Local Airline Operators Suspend Plans to Stop Flight Operations

Image

By Adedapo Adesanya

The Airline Operators of Nigeria (AON) has announced that it will not continue with the planned suspension of flight operations earlier scheduled to commence today.

This was disclosed in a statement on Sunday jointly signed by its President, Mr Abdulmunaf Yunusa Sarina, and other associates.

The body clarified that their decision followed the intervention of the government with promises to dialogue with operators in seeking lasting solutions to the astronomic rise in the price of aviation fuel.

Other signatories to the statement were the Executive Director, Max Air, Mr Shehu Wada; the Chairman, United Nigeria Airlines, Mr Obiora Okonkwo; the CEO, Arik Air, Mr Roy Ilegbodu; the CEO, Aero Contractors, Mr Abdullahi Mahmood; the MD, Azman Air, Mr Faisal Abdulmunaf, and Chairman, Air Peace, Mr Allen Onyema.

“The Airline Operators of Nigeria (AON) wishes to inform the general public that further to numerous calls from the highest echelons in government with promises to urgently intervene in the crises being faced by airlines due to the astronomic and continuously rising cost of JetA1, that the AON has acceded to requests to withdraw the action for the time being while we allow for a fresh round of dialogue with the government in the hope of reaching an amicable solution.

“We have also reached this decision with the highest consideration for our esteemed customers who have been faced with uncertainty over the last few days and to enable them to have access to travel to their various destinations for the time being during the period of discussions with relevant authorities.

“In view of the above and in the interest of national economy and security considerations, AON hereby wishes to notify the general public that the earlier announced shutdown of operations on May 9, 2022, is hereby suspended in good fate pending the outcome of hopefully fruitful engagement with government,” the statement read.

Prior to the suspension, Ibom Air and Dana Air had emphasised that they would not be part of the action.

Share
Related Stories
Image
08-January-2024

Nigeria Settles $61.64m of $790m Trapped Foreign Airlines’ Funds

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines through various Deposit Money Banks (DMBs) as part of continued efforts to clear foreign exchange backlogs trapped in the country. This disbursement was disclosed by the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, in Abuja on Sunday. She said the move aligned with the central bank’s commitment to clearing the backlog of pending matured foreign exchange in DMBs. Additionally, Mrs Sidi-Ali mentioned that in the last three months, the CBN has successfully redeemed outstanding forward liabilities amounting to nearly

Image
28-November-2023

NCAA Suspends United Nigeria Airlines Wet-Lease Aircraft

By Aduragbemi Omiyale One of the wet-lease aircraft in the operations of United Nigeria Airlines has been suspended by the Nigeria Civil Aviation Authority (NCAA). A wet-leased is a leasing arrangement whereby one airline (the lessor) provides an aircraft, complete crew, maintenance, and insurance (ACMI) to another airline or other type of business acting as a broker of air travel (the lessee), which pays by hours operated. The regulator decided to suspend the plane after one of the flights of the airline destined for Abuja from Lagos landed in Asaba, Delta State, over the weekend. While the company claimed the

Image
12-September-2023

FG Inaugurates Lagos-Ibadan Rail Corridor to Decongest Apapa Port

By Adedapo Adesanya The Minister of Transportation, Mr Saidu Alkali, inaugurated the first cargo movement from the Lagos-Ibadan rail corridor during his first official tour of the rail corridor on Tuesday. This effort is expected to decongest the Apapa port as shippers moved 92.28 per cent of Nigeria’s total exports and 60.77 per cent of imports through the facility in the first quarter of 2022 (Q1’22), according to the latest available data. The Minister kicked off the tour at the Ebute Meta station before proceeding to Apapa for the launch, then travelled to Ibadan using the 157 km rail corridor.

Image
05-January-2024

TOP 7 Schengen Countries to Visit in 2024

Schengen attracts tourists with the opportunity to visit many countries with one visa: Norway to Greece, Spain to Estonia. Every year, more and more tourists visiting EU countries are thinking of reclassifying from ordinary travelers to owners of real estate in the territory of European countries. It is difficult for many foreigners to choose one of the many countries. Not to mention citizenship, when you choose thoroughly and hope for the best conditions. We have selected the best seven among 27 republican territories based on statistical data and according to Polly Johnson (agency My Schengen). We offer you a short

