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Alleged N20tn Fraud : Tinubu suspends Emefiele with Immediate effect and orders CBN probe
President Bola Tinubu has suspended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, from office with immediate effect.
This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.
Unconfirmed reports emerged late on Friday that operatives of the Department of State Services had arrested the suspended CBN governor. But the spokesman for the DSS, Peter Afunaya, told one of our correspondents that he could not confirm the arrest.
A top security source, who spoke on condition of anonymity, told Our correspondence that Emefiele would have been arrested during the administration of former President Muhammadu Buhari.
He said, “Yes, expect that (his arrest) to happen. He would have been arrested before but the administration of former President Buhari protected him. He has many questions to answer.
“As a result of this, he won’t be allowed to either travel out or sneak out of the country. So, we are looking for him.”
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
Section 11 of the CBN Act, 2007 gives the President power to terminate the appointment of the apex bank governor, but such must have the backing of lawmakers.
“The CBN governor can be removed by the President provided that the removal of the governor shall be supported by two-thirds majority of the Senate praying that he be removed,” the section stated.
The Act also states that the governor, deputy governor, or director of the CBN can be removed if they are serving as a lawmaker or a director of a bank.
“A person shall not remain a governor, deputy governor or director of the Bank if he is a member of any federal or state legislative house; or if he is a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.
“The governor, deputy governor or director shall cease to hold office in the Bank if he becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties: is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act,” the Act adds.
The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this Act; disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”
Emefiele’s ‘sins’
The introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 started on a controversial note as the then Minister Finance, Budget and National Planning, Zainab Ahmed, kicked against it barely 48 hours after it was announced.
Ahmed had stated that her ministry was not consulted and she was not aware of the monetary policy.
The reaction generated tension and uncertainty until the Presidency confirmed that Buhari approved the policy, which it said was to manage inflation, combat currency counterfeiting and ransom payment.
Early January 2023, the CBN started a cash swap programme in various local government areas to reach citizens in rural communities, who complained of the unavailability of banks in their localities.
The initial deadline of January 31, 2023, set by the apex bank for the old notes to cease being legal tender was moved to February 10, as the country fell into hard times with both the old and new naira notes going out of circulation.
The situation was compounded by fuel scarcity across the country as Nigerians berated the policies of the government as ill-thought.
Tinubu, who was then the presidential candidate of the All Progressives Congress, also slammed those behind the naira redesign, which he said was targeted at his candidature.
While speaking in January during a campaign at the MKO Abiola Stadium in Abeokuta, the Ogun State capital, Tinubu said, “Let fuel be expensive, only they know where they keep it. Keep petrol, keep the naira, we will vote and be elected. You may change the ink of naira notes. What you expect will not happen. We will win.
“They said petrol will rise to N200/litre and N500/litre, let your mind be at rest. They don’t want the forthcoming election to hold. They want to scatter it but that won’t be possible.
“They thought they could cause trouble; they sabotaged fuel but with or without fuel, with or without motorcycles and tricycles, we will vote and win. This is a superior revolution.”
In February, the governors of Kaduna, Kogi and Zamfara states took the Federal Government to the Supreme Court and urged it to declare the naira redesign illegal.
Despite an initial order of the court for the policy to be suspended, the CBN went ahead to announce that the old naira notes had ceased to be legal tender at the expiration of the February deadline.
In March, the Supreme Court finally ruled that the old naira notes remain legal tender till December 31, 2023, effectively ending the controversies surrounding the matter.
Experts estimated the loss to the failed naira redesign policy at N20tn as many called for the sacking of Emefiele. Many citizens died during protests against the policy, while many commercial banks had their facilities destroyed.
Prior to the naira redesign controversy, many Nigerians, particularly members of civil society and the media, had called for Emefiele’s sacking over his rumoured political ambition.
A group of friends had in May 2022 bought the N100m expression of interest form for the presidential ticket of the APC for him.
This was followed by sponsored posts on various media platforms advertising his candidacy.
Photos of hundreds of branded vehicles were also splashed on social media, attracting widespread outrage.
Emefiele had subsequently instituted a suit against the Independent National Electoral Commission and the Attorney-General of the Federation and Minister of Justice over his eligibility to contest the APC primary.
