NEWS AGENCY OF NIGERIA
General News

NAN editor loses wife

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By Dorcas Jonah

Mr Isaac Aregbesola, a senior editor with the News Agency of Nigeria (NAN), has announced the death of his wife, Mrs Wumi Aregbesola.

 

Aregbesola in a statement said his wife, 52, died on Friday.

 

The editor described his late wife as a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues.

 

“Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

 

”Throughout her life, she demonstrated exceptional dedication and commitment to humanity service,” he said.

 

Describing her as a God-fearing woman, a great manager of resources, and a devoted wife, Aregbesola said his late wife’s life was a testament to humility, kindness, and enduring service.

 

He notes that Wumi was a seasoned accountant and entrepreneur who impacted positively on the lives of everyone who came across her.(NAN)(www nannews.ng)

Edited by Kayode Olaitan

Defence/Security

Minister wants collective action to empower young women

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By Ibironke Ariyo

The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, on Thursday called for stronger collaboration among stakeholders to empower young women and advance national development.

 

Sulaiman-Ibrahim made the call in Abuja at the opening ceremony of a three-day royal ambassadors gathering week 2025 with the theme, “Building Global Partnership for sustainable impacts, Innovations and development.”

 

The minister, who was represented by a  Director in the Ministry , Dr Mrs Ola Erinfolami, emphasised that empowering young women remained critical to the nation’s growth and progress.

 

She acknowledged the ministry’s achievements in promoting gender equality, development and peace, noting that more work must be done to close existing gaps.

 

“Young women continue to face challenges in education, economic opportunities, healthcare and leadership.

 

“It is our responsibility to address these disparities and create an enabling environment for women to thrive,” she said.

 

The minister, however, outlined four key areas of focus in the ministry’s agenda to include access to quality education and skills training, supporting entrepreneurship and job creation.

 

This, she also said, includes ensuring healthcare access, promoting well-being and encouraging women’s participation in leadership and decision-making.

 

She reaffirmed the ministry’s commitment to promoting policies and programmes that empowered young women, adding that collaboration with stakeholders remained vital.

 

“I urge all stakeholders to join us in this effort. Let’s work together to empower more young women and create a brighter future for our nation,” she added.

 

In his opening remarks, the Founder and Director-General of the Royal Ambassadors Family Enlightenment Foundation (RAFEF), Jonathan Okwudiri, called for stronger global partnerships to drive sustainable development and innovation in Nigeria.

 

Okwudiri, who doubled as the convener of the event stressed that unity, collaboration and collective action were crucial in achieving national progress.

 

He said that in a world where challenges like poverty, unemployment, food insecurity and social inequality threatened the collective future, the need for action had never been greater.

 

The News Agency of Nigeria (NAN) reports that the RAFEF, Green Revolution Farmers Feed the Nation Foundation (GRFFNF), and Young Women Rise Empowerment Initiative (YWREI) are the three NGOs working to reshape the society.

 

These are done through strategic empowerment, economic development and social transformation.

 

The groups are also dedicated to poverty eradication (SDG 1), quality education (SDG 4), gender equality (SDG 5), decent work and economic growth (SDG 8), and zero hunger (SDG 2).

 

Okwudiri, who oversees a network of over one million women and youths across the 36 states and the FCT, said that the NGO was a formidable force dedicated to nation-building through empowerment, agriculture, and youth development.

 

He announced the launch of major initiatives under the GRFFNF, including Operation Feed the Nation, inaugurated in December 2024, and the Green Rewards Smart Farm Settlement (GRSFS), aimed at providing employment opportunities for one million Nigerians.

 

He said that the group’s Agricultural Farming Project Fund and Empowerment Scheme would provide financial grants to farmers to promote sustainable agricultural practices.

 

“This gathering is a testament to the power of collaboration. As Royal Ambassadors, we are determined to work with visionary partners to create lasting impacts,” he said.

 

Okwudiri also highlighted the achievements of the RAFEF in training over 1,000 women and youths in entrepreneurial skills, seeking partnerships and support to enable the trainees to start their businesses.

 

He reiterated the organisation’s readiness to align with President Bola Tinubu’s administration policy, particularly the Renewed Hope Agenda, which focused on promoting agricultural development, food security, and job creation.

 

“As nation-builders, we support any leader who prioritises the empowerment of women and youth. Together, we can shape the future of our country,” Okwudiri said.

