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Capital Hotels to Raise Fresh Funds, Meet 20% Free Float Rule

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capital hotels Sheraton Abuja Hotel

By Modupe Gbadeyanka

One of the players in the hospitality business in Nigeria, Capital Hotels Plc, is considering raising fresh capital from the Nigerian Stock Exchange (NSE).

The executives of the company confirmed this on Wednesday during their Facts Behind the Figures presentation, which was done virtually at the exchange. It was the first to be held after the COVID-19 pandemic limited physical interactions in the country.

Chairman of Capital Hotels, Mr Anthony Idigbe, and the Managing Director, Mr Robert Itawa, noted that the organisation will take advantage of the laytime investment opportunity the pandemic has provided to the source for additional funds.

At the gathering, they shared some of their plans to further engage with their shareholders and improve compliance with the 20 per cent free float requirement of the exchange.

Business Post gathered that Capital Hotels has a 2.99 per cent of free float and has requested to comply by August 16, 2021.

Companies listed on the main board of the NSE are required to have at least 20 per cent of their issued and fully paid-up shares in the hands of the investing public so as to make their securities liquid at the market.

At the event yesterday, the company thanked the exchange for the opportunity to engage the capital market community on its platform, expressing optimism that it will navigate through the crisis caused by coronavirus.

The hospitality sector is one of the most badly affected by the contagion, but the Capital Hotels team believes it can still remain strong and deliver value to shareholders.

While speaking yesterday, the CEO of the NSE, Mr Oscar Onyema, who was represented by Mr Olumide Bolumole, Head of Listing Business Division at the exchange, noted that, “It is our pleasure to host Capital Hotels Plc and we commend the Management for championing the maiden edition of this vital series given that the market is driven by timely, relevant and accurate information.

“We recognize the efforts made by Capital Hotels Plc aimed at improving business operations and restoring investor confidence in the company despite the impact of the COVID-19 pandemic.

“At the exchange, we remain committed to providing a platform for the company and other Issuers to meet their strategic business objectives.”

In spite of the challenging business environment, Capital Hotels Plc has consistently delivered value to shareholders as evident in its dividend policy over the last three years and demonstrated by a final dividend of 5 Kobo per ordinary share for 2019.

One of the highlights of the event was the privilege given to Mr Idigbe to sound the digital closing gong of the NSE.

Capital Hotels is the operator of the prestigious Sheraton Hotel.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Travel/Tourism

FAAN Assures Public of Enhanced Ebola Preparedness at Airports

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ebola outbreak

By Modupe Gbadeyanka

Members of the public, especially those using the Nigerian airports, have been assured of the efficiency of the robust preventive measures being put in place across all international airports in response to the recent Ebola Virus Disease (EVD) situation in parts of Central Africa.

This assurance was given by the Federal Airports Authority of Nigeria (FAAN) in a statement issued by its Director of Public Affairs and Consumer Protection, Mr Henry Agbebire.

FAAN said it has intensified surveillance and monitoring of passengers, particularly those arriving from high-risk regions.

This, it stated, is being done in close collaboration with Port Health Services, the Nigeria Centre for Disease Control and Prevention (NCDC), and other relevant agencies.

It was emphasised that passengers are being screened for symptoms associated with Ebola, and any suspected case will be promptly isolated and subjected to secondary health checks in line with established national and international health protocols.

In addition, the agency said it has strengthened coordination with relevant stakeholders, enhanced staff sensitisation, and reinforced emergency response procedures to ensure swift action where necessary.

“While there is currently no confirmed case of Ebola in Nigeria, FAAN remains vigilant and fully committed to safeguarding public health and maintaining safe airport operations.

“Passengers are advised to remain calm, comply with health screening procedures, and report any symptoms to health officials,” the statement said.

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Travel/Tourism

Customs Tackles Airport Delays With Smart Declaration Platform

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Smart Declaration Platform

By Modupe Gbadeyanka

In a move aimed at improving passenger clearance, compliance and customs operations, the Nigeria Customs Service (NCS) has introduced the Simplified Customs Advanced Declaration System (SCADS).

This platform was launched at the International Wing of the Nnamdi Azikiwe International Airport, Abuja, on Monday, May 18, 2026.

This initiative will simplify baggage declaration for inbound international passengers and reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.

It allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.

The introduction of this scheme became necessary following operational challenges encountered on the Service’s previous passenger declaration platform earlier this year, and rather than allow the setbacks to slow operations, customs chose to develop a stronger and more efficient alternative.

“When the earlier platform experienced operational challenges, we chose not to see it as a setback. We saw it as an opportunity to build something better, stronger and more efficient.

“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Ms Oluyomi Adebakin, said yesterday.

She noted that the system will eliminate subjective revenue assessment by ensuring that duties are automatically generated based on declared items, their quantities, and their actual values.

“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she stated.

Earlier, the Customs Area Controller for FCT Area Command, Comptroller Victoria Alibo, described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.

According to her, the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.

“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Ms Alibo said, adding that the pilot phase will run for five days, from Monday, May 18, to Friday, May 22, 2026, during which officers will evaluate the system in a live environment ahead of nationwide deployment.

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Travel/Tourism

Dangote Refinery Slashes Jet Fuel Price to N1,650 Per Litre

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aviation fuel Jet A1

By Aduragbemi Omiyale

The price of aviation fuel, also known as Jet A1, has been reduced by Dangote Petroleum Refinery and Petrochemicals to N1,650 per litre from N1,750 per litre.

The company, in a statement, said this price slash was done to ease cost pressures on airlines and ensure an uninterrupted fuel supply across the country.

This is in addition to a 30-day interest-free credit facility backed by bank guarantees (BG) for marketers and airline operators and a shift from a dollar-denominated pricing structure to a naira-based model.

The private refiner also stated that these interventions come amid growing concerns over the rising operational costs faced by domestic carriers, with aviation fuel accounting for a significant portion of airline expenses.

Industry stakeholders have repeatedly warned that escalating Jet A1 prices were placing severe financial strain on operators and threatening the sustainability of flight operations.

The refinery’s decision is expected to provide relief to airline operators by lowering fuel procurement costs, improving operational stability, and supporting efforts to moderate airfares.

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