Business

ISTANBUL AS TOURIST DESTINATION: Turkish Airlines spreads ‘the good news

Published

9 years ago

October 30, 2016

When on October 18, four Nigerian journalists were taken on board Turkish Airlines for a flight to Istanbul; it was like what the airline would want to do was to show off its newly acquired aircraft or any other facility. It was, however, not to be. The full import of the trip started showing on arrival in Istanbul. At the business class lounge of the airline on arrival, as we discussed Nigeria affairs, a voice from behind shouted, ‘big brother from Nigeria’. It was a Ghanaian journalist I met in South Africa and Kenya about two years ago.

Pleasantries and why are you here. It was for the same purpose. Soon, the delegates from Cameroon arrived, then the Kenyans, Ethiopians and Nigeriens. It dawned on us it would be an Africa affair. At the prestigious Raddaison Blu, in the heart of Istanbul where we were eventually quartered, 105 journalists, from across Africa and Pakistan were hosted by Turkish Airlines. The first discovery was that Radaasion Blu in Turkey was massive, well furnished and a splendor to live in. It is quite different from Lagos Radassion. It is in a class of its own. •Chairman Turkish Airline Liker Ayel •Chairman Turkish Airline Liker Ayel So, in the afternoon of arrival, a meeting was scheduled for the visiting journalists to meet with the Chairman of the airline.

As guests of Turkish Airlines, apparently Europe’s largest fleet in the air, the purpose of the visit, according to Mr. Ilker Aycl, was for the Africa media and the world at large to see first hand how safe Turkey has become since the botched coup attempt of July 15, 2016. He took a substantial part of his three-hour speech on the coup and the attack. Mr. Ilker Aycl said that Turkey was winning the war against its peculiar strain of terrorism and the country is now safe for travelers all over the world to fly in and out of Turkey. Aycl took advantage of the presence of the journalists in attendance to address a world press conference at the airline’s headquarters near Ataturk Airport.

Aycl said, “We are fighting against a new kind of terrorism championed by a man, an Islamic preacher Fethullah Gulen, living in a mansion in Pennsylvania in the United States. His people came into Turkey like philanthropists, setting up schools and doing charity. “But on July 15 this year the same people attempted to topple the government of Turkey. They had infiltrated the military, the police, government, and even here in Turkish Airlines just as former President Jonathan told Nigerians that Boko Haram had infiltrated into his government, army and police.

“Investigations revealed that there were over 60,000 of them in government. Only 1,000 have so far been sacked against the widely reported massive clamp down on opponents in Turkey. There are hundreds of them within Turkish Airlines and we are already relieving them of their jobs, and we are keeping our environment, our operations and our country safe”. In Turkey, Gulen’s followers are officially referred to as FETO – Fethullahist Terror Organisation. One very interesting thing about the meeting with Aycl was that he was very passionate about the coup and the feelings of Turks and for the most part of the three hour conference, Aycl spoke about the attempted coup, branding it as a new strain of terrorism against the government and people of Turkey.

He also urged journalists to forewarn their home governments of possible similar Gulenists’ infiltration. He said in very clear terms: “What happened to us here before and during the failed coup attempt of July 15, 2016 may happen in other parts of the world. Please warn the governments in your countries to be careful too”. Tired and bored by continued hammering on the coup and terror, two Nigerian and a Ghanaian journalists asked why he was dwelling so much on the coup and perceived terrorism issues as if hired by government to speak on its behalf? Aycl simply replied again with passion: “This is a coup against the people of Turkey. These terrorists that came as philanthropists spent tens of billions of dollars to infiltrate our ranks. You must be careful in your countries too. The failed coup attempt was a direct attack on the citizens, businesses and stability of our peaceful country. “In this kind of situation, one must speak out and condemn such mindless acts of terrorism.

