiga International Airport in Tripoli. The development was announced on Tuesday by Migrant Rescue Watch, an advocacy group, in a post…
Over 150 Nigerian migrants have been repatriated from Libya by the Directorate for Combating Illegal Migration, in partnership with the International Organisation for Migration.
The returnees, consisting of women and children, were repatriated through Mitiga International Airport in Tripoli.
The development was announced on Tuesday by Migrant Rescue Watch, an advocacy group, in a post on X.
This followed the arrest of four Nigerians in Sabha and Bani Walid for drug trafficking and testing positive for infectious diseases.
The Nigeria Customs Service (NCS) yesterday returned 21 luxury vehicles worth over N1.8 billion to Canada after they were stolen and smuggled into Nigeria by a criminal syndicate.
Speaking to Newsman in Lagos, Comptroller General of Customs, Mr. Adewale Adeniyi, emphasized the seriousness of the growing trade in stolen vehicles and its impact on Nigeria’s economy and security.
According to Adeniyi, Nigeria has become a significant hub for stolen vehicles in West Africa, with syndicates exploiting the country’s ports and borders to traffic vehicles from regions such as Europe, North America, and South America.
He highlighted data from the National Bureau of Statistics indicating that only 54% of stolen vehicles were recovered between 2013 and 2015, illustrating the scale of the problem.
“This trend undermines our legitimate automotive market, strains our security infrastructure, and damages Nigeria’s international reputation,” Adeniyi said.
He further noted that the illegal trade affects President Tinubu’s economic reforms, which aim to position Nigeria as a trusted hub for international commerce.
To combat this challenge, Adeniyi disclosed that the NCS launched Operation Hot Wheels, a collaborative initiative involving the Economic and Financial Crimes Commission (EFCC), Canadian authorities, and international law enforcement agencies. The operation focused on intelligence sharing, surveillance, and interdiction to disrupt vehicle trafficking networks.
Adeniyi further disclosed that the operation uncovered sophisticated smuggling techniques, including false cargo declarations and containerized shipments used to conceal stolen vehicles.
During one operation, officers intercepted a container at Onne Port in Rivers State declared to contain used vehicles and spare parts. A physical examination revealed three undeclared 2021 Toyota Highlanders, two of which were confirmed stolen from Canada.
Other high-value recoveries include: A Lamborghini Huracan and a Mercedes-AMG GT, valued at ¦ 630.8 million, intercepted in Lagos. A Rolls-Royce valued at ¦ 231.8 million and a 2019 Lamborghini valued at ¦ 239.1 million, both recovered in Victoria Island. Two Range Rovers (2023 and 2018 models), worth ¦ 267.1 million, intercepted in Lekki. A Mercedes-Benz G550 and a Range Rover Sport, worth ¦ 506.8 million, seized along the Trinity Axis in Lagos.
Thai Air Plans $1.27 Billion Share Sales to Exit Debt Plan - BLOOMBERG
NOVEMBER
27,
2024
ByAnuchit Nguyen
(Bloomberg) -- Thai Airways International Pcl expects to raise as much as 44 billion baht ($1.27 billion) from a share rights offering, the carrier’s final major step to exit a court-supervised debt restructuring and allow the resumption of the trading of its stock.
Thailand’s flag carrier set the share price for its 9.82 billion new shares for existing shareholders at 4.48 baht, according to its exchange filing late Tuesday. Each holder of existing stock can purchase 4.5 new shares, it said.
The airline, like regional rivals, is benefiting from a post-pandemic travel boom since 2023 that has boosted earnings and cash flow. The turnaround prompted Thai Airways to order a new fleet of Boeing Co. and Airbus SE jets to expand flights and destinations.
“Thai Airways has gone a long way from a near collapse to its strong emergence to become a dominant player in the global aviation industry again,” Piyasvasti Amranand, the court-appointed debt administrator, said at a press briefing Wednesday. “Strong business outlook and attractive share price should help Thai Air achieve the capital raising through rights offerings.”
Read: Thai Airways Wants Up to 20 More Single-Aisle Jets for Growth
The carrier’s creditors also agreed to convert about 53 billion baht debt into shares after the subscription period ended earlier this month, according to its statement. The airline will issue about 21 billion new shares to creditors at 2.5452 baht each.
Thai Airways’ shareholder equity will reverse to a surplus of 18 billion baht after completing the debt-to-equity conversion with the creditors, said Piyasvasti. It has a negative shareholder equity of about 27 billion baht after years of losses, he said. The airline’s total debt will drop to 65 billion baht after the debt conversion.
The airline aims to emerge from its debt-restructuring plan in 2025, five years after it filed for bankruptcy protection. The state-controlled airline returned to profit in 2023 after it had posted losses from operations every year from 2013, which were worsened by the Covid pandemic. The airline anticipates the resumption of stock trading in the second-quarter of 2025.
Read: Thai Air Plans $1.3 Billion Share Sale to Exit Debt Revamp
The subscription period for the rights offering is set for Dec. 6 to Dec. 12. The names of shareholders allocated the new shares will be announced Dec. 19, the company said.