He asked the court to stop INEC from disqualifying him from participating in the primary election of his preferred political party.
Suspension expected – Analysts
An economist, Mr Ade Dayo, said the suspension was expected, adding that the Nigerian economy suffered under Emefiele.
He told our correspondence that the monetary policies postulated by Emefiele made many Nigerian businesses shrank and gasped for air.
Dayo said, “It was expected that the new President would let him go. See the gruesome way he (Emefiele) handled the naira redesign policy! Many businesses were shut down during that period. All the pleas from economists, analysts and social critics fell on deaf ears. He was fixed on only doing his bidding.
“Whoever is going to take over after him should be one who listens and is devoid of partisan affiliation. The office of the governor of the CBN is not a political office.
“A thorough probe should be instituted and a competent person made to man the position.”
Another economist, Mr Usman Musa, noted that the suspended CBN governor did not handle the economic issues affecting the nation wisely.
He added that there were many accusations of partisanship regarding Emefiele, but he failed to address the issue as he should.
Musa said, “The economy of this country suffered under Emefiele. Surprise is the last thing I feel hearing the news of his suspension. He should be thoroughly investigated, especially as regards the naira redesign policy. Where are the new notes he said he printed?
“Emefiele completely failed in his duty. He did not concentrate on his core mandate of price stability as the apex bank’s governor. We are talking of an inflation rate of about 22.24 per cent or more and an exchange rate nearing N800 per dollar. Who should be held responsible for all these woes if not him?”
The Director and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the suspension did not come to him as a surprise.
Yusuf said the President had made it known during his campaign that he did not agree with some of the policies of the CBN governor.
He said, “Emefiele came up with a lot of policies that have not worked well for the economy and Tinubu singled out the exchange rate management, the forex policy and expressed displeasure about the naira redesign. He was very clear about his condemnation of it, and that the policy was too harsh for the citizens.
“It was also clear that the policies of Emefiele were not compatible with that of the President, so if this has happened, I will not be surprised. Their monetary policy beliefs are fundamentally different.”
A policy analyst, Suraj Oyewale, said Emefiele’s performance as governor of the apex bank had fallen below expectation, adding that many Nigerians would be happy to see him leave office.
“The general consensus is that the performance of the economy under Emefiele has been less than impressive, especially the naira redesign policy, which was not well thought out. I’m sure many Nigerians will be excited to see him leave,” he said
Oyewale, however, said it was the second time in 10 years that a sitting CBN governor would be suspended by the President and feared that the trend might “weaken the independence of the CBN.”
“Subsequent governors may become a pun in the hands of the executive for fear of being sacked and will be unable to take tough decisions that will favour the economy,” he added.
A lecturer and political analyst, Dr Ganiu Bamgbose, said the President made a great decision by suspending the CBN governor, whom he accused of holding the country hostage economically.
He said, “I think the President as the Commander-in-Chief of the Armed Forces is at liberty to choose who is returning and whosoever he wants in his space.
As a president, who is prepared to lead the country to success, he could have seen what no one else sees. In this case, as the Commander-in-Chief of the Armed Forces, he knows who is suitable for a post and who is going to make his administration successful.
“Emefiele should have been relieved of the job earlier than this. Isn’t it ridiculous that the CBN suddenly told us that there was no money to sustain the change of currency, which brought so much agony and hardship to the country about five to six months ago?”
A political analyst, Kamilu Fage, said it was surprising that the President left the CBN governor in office for some time after the swearing-in despite several infractions Emefiele committed prior to the election.
“Given what Emefiele did with the scarcity of naira, I am surprised that the President left him in the office till now given all he did during the naira crisis,” he said.
However, a human rights lawyer, Inibehe Effiong, said the suspension of the CBN governor was not in accordance with the law, adding that Emefiele could not be removed by the President without recourse to the law.
He said, “It is quite a controversial issue. Ordinarily, by virtue of Section 11 of the CBN Act of 2007, the cessation of office of the CBN governor for misconduct on account of the decision of the President can only be through removal, which has to go through the Senate and two-third of members must give their concurrence before the CBN governor can be removed. That statutory position is enshrined to guarantee the institutional independence of the CBN.