The coup affected the flights, operations, and revenue and expansion plans of Turkish Airlines. So you can understand my passion. But we invited you all here to come and see things for yourselves. Turkey is absolutely safe now, both as a travel hub and tourist destination. Help us to tell your people back home in your various countries the same good news.” The following day, the 105 journalists took a tour of the training facilities of the airline. It was amazing the level of investment they have put into training air crews, hostesses, and pilots. At the moment, the airline has 10 simulators and it hopes to acquire additional 18.

The simulators are according to the type of aircraft being operated by the airline. Thus far, the airline boasts of about 4, 500 pilots that fly to various destinations in Europe, Asia, Americas and Africa. The airline is particularly well positioned as nature has given the country the advantage of being part in Europe and part in Asia. It is usually referred to as Eurasia. The over 100 journalists had a fun-filled boat cruise October 21, 2016. They criss-crossed both the European and Asian parts that make up Turkey’s most populous city, Istanbul. In fact 97 per cent of Istanbul is in Asia while three percent is in Europe.

The two are linked with a suspended bridge that is a beauty to behold. During the boat cruise the journalists learned some of Istanbul’s rich history between the boat cruise and bus rides, from two tour guides, who simply identified themselves as Hakan and AJ. Mr. Liker Ayel, Chairman Turkish airline in Istanbul, explaining a point. Istanbul by their account is historically known as Constantinople and Byzantium. It is Turkey’s economic, cultural, and historic centre. Istanbul is a transcontinental city in Eurasia, straddling the Bosphorus strait, which separates Europe and Asia, between the Sea of Marmara and the Black Sea. Istanbul’s commercial and historical center lies on the European side and about a third of its population lives on the Asian side we were told.

It ranks as the world’s 7th-largest city and Europe’s largest. While on the short boat cruise, several magnificent sights struck everyone. One of them is the Ciragan, the other Beylerbeyi palaces – both built as summer mansions smack on the sea line of Marmara and then the intercontinental suspension bridge built in 1974. Beylerbeyi palace according to the tour guide was initially the residence of the Governor General of Anatolia, but between 1861-1865, Sultan Abdulaziz ordered architects Sarkis Balyan and Agop Balyan to rebuild it as a palace in the traditional Ottoman house style. Journalists were given a guided tour of its throne, bath, bed, living, dining and waiting rooms of opulence. Beylerbeyi is built on two main floors and a basement containing kitchens and storage, and was divided into two sections; Selamlik (men’s section) and Harem.

There are a total of three entrances, six state rooms and 26 smaller rooms. The Ciragan palace takes its name from the word “cerag” which means ‘torch’ in Persian. The area in which the Palace is located was called ‘Ceragan’ because of the famous Ottoman parties which were held in tulip gardens with torches. The palace was built during the reign of Sultan Abdulmecit and was designed by the Armenian architect Serkis Balyan. The building was constructed using the financial loans that were obtained for restructuring the water system of Istanbul and the construction of a new railway the tour guide said. The construction took 12 years.

This is the last palace built by the Ottoman Empire for the royal family. The site has been converted to a fine hotel and the other surviving buildings are now schools while the palace has become a tourist attraction. If you are planning to visit Turkey however, be ready to face traffic deadlock in the heart of the city. It can be worse than central London on a busy day. It is not because of bad roads, but because of heavy traffic from Europe and Asia. There are good hotels, the people are hospitable and you certainly will find good foods made in Turkey.

Good luck to you.

Business

FG earned N2.78trn from Company Income Tax in second quarter 2025—NBS

Published

1 week ago

November 28, 2025

Business News Report

National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.

The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.

The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.

According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.

This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.

Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.

On the flip side, some sectors experienced sharp declines in company income tax remittances.

Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.

The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.

In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.

Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.

Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.

At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.

Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.

Business

Lagos govt promises MSMEs continued visibility, market access

Published

3 weeks ago

November 16, 2025

Business News Report

Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”

Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.

“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.

The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.

This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN

Business

Jumia posts $17.7m pre-tax loss in Q3, down 1% in 12 Months

Published

3 weeks ago

November 12, 2025

Business News Report

Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.

Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.

Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.

Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.

In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.

“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”