 

Okwudiri commended the Board of Trustees, management teams, and the media for their contributions to the growth of the organisations and urged participants to use the gathering to connect, learn, and collaborate.

 

“We are not just here to celebrate; we are here to build. Let us rise to the challenge and create the future we envision,” he said.

 

The event also features the inauguration of the National and State Executive Officers of the Young Women Rise Empowerment and Support Initiative (YWRESI) and the crowning of Miss Global Royalty Africa 2025.(NAN) (www.nannews.ng)

Edited by Maureen Ojinaka and Yakubu Uba

Environment

NAN, LAWMA partner to deepen waste management advocacy

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By Fabian Ekeruche

The News Agency of Nigeria (NAN) on Thursday paid a courtesy visit to the Lagos Waste Management Authority (LAWMA) to deepen waste management advocacy.

The NAN delegation, led by Mrs Ifeyinwa Omowole, Head of Lagos Editorial Operations, was received at the LAWMA headquarters by its Managing Director, Dr Muyiwa Gbadegesin.

Omowole expressed gratitude to LAWMA for the efforts made by the authority in the area of waste management in the state.

She noted that NAN’s wide outreach, if leveraged on, could help in deepening the efforts of LAWMA in advocating a cleaner Lagos.

She listed some of the products of NAN, like the PR Wire Service and others that LAWMA could subscribe to in telling the authority’s story.

“The proposed partnership will also include the production of documentaries showcasing LAWMA’s initiatives and successes, further amplifying the agency’s impact and reputation,” Omowole said.

Also speaking, Gbadegesin commended the delegation for the interest in partnering LAWMA for media mileage and visibility.

He said the huge role of the media in driving sensitisation could not be overlooked, as people continued to migrate to Lagos.

He said in spite of LAWMA’s ongoing sensitisation, some residents remained unaware of proper waste mnagement practices.

“Migrants that come into Lagos must be educated on LAWMA’s policies to prevent improper waste disposal. The LAWMA advocacy team has been doing this, to ensure every resident is adequately informed,” Gbadegesin said.

He added that LAWMA would remain committed to transitioning from a linear waste management model to a circular economy model where nothing is wasted.

“We aim to replicate Sweden’s model, where compactor trucks and buses run on biomethane, reducing landfill dependence and enhancing environmental sustainability,” he stated.

Gbadegesin noted that LAWMA’s recently signed a Memorandum of Understanding with the Ghanaian firm, Jospong Group, to improve waste management in the state.

He added that the initiative was in line with LAWMA’s broader vision of diverting 90 per cent of waste from dumpsites through innovative recycling and resource recovery strategies.

He also stressed the significance of the Private Sector Participation model, which comprised 428 operators working in partnership with LAWMA to manage the city’s daily waste generation of approximately 13,000 tonnes. (NAN)

Edited by Chinyere Joel-Nwokeoma

Foreign

ECOWAS Parliament @25: NAN pledges publicity partnership with AWALCO

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By Mark Longyen

The News Agency of Nigeria (NAN) has pledged to partner the Association of West African Legislative Correspondents (AWALCO) to publicise the activities of the ECOWAS Parliament, particularly its 25th anniversary celebrations.

Malam Ali Muhammad Ali, the Managing Director of the agency, made the pledge when the leadership of the association paid him a courtesy visit in his office in Abuja on Thursday.

Ali expressed appreciation to the association’s officials for deeming it worthy to pay him a courtesy visit, stressing that as Africa’s biggest news content provider, NAN was home to all.

“For deeming it worthy to come and pay us this courtesy call, the agency is appreciative.

“We hope that it will help the Parliament achieve its goals, and raise awareness, like you said, about its activities.

“On our part, the News Agency of Nigeria, like you know, is Africa’s biggest news content provider,” he said.

According to the NAN Chief Executive Officer, the agency is the most authentic and biggest news hub in Africa, with a domineering influence and reach within the West African subregion.

“So, with an association like this, certainly in the News Agency of Nigeria, you find a soulmate, a fellow traveler.

“So, you’re welcome. We look forward to partnering and doing more, and the News Agency of Nigeria is your home,” he said.

Speaking earlier, AWALCO President, Mr Innocent Odoh, explained that the purpose of the visit was to seek the collaboration and support of NAN, as the indisputable leader in terms of news credibility reportage, and viability.

