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.
MARKET NEWS
No Record Found
SEE HOW MUCH YOU GET IF YOU SELL
NGN
This website uses cookiesWe use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
