LAGOS – There are indications that the prices of oil products may once again skyrocket in Nigeria, following the imposition of $300 helicopter landing levy on oil companies operating in the rigs by the Ministry of Aviation and Aerospace Development.

Also, experts in the Nigerian aviation industry have questioned the choice of NAEBI Dynamic Concepts as the con­tractor for the collection of the $300 helicopter levy from oil companies, wondering if its selection was passed by the National Assembly or received the approval of the Federal Executive Council (FEC).

They also declared that only the Ni­geria Civil Aviation Authority (NCAA) has the right to approve any new charges or levies for operators in the industry and called on the ministry to rescind its decision.

But Mr. Festus Keyamo, the Minister of Aviation and Aero­space Development, has said that the levy was an additional means of generating revenue by the Fed­eral Government.

Besides, there are indications that the affected oil companies may not have been contacted about the directive two weeks after it was issued.

Nigeria’s currency, the naira, recorded depreciation against the dollar at the parallel foreign exchange market to end the week on a negative note.

Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to Ekwutosblog that the naira dropped to N1,628 per dollar on Friday from N1,623 traded on Thursday.

“We buy at N1,624 per dollar and sell between N1,628 and N1,630 per dollar due to a surge in demand,” he told Ekwutosblog on Friday.

This means that the naira dropped by N5 against the dollar on a day-to-day basis at the parallel foreign exchange market.
At the black market, this is the fourth consecutive depreciation since Monday, 26th 2025.

Meanwhile, the naira remained flat at the official foreign exchange market on Friday at N1,586.15, the same rate recorded the previous day. 

Ekwutosblog reports that in the week under review, the naira recorded more depreciation than appreciation across foreign exchange markets. This showed that the naira weakened by N13 and N5.17 against the dollar at parallel and official foreign exchange markets, respectively, on a week-on-week basis.

The African Development Bank, in its 2025 economic outlook, forecast that the naira and other currencies on the continent would slip by 6 percent in 2025.

Wema Bank appointed 12-year-old Chiderije Mbah as its One-Day Managing Director/CEO on May 27, 2025, to celebrate Children’s Day and inspire young Nigerians.

Chiderije won the role through a social media challenge by submitting an animated film about making finance fun and accessible for kids

The initiative, part of Wema Bank’s 80th anniversary celebrations, aims to promote early financial education and leadership among children nationwide.

The initiative was welcomed by the bank’s MD/CEO, Mr Moruf Oseni, who loved the inspiring exchange between both generations.