He said that ECOWAS Parliament would be marking its 25th anniversary on Nov. 16 and a series of activities had been lined up for it.

Odoh said that AWALCO, being the association of the parliament’s press corps, was fully involved in it by way of planning to give the occasion a media and publicity glitze.

He said this would help to propagate the ideals of ECOWAS in general, and ECOWAS Parliament in particular, and make the objectives of ECOWAS Commission and Parliament known globally, starting from the subregion.

“In terms of viability, if we talk about the repository of news in all ramifications, in all dimensions, I think the News Agency of Nigeria comes first before any other one.

“So, what we are doing is in line with the media advocacy that we are projecting for the ECOWAS Parliament at 25.

“We can see that if the collaboration with NAN takes off as we planned it, I think it will go a long way in expanding the vision of the association,” he said.

The AWALCO president further said that the partnership would determine how the regional bloc is run, especially at a time  that so many things about ECOWAS needed to be interrogated.

“That is why we’re here, to seek that collaboration, to seek that support, how we can deepen that collaboration to ensure that the citizens of the Parliament understand what is happening around them.

“ECOWAS has a vision of 2050 but many people may not be aware of it, but collaborations like this can open up an opportunity for people to understand the vision of ECOWAS,” he added.

Mrs Uche Duru, Chief Communication Officer, ECOWAS Parliament, who was part of the delegation, in a remark, extended greetings from ECOWAS Parliament Speaker and Secretary-General to Ali and NAN’s management.

She explained that AWALCO was her brain child and the parliament’s official press corps, which was created to reposition the parliament’s media coverage.

The spokesperson for the parliament said the association was beyond Nigeria, as its membership encompassed the entire West Africa, including even from member states that were threatening to exit or had already exited.

“Permit me at this juncture also to talk briefly about NAN and how NAN has been giving us coverage. It’s been a wonderful journey.

“So, as far as Nigeria is concerned, NAN is our first port of call, so we can express our appreciation of the work that we’ve done so far.

“I want to convey that we’re most grateful to have NAN very, very actively involved in the work of Parliament,” she said.(NAN)

Edited by Emmanuel Yashim

Foreign

NAN MD says China’s “Two Sessions” key to governance, modernisation

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By Ismail Abdulaziz
China’s cooperation with African nations, particularly in industrialisation, capacity building and technology transfer, is playing a crucial role in addressing the continent’s development challenges.

The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, said this in an interview with the Chinese news agency, Xinhua.

Ali was speaking against the background of the China two sessions event that began in Beijing on Monday.

He said that China’s “two sessions” had become a crucial window through which the world observes the country’s governance model and gains insights into its modernisation.

NAN reports that the two sessions is an annual political gathering with thousands of political and community delegates converging on Beijing.

Delegates are drawn from across mainland China, Hong Kong and Macau to ratify legislation, personnel changes and the budget over about two weeks of highly choreographed meetings.

The event is called the “two sessions” because both the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) hold their annual meetings separately, but at the same time.

The meetings include “work report” speeches by the premier, and sometimes – but not always – speeches by the party leader.

Official economic targets are set, military budgets announced, and changes in the ranks of party leadership bodies are confirmed.

“The “two sessions” showcase the transparency and efficiency of China’s governance, as well as its responsible administrative system.

“China’s governance experience is even more valuable in the current context of profound global changes,” Ali said.

Having visited China multiple times, Ali expressed delight at the country’s rapid development and transformation.

According to him, China stands out in renewable energy, infrastructure and agriculture among other fields.

Describing China’s engagement with other developing countries as “unique,” he emphasised its focus on delivering tangible benefits through infrastructure development, vocational training and technology-driven investment.

“China’s cooperation with African nations, particularly in industrialisation, capacity building and technology transfer, is playing a crucial role in addressing the continent’s development challenges.

“Africa is benefiting from industrial investments and infrastructure projects that are transforming economies across the continent,” Ali said.

He added that without roads, bridges, railways and power projects, “industrialisation would be impossible.”

Noting that NAN was keenly watching and reporting on this year’s “two sessions,” Ali expected the “two sessions” to reveal more information on future China-Africa cooperation.

