Travel/Tourism
Med-View Airline Seeks Fresh Funds After N10bn Loss in FY 2018
By Dipo Olowookere
One of the airline operators in Nigeria, Med-View Airline Plc, has released its financial statements for the year ended December 31, 2018.
As expected, the figures were disappointing, indicating that the company might really be going through a tough time at the moment.
Both the topline and the bottomline were in red and urgent steps must be taken by the management to keep the firm afloat or else, things might get out of hand.
A brief analysis of the results by Business Post showed that the revenue generated by the company in the year dropped by 74 percent to N9.6 billion from N37 billion a year earlier.
However, the company improved its other income to N40.3 million in the year from N7.4 million, while the finance costs went down to N192.7 million from N227.1 million, with the administrative expenses rising to N5.7 billion from N4.3 billion.
Though the company recorded a profit before tax of N1.5 billion in 2017 financial year, the 2018 fiscal year closed with a loss before tax of N10.3 billion.
Furthermore, Med-View Airline ended the 2018 financial year with a loss after tax of N10.4 billion against the profit after tax of N1.3 billion in 2017, representing a 925 percent decline.
In the same vein, the earnings per share stood at -N106.22k against N12.87k of the previous year, with the return on assets (ROA) at -N55.4 percent versus N8.6 percent in 2017.
Commenting on the performance, Chairman of the company, Mr Abdul-Moshen Al-Thunayan, said the effect of the economic downturn in Nigeria “impacted adversely on our operations as there was reduction in credit opportunities which in turn affected our income.”
He also said, “The political tension and extremely tight market liquidity in Nigeria affected economic growth of Med-View.”
Furthermore, he said, “The performance of the airline was adversely impacted by the partial stagnation in the revenue generation (passenger traffic/cash in-flow) due to the lack of aircrafts and high cost of maintenance and improvement items due to foreign exchange fluctuation.”
Mr Al-Thunayan said, “The operating environment remained highly volatile characterised by lack of infrastructure and foreign currency shortages as the depletion/fluctuation of dollar continued unabated.”
“The aviation sector remained highly taxed and has witnessed the issue of double taxation on numerous items unresolved even after the government made promises to reduce it. Other airlines are not spared of the adverse impact of these difficult operating conditions,” he added.
Going forward, he said, “Our focus in the coming years is to deal with our weaknesses and enhance our strengths so we can become once again, the number one airline in Nigeria, it is our view that to be able to do this we should take a strategic view to assess the threats and opportunities in our landscape.”
Business Post has gathered that in order to expand its operations and bounce back to profitability, the board of Med-View Airline is seeking approval to raise fresh capital.
This would be one of the issues to be discussed at the Annual General Meeting (AGM) of the firm slated for a later day in 2019.
The company revealed that the board, at the meeting, will ask shareholders to consider and if thought fit, pass with or without modification(s) a special resolution “to approve raising of capital through private investors.”
By Modupe Gbadeyanka
Emirates passengers travelling to or through Dubai will enjoy some exclusive offers, including complimentary stays at the iconic JW Marriott Marquis and hundreds of discounts through the popular My Emirates Pass, the airline operator has said.
In a statement, the company stated that from June 22 to July 12, 2026, travellers who purchase an Emirates return ticket in First Class or Business Class are invited to enjoy a two-night stay, while customers booked in Premium Economy Class or Economy Class can enjoy a complimentary one-night stay.
It was disclosed that this special offer is valid for all return tickets to or stopping over in Dubai for more than 24 hours, for customers travelling between June 25 and September 30, 2026.
In addition, passengers can enjoy over 600 offers available in the popular My Emirates Pass, which provides access to spas, restaurants, big-name retailers and much more by simply showing either a physical or digital boarding pass along with a valid ID at participating venues to enjoy the benefits.
These exclusive offers are being offered by Emirates through its Dubai Summer Surprises, which enters its 28th year in 2026.