More Stories
Image
25-July-2018

FGN Green Bond Listing Will Broaden Nigerian Capital Market—DMO

By Dipo Olowookere Director General of the Debt Management Office (DMO), Ms Patience Oniha, has disclosed that the listing of the pioneer N10.69 billion FGN Sovereign Green Bond on the Nigerian Stock Exchange (NSE) will deepen the nation’s capital market. Ms Oniha made this disclosure at the listing ceremony of the 5-year, Federal Government Sovereign Green Bond at coupon rate of 13.48 percent on Friday, July 20, 2018. “The Green Bond Listing is an opportunity to enable Nigeria tap into the growing global market for green bonds, which as of end of 2016 comprised of $576 billion of unlabelled climate-aligned

Image
02-February-2017

Russian Governmental Scholarships Open for Nigerian Students

By Dipo Olowookere The Embassy of the Russian Federation and the Ministry of Education of the Federal Republic of Nigeria have invited all interested and qualified Nigerians to participate in the nomination interviews for awards for Russian governmental scholarships in 2017/2018 academic year. General criteria for eligibility, list of required documents as well as online application form are available on the web-site of the Ministry of Education of the Federal Republic of Nigeria. The Embassy said it would like to notify all applicants, that online application on the web-site of the Federal Ministry of Education is compulsory and must be

Image
02-February-2017

Nigeria May Sell $1b Eurobond Before Friday—Adeosun

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has disclosed that the Federal Government may consider launching a $1 billion Eurobond sale before the end of this week. Mrs Adeosun made this disclosure on Wednesday while speaking with newsmen in Abuja. According to the Minister, the government may likely carry out the sale of the planned $1 billion sale of Eurobonds before Friday. She confidently informed journalists that the FG was on course. “We’re on course with everything we’re doing,” Reuters quoted Mrs Adeosun as telling reporters in Abuja. In November 2016, Business Post reported that the Debt Management

Image
21-October-2017

European Stocks Positively React to Upbeat Earnings Reports

By Investors Hub European stocks are modestly higher on Friday as a slew of upbeat earnings reports and the dollar’s gains on increased optimism about the prospects for US tax reform helped investors shrug off renewed political uncertainty in Spain. While the French CAC 40 Index has edged up by 0.1 percent, the UK’s FTSE 100 Index and the German DAX Index are both up by 0.2 percent. Spain’s IBEX was marginally lower in choppy trading ahead of a special cabinet meeting Saturday that could trigger process to take control of Catalonia’s powers. Ericsson shares have soared in Stockholm after

Image
27-February-2018

Lagos Signs 2018 Budget Into Law, Targets N897b Revenue

By Modupe Gbadeyanka On Monday, Governor Akinwunmi Ambode of Lagos State signed the 2018 Appropriation Bill of the State into law with a total budget size of N1.046 trillion. A breakdown of the budget showed that it comprises N347.038 billion to be funded from the Consolidated Revenue Fund, and N699.082 billion from the Development Fund for both capital and recurrent expenditure for the year ending December 31, 2018. Also yesterday, the Governor signed two critical bills into law; the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill. The Transport Sector Law 2018 provides for the development

Image
11-December-2018

AfDB Lauds Egypt’s Economic Rebound

By Dipo Olowookere President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has saluted Egypt’s strong macroeconomic performance, its improved ranking in the ‘Doing Business Index,’ and the success of major projects in which the bank is supporting Egypt, lessons that can be learned for the development and the integration of the continent. Mr Adesina was speaking during a session at the just-ended Africa 2018 Business Forum held in the Egyptian city of Sharm-el-Sheikh. According to the bank’s latest Country Results Brief, Egypt has regained its position as first destination for foreign direct investment (FDI) in Africa. Over the

Image
30-March-2021

Oyo Basic Education Policy Excites House of Rep Committee

By Dipo Olowookere The decision of the Oyo State government to improve the quality of basic education in the state has excited members of the House of Representatives Committee on Basic Education and Services. The state government under Governor Seyi Makinde has invested in improving the quality of education in the state, including building modern classrooms and providing textbooks for the pupils. Recently, the House committee members were in Oyo State and they expressed satisfaction with the standard and quality of projects executed in the state. The deputy chairman of the committee, Mr Usman Zanna, said that the state under

Image
02-February-2019

Is Being Nigerian a Misfortune?

By Omoshola Deji Nigerian is reminiscent of someone destined to be king, but becomes a slave in the king’s palace. The nation’s situation chronicles the life of Wazobia: a boy destined to be a lawyer, but grows up to become a roadside mechanic. Wazobia is blessed with the qualities of a legal luminary. He is a smooth-talker, provides a well-articulated defense, good at arguments and his favourite colours are white and black. These qualities manifest so much that people nicknamed him “D law”. Despite Wazobia’s abilities, the truth remains that he is a mechanic, not a lawyer. Why is Wazobia

Ad
Ad
Recent Stories
Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to