“By deepening China-Africa cooperation, more African nations will learn from China’s experience and jointly advance global governance and economic prosperity,” he said.(NAN/Xinhua)
(Edited by Mufutau Ojo)

General News

NAN’s Aisha Gambo bags Report Women! FRLP fellowship

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By Hussaina Yakubu
Aisha Gambo, a Senior Correspondent with the News Agency of Nigeria (NAN), has been selected for the sixth Female Reporters Leadership Programme (FRLP) fellowship.

The fellowship, which was launched in 2017, is organised by the Wole Soyinka Centre for Investigative Journalism (WSCIJ).

It aims to equip female journalists with the skills to champion the cause of improved leadership status of women in the news, newsrooms and society.

In a statement on Saturday, Motunrayo Alaka, Executive Director and CEO of WSCIJ, said the Report Women! programme had helped to increase the quantity and quality of reports on issues affecting women and girls in Nigeria.

She said over the past decade, WSCIJ had trained 537 journalists across Nigeria and Ghana.

Alaka said the centre had also supported 136 stories and 138 leadership projects, published six research on women’s representation in the media and produced six documentaries.

The centre, she said, had also launched a female experts’ source guide and engaged newsrooms on the leadership of women in the news and newsrooms.

“The Female Reporters Leadership Programme, introduced in 2017, has produced 86 fellows across five cohorts and driven intentional efforts to place more women in leadership positions within newsrooms and news.

“Through an intensive training and mentoring, this sixth edition of FRLP Fellowship will equip participants with the skills to champion the cause of improved leadership status of women in the news, newsrooms and society.

“The fellowship and the broader Report Women! News and Newsroom Engagement project has been supported by the Bill and Melinda Gates Foundation since 2021″ she said.

She added that the fellowship was designed to engage the management and staff of news media organisations in Nigeria, and eventually Africa, to increase representation of women in news coverage, newsroom leadership and as news sources.

Gambo is one of the 12 participants who made the shortlist out of a competitive pool of 160 female applicants.

Other beneficiaries of the programme include Melony Ishola, Juliet Buna, Bilkis Lawal, Rasheedat Iliyas, Temitope Obayendo, Mary Agidi, Dana Zagi, Chigozie Victor, Christiana Alabi-Akande and Gloria Attah.(NAN)(www.nannews.ng)
(Edited by Mufutau Ojo)

Solutions Journalism

Solutions Journalism: NAN vows to change media landscape

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By Ahmed Musa

Malam Ali Muhammed Ali, the Managing Director, News Agency of Nigeria (NAN), has expressed the agency’s determination to sustain efforts in changing the media landscape in the country.

 

Ali said this on Thursday in Abuja when he received a delegation from the Nigeria Health Watch (NHW) led by Mr Chibuike Alagboso, its Director Media Programmes.

 

According to him, the agency will continue to join efforts by pushing stories that will promote the needed solutions to societal problems.

 

He said, ”NAN will continue to appreciate the partnership with the Nigeria Health Watch and Solutions Journalism Network which began in 2020.

 

”We are sustaining the effort of changing the media landscape with Solutions Journalism stories.

 

”Its unique style of telling the positive developments in the country aligns with the NAN mandate of promoting understanding, mutual respect, professionalism and giving voice to the majority and minor views of the citizens.”

 

The managing director also informed the visitors that the agency had earlier created a special desk to handle Solutions Journalism stories with a view to enhance specialisation and boost productivity in the agency.

 

”We have created a Solutions Journalism desk since the first engagement with Nigeria Health Watch in 2021 and the message will continue to be propagated to all our members of staff,” he said.

 

According to him, Solutions Journalism has a critical role to play in the nations journey to realising the impact of small achievements on national development.

 

“It highlights the little efforts put in to address daily social challenges of citizens.

 

”This is what is needed to build trust and buy-in from people about steps taken by the government to address their problems,” he added.

 

On his part, the Editor-In-Chief of NAN, Mr Mufutau Ojo, while declaring open the One-day training session, urged participants to pay attention to the keynote speakers and learn the new skills.

 

Ojo expressed optimism that the training would provide a paradigm shift and new opportunities for reporters to explore.

 

Also speaking, the Head of NAN Multimedia Section, Mr Ismail Abdulaziz, expressed gratitude to the team for providing the opportunity for NAN reporters to be trained.

 

Abdulaziz commended the reporters for showing exemplary attitude based on the questions raised during the training season.

