An aviation stakeholder group has opined that the solution to Nigeria’s aviation fuel problem is allocating crude oil directly to local refiners.

The Aviation Safety Roundtable Initiative (ASRI) took the position in a statement signed by its President, Air Commodore Ademola Onitiju (rtd).

It maintained that if the government does this, it can cut waste, reduce its own cost exposure, and bring stability to a sector that has resisted it for decades.

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According to the group, “The Nigerian domestic aviation sector currently faces a profound and protracted crisis driven primarily by the escalating cost of Jet A1 fuel, which has remained between N1,650 and N2,037 per litre. This single factor has pushed fuel to nearly half of total airline operating expenses and has forced domestic carriers to raise fares to levels that many Nigerians can no longer afford.

“Rather than to frontally tackle this urgent challenge, the Federal Government has already given away N60 billion in invoice discounts to airlines with no measurable benefit to the industry or the travelling public. The defects are palpable as Jet A1 prices have remained unchanged, airline debts have not reduced and neither have we seen passengers enjoy cheaper fares. The cargo logistics,tourism and hospitality sectors have not experienced growth.

“The aviation ecosystem which is made up of airlines, agencies, concessionaires, ground handlers, received no structural relief from that hollow N60 billion largesse. The ASRTI has therefore recommended a more effective and fiscally responsible alternative. The body said this proposal seeks to focus exclusively on domestic operators and is achievable through the allocation of crude oil directly to local refiners in a Fuel‑for‑Stability Programme which eliminates the N60 billion waste, reduces the government’s cost exposure, and creates a stable fuel‑pricing structure that immediately transforms the economics of the sector.

It added that whether the final feasible fuel price is N300 or slightly above is not the issue instead the strategy is to emplace a stable, predictable supply of crude to local refiners in order to dramatically lower operating costs, enable lower fares, higher passenger traffic, more profitable airlines, stronger aviation agencies, and a healthier fiscally backed ecosystem.

”Lower air fares are not restricted to consumer benefits, they are catalysts for market expansion, passenger traffic growth, higher load factors and the economies of scale that make the business of commercial aviation sustainable.

”A nation of over 220 million people should not continually operate an aviation market accessible only to a narrow segment of its population. Reduced airfares will result in a natural expansion of the market and sustainable sectoral growth.

”This approach is pragmatic and not theoretical. India achieved some of the lowest domestic fares in the world and explosive traffic growth by stabilizing fuel supply and prioritizing structural reforms. Turkey, Indonesia, and Brazil also transformed their aviation sectors by focusing on affordability, volume growth, and ecosystem‑wide efficiency, not piecemeal interventions that deliver no lasting value,” it said.

The Nigerian capital market on Monday achieved a historic milestone with the successful transition to a T+1 settlement cycle, becoming the first market in Africa to implement the shortened settlement framework designed to enhance efficiency, reduce risk, and improve global competitiveness.

Speaking at the T+1 Settlement Cycle Transition Ceremony in Lagos, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the development as a defining moment in the market’s evolution. “The era of T+1 has begun. In just six months, Nigeria has successfully progressed from T+2 to T+1 settlement, joining a growing group of markets embracing faster and more efficient settlement cycles. This achievement signals that Nigeria is prepared to undertake the structural reforms required to compete for global capital,” Agama said.

He added that the reform aligns Nigeria’s capital market with global best practices, where shorter settlement cycles are increasingly being adopted to improve post-trade efficiency, reduce counterparty risk, and strengthen investor confidence. He reaffirmed the Commission’s commitment to continued modernisation of market systems and processes.

In his goodwill message, the Group Chairman of NGX Group, Alhaji Umaru Kwairanga, described the transition as a key step in the ongoing transformation of Nigeria’s capital market. He said the development underscores the shared commitment of stakeholders to strengthening market institutions, deepening investor confidence, and enhancing the market’s role in supporting economic growth and capital formation. “Milestones such as this reinforce confidence in our institutions and demonstrate our collective determination to build a more efficient and globally competitive capital market,” he stated.

Also speaking at the event, the Chairman of Central Securities Clearing System (CSCS) Plc Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, said the transition represents a critical step in the broader evolution of Nigeria’s capital market. He noted that while the achievement marks a significant milestone, it is part of a longer journey toward building a deeper, more liquid, and more globally competitive market capable of supporting sustained economic growth and capital formation.

“While today is a significant milestone, it is not the destination. It is part of a broader journey toward building a deeper, more liquid, efficient, and globally competitive capital market capable of supporting long-term economic growth and capital formation,” he said.

The Managing Director/Chief Executive Officer of CSCS Plc, Shehu Shantali said the milestone reflects the strength and operational readiness of Nigeria’s post-trade ecosystem. He noted that the new settlement cycle would enhance transaction speed, improve liquidity efficiency, and reduce settlement exposure across the market. “This transition is far more than a reduction in settlement timelines. It represents a strategic upgrade to market infrastructure and reinforces our commitment to building a more efficient, resilient, and globally competitive capital market,” he said.

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The ceremony culminated in a symbolic closing gong ceremony marking the official commencement of the T+1 settlement cycle. The event was attended by CEOs of Exchanges market operators, regulators, stockbrokers, and leaders of trade associations across the capital market ecosystem.

The transition follows six months of coordinated industry-wide preparations involving regulators, exchanges, depositories, custodians, registrars, and other market participants, positioning Nigeria among global markets adopting shorter settlement cycles to improve post-trade efficiency and market resilience

After failing to meet its previously announced May 29, 2026 target, Aradel Holdings Plc has extended the filing and publication deadline for its 2025 audited financial statements and first-quarter 2026 unaudited financial statements.

This was detailed in a notice to the Nigerian Exchange Limited (NGX), shareholders and the investing public, which had it that both reports will now be released on or before June 19, 2026.

The company blamed challenges arising from the consolidation of its recently acquired additional 40 per cent equity interest in ND Western Limited.

Aradel had earlier informed the market on March 2, 2026, that the delay in filing its financial statements was linked to the acquisition and had subsequently indicated that the reports would be released on or before May 29, 2026.

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Explaining the latest postponement, the company said unforeseen complexities emerged during the consolidation process following the integration of the newly acquired stake into the Group’s reporting framework.

According to the notice, “The delay is due to unforeseen complexities encountered in the consolidation process arising from the integration of the newly acquired interest in ND Western Limited into the Group’s reporting framework. Additional time is required to ensure that the consolidated results fairly present the financial position of the enlarged Group in line with applicable accounting standards and regulatory requirements.”

“The Company is working closely with its external auditors to complete the process without compromising the quality, accuracy or integrity of the financial statements. Both the FY 2025 Audited Financial Statements and the Q1 2026 Unaudited Interim Financial Statements will now be released on or before 19 June 2026,” Aradel said.

The extension means the company’s closed period, which commenced on January 1, 2026, will remain in effect until 24 hours after the financial statements are released to the market. During the closed period, insiders and other restricted persons are prohibited from trading in the company’s shares.

The company noted that trading in its securities by affected persons would resume after the expiration of the extended closed period. Aradel further reiterated its commitment to regulatory compliance and transparency in its financial reporting.