“I personally believed that Emefiele should not remain in office; he has committed several infractions, and I am not comfortable with the way he led the bank; however, on the basis of law I do not think the President can remove the CBN governor without recourse to the Senate.”
A Senior Advocate of Nigeria, Norrisson Quackers, said the President had the constitutional right to give the directive, stating that the suspension could not be questioned.
Quackers added that Emefiele had overstayed the five-year statutory period he was supposed to use in office according to the CBN Act, adding that Tinubu’s body language towards the suspension could eventually result in a further dismissal of the governor.
An economist, Prof Sheriffdeen Tella, said Emefiele should not see his suspension as shocking, having thrown the economy into domestic shocks through inconsistent policies, some of which led to the death of some Nigerians.
He said, “The suspension should not be surprising even to himself. He has over time thrown the economy into domestic shocks through policy inconsistency and summersaults without an apology to anybody, even to the government he is embarrassing.
“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in banking services.”
Suspension legal – Ozekhome
A Senior Advocate of Nigeria, Chief Mike Ozekhome, said Tinubu had the right to suspend Emefiele, adding that the term suspension was just a euphemism for dismissal.
He stated, “The President has all the right to suspend the CBN governor despite the independence of the apex bank. He can do so under the CBN Act. He is the overall boss and President of Nigeria.
“This is what we call the transient nature of power. Before Emefiele, there was Sanusi. The position is not hereditary. He who has the power to appoint can suspend. It is Tinubu’s right and prerogative to suspend the CBN governor for any infraction. He acted in line with the law. It is not illegal.
“Someone must have been appointed to act in his place so there is no illegality there.”
Like Sanusi, like Emefiele
On February 20, 2014, President Goodluck Jonathan ordered the suspension of the then CBN governor, Lamido Sanusi, weeks after he exposed the alleged theft of at least $20bn by officials of the petroleum ministry.
Sanusi was suspended while on an official assignment to Niamey, Niger Republic.
He later claimed to have ignored Jonathan’s directive to him to resign because the reason for the directive was baseless.
He said Jonathan asked him to quit for allegedly sending copies of the letter he wrote to the President to former President Olusegun Obasanjo and the then Rivers State governor, Chibuike Amaechi.
The spokesperson for the then President, Dr Reuben Abati, explained in a statement Sanusi was suspended because of reports by the Financial Reporting Council of Nigeria claiming that the CBN governor had engaged in “financial recklessness and misconduct” but did not identify any particular financial crime.
Sanusi, who later became the Emir of Kano before he was deposed, refused to back down on allegations that the Nigerian National Petroleum Corporation and the then Minister of Petroleum Resources, Diezani Allsion-Madueke, could not account for over $20bn of crude oil exports carried out by the NNPC.
He was ordered to hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, pending the conclusion of investigations into the alleged breaches of enabling laws, due process and the mandate of the CBN.
In April 2014, he won a court case against the Federal Government after he was detained and his passport confiscated by the Department of State Services but did not return to the apex bank.
Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.
The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.
Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”
According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”
Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.
“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.
Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.
On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:
“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”
In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.
“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.
With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.
President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.
The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.
Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).
Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).
President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.
At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.
“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.
The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.
Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.
Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.
He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”
In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.
“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.
The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.
Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).
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Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga
……Air Peace clearance for Lagos-Sao Paulo direct flights excites President
The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.
Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.
Sao Paulo is Brazil’s economic powerhouse and largest city.
Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.
A symbolic flight was planned for last night.
These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.
His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.
“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.
According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.
“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.
The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.
“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.
Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.
“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.
“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.
Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.
The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.
Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.
“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.
President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.
“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.
“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.
The following MoUs were signed between the two countries:
*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.
Nnaji, and Brazil’s Luciana Santos.
*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.
Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.
Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.
Mohammed Idris: BASA to deepen ties
Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.
He described BASA as representing more than aviation.
“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.
He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.
The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.
He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.
“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.
Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.
The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.
“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.
Boeing 777 for route
Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.
Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.
Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.
Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.
Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.
As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,
Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.
Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.
Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.
Petrobras stopped business in Nigeria five years ago.
The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.
Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.
In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.
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