 

”This shows that you understood the topic, now it’s just to know how to put your thoughts into Solutions Journalism style of writing,” he said.

 

Mr Aderogba George, one of the participants who spoke after a session, said that the training would avail him the opportunity to understand how to write Solutions Journalism stories.

 

Others in the delegation of Nigeria Health Watch (NHW) are Kenneth Ibe, Senior Social Media Coordinator, Tzar Oluigbo, Health Journalist and Hadiza Mohammed, Communication Officer.

 

The delegation was in NAN Headquarters to train reporters on Solutions Journalism based on the existing partnership they had with NAN since 2020. (NAN) (www.nannews.ng)

edited by Stanley Nwanosike/Ismail Abdulaziz

Foreign

Video: NAN, MENA sign MoU on media cooperation

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By Fortune Abang

The Middle East News Agency (MENA) and the News Agency of Nigeria (NAN) have signed a Memorandum of Understanding (MoU) aimed at enhancing media cooperation through news exchange.

NAN reports that MENA, a regional news agency founded on Dec. 15, 1955, is based in Egypt and operates under the Egyptian government.

The agreement was signed virtually by Mr Ahmed Kamal, MENA’s long-serving journalist and current Board Chairman and Editor-in-Chief, and Mr Ali Muhammad Ali, the Managing Director of NAN.

During the virtual signing ceremony on Monday, Kamal, speaking from Cairo, described the event as a historic moment for both organisations, emphasising the deep-rooted relationship between Egypt and Nigeria.

He noted that the cooperation marked a new chapter in the long-standing friendship between the two countries, which dated back to their shared struggle for independence and prosperity.

 

 

“Today, we sign an agreement that reflects the deep-rooted historical relationship and friendship between Egypt and Nigeria.

“This cooperation between MENA and NAN is significant, as both organisations are major news platforms in our respective regions MENA in the Middle East and NAN in West Africa.

“Our agreement will widen the scope of cooperation between our two nations in news exchange, as well as other strategic domains.”

He also expressed personal fondness for Nigeria, having worked as a MENA correspondent from 2005 to 2011 in the country.

He said Egypt has a shared vision with Nigeria in promoting stability and prosperity in Africa, especially in fighting corruption.

“So, our cooperation with NAN today represents a partnership between two great organisations, and this long-awaited agreement will expand the scope of cooperation between Egypt and Nigeria in news exchange.

“In addition, it will strengthen other vibrant areas of strategic cooperation between our two nations. This is particularly meaningful for me, as I worked as a MENA correspondent in Nigeria from 2005 to 2011.

“May God preserve your beautiful country, its kind people, and its wise leadership in West Africa.

“Once again, I assure you that Egypt and the Arab world share the same perspective on the need for strategic balance in this turbulent world.

“Egypt and Nigeria also share a strong vision of strategic partnership in fighting corruption and building a stable and prosperous Africa,” he added.

In response, Ali lauded the agreement as historic, noting that it had been in the making for the past three years.

He expressed excitement about the strengthened ties between the two agencies, noting that they would not only involve news exchange but also extend to capacity building and technical support.

Ali remarked, “Today marks the culmination of years of conversation and collaboration.

“We look forward to greater cooperation with MENA, and I personally look forward to visiting Cairo soon.”

Ali also mentioned plans for NAN to host the first African media summit later this year, as part of the agency’s commitment to promoting global media relations.

NAN, owned and operated by the Nigerian government, produces over 200 stories per day and plays a key role in disseminating news domestically and internationally.

It also serves to counter negative narratives about Nigeria by providing accurate and reliable news coverage.(NAN)

Edited by Abiemwense Moru

Defence/Security

Vandalism: NAN MD charges NSCDC on intelligence gathering

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By Kelechi Ogunleye

Ali Muhammad Ali, Managing Director, News Agency of Nigeria (NAN) has charged the Nigeria Security and Civil Defence Corps (NSCDC) FCT Command to improve on its intelligence gathering in the territory.

Ali said this during a visit by the NSCDC FCT Commandant, Olusola Odumosu, to his office on Wednesday in Abuja.

The NAN MD urged the NSCDC to go beyond arrests and be more proactive by engaging Nigerians, pantaker operators and even arrested vandals to get information that would help nip vandalism in the bud.