Further, from July 2 to August 30, residents and visitors can expect an extraordinary live Beat the Heat DXB concert series, cultural events and an array of wellness and fitness activities, as well as big savings and exclusive, limited-time experiences in the city’s malls and lifestyle destinations.
“Whether visitors are seeking relaxation, adventure, entertainment, or a combination of all three, Dubai is the ideal start to any summer vacation.
“We’re inviting passengers to enjoy even more of the city with a complimentary hotel stay to take advantage of the exceptional range of shopping, entertainment, dining and family-friendly experiences that define the Dubai summer experience, when stopping over as part of your journey or visiting Dubai as your final destination,” the Deputy President and Chief Commercial Officer of Emirates, Mr Adnan Kazim, said.
By Modupe Gbadeyanka
The popular Jabi Lake waterfront in Abuja is set to become a major leisure and tourism hub in the country, thanks to Akida Hills, which is making efforts to enable visitors to enjoy the transformation from December 2026.
The Nigerian mixed-use real estate and destination development company has been allocated a 3.36-hectare development site within the approximately 14-hectare waterfront district, where it will deliver a phased mix of recreational, entertainment, and public leisure experiences.
According to the deal, the first phase of the development will introduce the destination’s first operational attractions, including dining and leisure experiences, water-based activities, structured weekly programming, a seasonal lights festival, and the dancing musical fountain as its signature attraction.
Additional experiences and amenities will be introduced in subsequent phases as the destination evolves.
Designed as a central landmark within the waterfront experience, the dancing musical fountain will combine choreographed water displays, synchronised lighting, and music to create a distinctive evening attraction and focal point for visitor engagement.
Upon completion, the development is expected to serve as a major hub for tourism, recreation, entertainment, and community engagement, further strengthening Abuja’s position as a leading leisure and lifestyle destination.
Construction and implementation activities will progress in phases, with additional announcements on attractions, programming, and commercial partnerships expected ahead of the December 2026 launch.
“Jabi Lake represents one of the most significant opportunities to create a world-class waterfront destination in Africa.
“Through this development, we aim to deliver experiences that attract residents, visitors, and tourists year-round while contributing to economic growth, job creation, and Nigeria’s tourism appeal.
“Our vision is to establish Jabi as a defining waterfront destination for the continent – one that demonstrates the transformative power of destination-led development and reimagines how people experience a city,” the founder of Akida Hills, Mr Kayode Bamisile, said.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) is considering extending the deadline for its airport taxi upgrade policy to October, following concerns raised by the Nigeria Union of Private Cab Operators.
The development was disclosed on Monday in Lagos by Mr Henry Agbebire, Director of Public Affairs and Consumer Protection at FAAN, saying that the possible extension followed complaints and concerns from airport cab operators, even as the authority maintained that the policy was designed to improve service standards across Nigerian airports.
“The policy aligns with international best practices and seeks to elevate service quality,” Mr Agbebire said.
He added that passengers deserved “clean, safe, comfortable and professionally maintained vehicles” within airport transport systems.
The FAAN spokesman dismissed claims that the authority had failed to engage operators on the policy, insisting that consultations had been ongoing.
He said FAAN maintained regular discussions with licensed transport providers operating within airport premises, stressing that engagement was conducted directly with corporate entities rather than unions or associations.
“Engagements on operational matters are conducted directly with affected corporate entities,” he said.
Mr Agbebire explained that discussions on the upgrade requirement began in July 2024, giving operators time to comply.
He noted that the original compliance deadline had already been extended twice—from January 2026 to June 2026—citing economic realities and the need to give operators adequate preparation time.
According to him, the policy was not intended to punish operators or restrict their participation in airport transport services.
“Operators have been afforded ample opportunity to prepare for compliance,” he stated.
However, he warned that further extensions beyond the proposed October deadline may not be granted.
Mr Agbebire acknowledged the role of airport cab operators in passenger movement, urging them to support the initiative aimed at improving service delivery.
He added that FAAN remains committed to passenger-focused reforms across Nigeria’s aviation sector.
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