(Adds debt administrator’s comments in fourth and sixth paragraphs)
Air France in Talks to Buy 20% of Air Europa, El Economista Says - BLOOMBERG
NOVEMBER
27,
2024
ByAlbertina Torsoli and Siddharth Philip
(Bloomberg) -- Air France-KLM is in talks to buy a stake of as much as 20% in Air Europa after the Spanish carrier’s planned takeover by IAG SA was scuppered by regulatory opposition, the El Economista newspaper reported.
The transaction would be worth more than €100 million ($105 million), and wouldn’t require the European Union’s regulatory nod, the newspaper said, without specifying how it got the information. An Air France spokesman declined to comment on a possible stake purchase and said talks with Air Europa on a “commercial cooperation are underway.”
IAG, which owns British Airways and Spain’s Iberia, abandoned its pursuit of Air Europa for the second time earlier this year after European Union officials pushed back on concessions aimed at clearing the deal. Among contentious points, EU watchdogs were skeptical that a pledge from IAG to open up certain short and long-haul routes to rivals would overcome anticompetitive concerns.
The failure of IAG to get the Air Europa deal across the line contrasts with recent efforts at consolidation in the rest of Europe. Deutsche Lufthansa AG is purchasing a stake in Italian carrier ITA Airways, the successor to Alitalia, and Air France acquired a 19.9% stake in Scandinavian carrier SAS AB.
[ICYMI] UK opens Africa’s largest visa application centre in Lagos - PUNCH
The United Kingdom on Wednesday unveiled its largest Visa Application Centre in Africa, located in Ikeja, Lagos.
Operated by VFS Global, the new centre marks a significant step in enhancing visa application services for Nigerians travelling to the UK.
This was contained in a statement by the British High Commission in Lagos on Wednesday.
With additional centres in Abuja and Victoria Island, Lagos, now operational since November 19, the facility in Ikeja is designed to streamline visa submissions and offer applicants a seamless experience.
The British Deputy High Commissioner, Jonny Baxter, attended the launch in Ikeja, emphasising the importance of the UK-Nigeria relationship.
He expressed optimism that the new centre would provide improved services for applicants.
“I am delighted to witness the opening of this, the largest visa application centre in Africa. Nigeria remains one of the UK’s most important partners, and we hope that VFS deliver ever-improving services for those applying for visas to the UK,” Baxter said.
Also, the Director of Visa, Status and Information Services at UK Visas and Immigration, Marc Owen, described the development as a milestone in offering world-class visa services.
Owen noted that over 225,000 UK visa applications from Nigerian nationals were processed in the year to June 2024, reflecting the growing demand for travel to the UK.
“The opening of our new VAC in Ikeja marks an exciting milestone for UKVI and VFS Global in the provision of a world-class UK visa service here in Nigeria and elsewhere across Africa.
“In the year to June 2024, we processed more than 225,000 UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants,” he noted.
The new partnership introduces a range of enhanced services, including document upload assistance, extended submission hours, SMS updates, courier passport returns, and the option for applicants to retain their passports after biometric enrolment.
Additionally, Abuja residents can now submit applications from their preferred locations using the Mobile Visa Service, while a Premium Lounge option offers a personalised experience with dedicated staff.
These optional services aim to enhance convenience for applicants without affecting processing timelines or outcomes.
The UK remains a top destination for Nigerian travellers, who account for five per cent of all global UK visit visa applications.
The new facility underscores the UK’s commitment to meeting this demand while maintaining efficient and accessible visa services.
VFS Global, a long-term partner of UK Visas and Immigration since 2003, has expanded its operations from 58 countries to 142, further cementing its role in managing visa services worldwide.
UK house prices rise at fastest pace in two years - YAHOO FINANCE
DECEMBER
03,
2024
House prices rose at the fastest pace in two years, ahead of a stamp duty increase coming into force next year.
Property values climbed by 3.7% in the year to November to £268,144, according to the Nationwide house price index. This marks the fastest rise since November 2022 when there was a 4.4% rise.
In the month of November alone, house prices rose 1.2% compared to October, the largest monthly increase since March 2022. House prices are now just 1% below their all-time high recorded in the summer of 2022.
Nationwide said recent changes to stamp duty would probably bring purchases forward early next year as buyers seek to avoid paying extra tax.
"Housing market activity has remained relatively resilient in recent months, with the number of mortgage approvals approaching the levels seen pre-pandemic, despite the higher interest rate environment," said Nationwide chief economist Robert Gardner.
“The acceleration in house price growth is surprising, since affordability remains stretched by historic standards, with house prices still high relative to average incomes and interest rates well above pre-COVID levels.”
In her maiden autumn statement, chancellor Rachel Reeves announced that second-home buyers will face a stamp duty rate rise of two percentage points – from 3% to 5%.
From April 2025, a first-time buyer purchasing a property valued at £425,000 will incur a stamp duty charge of £6,250.
Jeremy Leaf, north London estate agent: “In our offices we are seeing prices hardening and stock levels rising, partly because the budget, though not particularly helpful, was not as bad as many feared either.