He said that vandalism of Critical National Asset and Infrastructure (CNAI), especially the destruction of manholes and theft of manhole covers in the FCT,  had become worrisome.

“The roads leading to NAN office is the worst hit by the activities of vandals.

“The big thieves are somewhere hiding in, and if there are no willing buyers there will not be a market. So, your crack down on pantaker operators has yielded results,” the MD said.

He further called on NSCDC personnel to maintain civility in the discharge of their duties, adding that there was a remarkable difference between the corps and sister agencies.

He said that NAN, being the largest content creator and distributor of news, would partner seamlessly with the corps to achieve set objectives.

“We will give you whatever support you need to succeed because if you succeed, then we can go home to sleep with our eyes closed,” Ali said.

He commended the commandant for his doggedness and strides since his assumption of office.

Earlier, Odumosu said that the purpose of the visit was to strengthen NCDC’s already existing partnership with NAN.

“We have enjoined wonderful cooperation and publicity from your service to reach out to the public in terms of what we do,” the commandant said.

According to him, investigations revealed that most of the vandalism in the FCT were perpetuated by scavengers (baban bola).

“I have been given a charge to tackle vandalism in the FCT to nip it in the bud or bring it to the barest minimum, so I have declared war on the activities of scavengers.

“All these activities cannot  be  successfully done without the support or recognition of NAN,” he said.

He said that the command had been sending warning messages to vandals who give Nigerians sleepless nights.

Odumosu said that he had advocated for the regulation and possible eradication of pantakers in the FCT.

“Surveillance and investigation has shown that there was a spike in vandalism because there was a ready market for sales when they steal.

“If we are able to regulate pantaker then we will have solved 50 per cent of this problem,  because when there is no supply,  there will  be no demand,” he said.

The FCT NSCDC helmsman, however said that there was a ban on the activities of scavengers as they have been restricted to the dump site.

“We hope for policies and laws to be enacted in that direction, as we are doing our best in the field, and have been able to propose ideas that will eradicate the menace of vandalism,” Odumosu said.

He urged residents not to leave the protection of CNAI to the Federal Government or security agencies alone.

“We need the support of the public  and organisations like NAN to continue to succeed,” he said.(NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

Foreign

Security structure crucial to aircraft leasing – Boeing Director

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By Gabriel Agbeja

Ms Rose Lereece, Director Customer Finance, Boeing Commercial Airplanes, has said that security structure is crucial  in obtaining aircraft lease.

Lereece made this known at the Airline Economics Growth Frontiers Global in Dublin, Ireland, on Wednesday.

The News Agency of Nigeria (NAN) reports that the director described structure as a “Stand-by Letter of Credit (SBLC),’’  serving as a security provided by a commercial bank and covered by a confirming Banking and an Insurer.

According to her, SBLC provides a short-term guarantee (immediate and irrevocable) which allows the lender or lessor to cash-in an amount to the value of six to 36 months of payments in U.S. Dollars.

Lereece said that the payments were envisioned to include both rentals and maintenance reserves.

She listed SBLC Security features to include, immediate availability and irrevocable funds, US Dollar settlement and further security in the form of confirming and or third-party insurance.

She said that others were more entities that implied more security and fees, giving lessor or lender the ability to cure and continue or severe and repossess.

“`Collateteralisation by the airline of a fraction of the agreed SBLC value may be required by the commercial banks, “ she added.

According to her, airline pays commercial banks a single rate that embeds all fees including insurance where applicable while commercial banks pay lessor in the event of an issue.

The director explained that commercial banks obtained SBLC insurance support from the confirming bank while the confirming bank obtained SBLC insurance support from the insurance provider.

She further explained that the insurer provided insurance for the confirming bank or the commercial bank

Contributing, Mr Moor Ibekwe, Boeing Sales Director Africa Region Commercial Airplanes, said that the value of the SBLC, measured in payments due, could be six to 36 months for both rental and maintenance reserves.

He explained “playout term“ as one-off or monthly according to the severity of the underlying issue.

“Continued utilisation or restoration would be at the behest of the lessor or the lender, confirming bank support needed for the lease or loan traction.

“Insurance support needed for the lease/ loan transaction while tenor is the period for which the SBLC must be available to the lessor or lender in the first five years of a 12-year lease,“ he added. (NAN) (www.nannews.ng)

Edited by Jane-Frances Oraka

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