Nathan Emerson, chief executive of estate agent group Propertymark, said: “It’s likely that as both the confidence and affordability of buyers increase due to the easing of inflation, this has spurred on activity in the market and as a result, we are starting to see health restored in the form of steady house price growth.
“What we are likely to witness now is a further spike in activity especially for buyers in England and Northern Ireland as some rush to complete before the upcoming Stamp Duty rises due to commence from April 2025.”
Verona Frankish, chief executive of Yopa, said: “Whilst there may have been a momentary pause ahead of the Autumn Budget, it’s clear that market activity has accelerated significantly since then, with the driving factor being the government’s failure to extend current stamp duty relief thresholds beyond March of next year.”
Ruth Gregory, deputy chief UK economist at Capital Economics, said buyers were “shrugging off higher mortgage rates”.
She said: “November’s surprisingly large rise in the Nationwide house price index suggests the housing market is picking up momentum despite recent rises in mortgage rates.
“We doubt this strength will be sustained, but the housing market’s resilience supports our forecast that house prices will rise by an above-consensus 3.5% next year.”
UK Generated £32m Processing Nigerians’ Visas In 1 Year - LEADERSHIP
The United Kingdom government earned over £32 million (N68 billion) processing visas for Nigerian citizens interested in coming to the country between June 2023 and June 2024.
According to the Director of Visa, Status and Information Services at the UK Visas and Immigration, Marc Owen, not fewer than 225,000 UK visa applications from Nigeria were processed in the period under review.
Owen disclosed this at the launch of Africa’s biggest UK Visa Application Centre (VAC) in Lagos.
The British High Commission in Lagos quoted Owen as saying in a statement, “In the year to June 2024, we processed more than 225,000 UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants.”
“I’m delighted to be here in person as we celebrate this important moment together with our customers and partners.”
Although Owen did not specify if certain classes of visas had more applications, however, a standard UK visitor visa for six months costs $150, meaning that the UK generated over $34 million from the 225,000 Nigerian applicants.
LEADERSHIP recalls that earlier this year, data from the British government showed that Nigeria was among five countries that saw a rise in study visa rejection rates in the second half of 2023.
The United Kingdom government earned over £32 million (N68 billion) processing visas for Nigerian citizens interested in coming to the country between June 2023 and June 2024.
According to the Director of Visa, Status and Information Services at the UK Visas and Immigration, Marc Owen, not fewer than 225,000 UK visa applications from Nigeria were processed in the period under review.
Owen disclosed this at the launch of Africa’s biggest UK Visa Application Centre (VAC) in Lagos.
The British High Commission in Lagos quoted Owen as saying in a statement, “In the year to June 2024, we processed more than 225,000 UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants.”
“I’m delighted to be here in person as we celebrate this important moment together with our customers and partners.”
Although Owen did not specify if certain classes of visas had more applications, however, a standard UK visitor visa for six months costs $150, meaning that the UK generated over $34 million from the 225,000 Nigerian applicants.
LEADERSHIP recalls that earlier this year, data from the British government showed that Nigeria was among five countries that saw a rise in study visa rejection rates in the second half of 2023.
In the fourth quarter of 2022, Nigeria saw one in 31 applications rejected, while in Q4 2023, around one in eight were declined.
The data showed that issuances to Nigerians were down by 63 percent when compared with the last three months of 2022.
The increase in rejections came amid tightened visa restrictions for immigrants in the UK.
The British government also said changes to policies on dependent visas stirred negative sentiments in both countries, following tweaks to the graduate route post-study work visa.
UK earns over $34m from 225,000 applications in Nigeria in 12 months - BUSINESSDAY
DECEMBER
03,
2024
The United Kingdom (UK) earned more than $34 million from the 225,000 Nigerian applications processed between June 2023 and June 2024.
This means that the UK generated over N68 billion from processing visa applications submitted by Nigerians.
Marc Owen, director of visa, status, and information Slservices at UK Visas and Immigration (UKVI), disclosed this information during the inauguration of Africa’s largest UK visa application centre (VAC) in Lagos on Thursday.
“In the year to June 2024, we processed more than 225k UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants,” Owen said.
“I’m delighted to be here in person as we celebrate this important moment together with our customers and partners.”
Although the director did not clarify which visa categories were the most in terms of demand, the standard six-month UK visitor visa currently costs $150.
It’s worth noting that visa application fees are non-refundable, regardless of whether the application is approved or denied.
Nigeria has higher rejection rates
Recent data from the British government indicate that Nigeria was among the top five countries experiencing a rise in study visa rejection rates during the second half of 2023.
In Q4 2022, only one in 31 Nigerian applicants was denied a study visa. By Q2 2023, however, this figure had risen sharply, with approximately one in eight applications rejected.
Other nations with similarly high rejection rates include Vietnam, Indonesia, and Saudi Arabia, though their application volumes were lower. India was the only country with more declined applications than Nigeria.
The data also revealed a significant drop in visa approvals for Nigerian applicants, down by 63% compared to the last quarter of 2022. This surge in rejections reflects the UK government’s stricter immigration policies, which have led to tighter controls on visa applications.
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