NAAPE Decries Non-Payment of Pensions, Tackles AMCON

Image

By Ahmed Rahma

The National Association of Aircraft Pilots and Engineers (NAAPE) has called on the Asset Management Corporation of Nigeria (AMCON) to pay no fewer than 50 of its members in Aero Contractors redundancy benefits, having declared them since 2016.

This call was made by the president of NAAPE, Mr Abednego Galadima, during a chat with newsmen over the weekend in Lagos.

He said some of the challenges in the industry include non-remittance of pension deducted from its members, explaining how these will become thorny issues in the not too distant future.

Mr Galadima decried how the staff of Aero have suffered and how whatever was accrual to them since 2016 may have lost value having gone through recession twice and inflation countless times.

“The issue of the redundancy benefit payment of Aero Contractors has lingered too long, as you may recall, Aero is under receivership and they rendered people redundant since 2016.

“We are still battling to see that our members are paid their benefits. The time value for money has already been lost; I want to call on AMCON to see that this money is immediately paid so that these Nigerians would go home and get on with their lives,” he said

“To be fair with you, we know we have over 50 workers but the total money so far is still being calculated.

“The Aero management reneged on their commitment to giving every worker a letter communicating to him what is due to him so we can’t provide that figure.

“The airline itself has done its calculation but they have not communicated what each category is entitled to, based on what the union agreed with those affected since 2016,” the president stated.

On issues of non-remittance of deducted pension funds, the NAAPE president drew the attention of employers in the aviation industry to the negative trend explaining that if these funds are not remitted, it would amass and the employers would not be able to pay, stressing that it is another challenge waiting to rear its head in the no distant future.

He said, “We also want you to publicize some of the challenges NAAPE is having, particularly in the areas of pension. Employers, most of the operators in this industry do not pay deducted pensions of their staff as at when due. And you know as a worker, you always look forward to retirement and that is what we normally fall back on.

“Most of the private operators still owe staff, especially our members’ pensions; they deduct and not remit. We want them to be sensitized to know that this is not right, and by the time they accumulate it, it becomes very difficult for them to pay.”

AMCON took over Aero Contractors in February 2016 and in March 2017, the airline issued redundancy to over 60 per cent of its staff which saw endless days of union activities and according to NAAPE, up till now, no staff declared redundant has been paid.

Share
Related Stories
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
10-October-2023

FG to Meet CBN for Forex Allocation to Airline Operators

By Adedapo Adesanya The federal government, through the Ministry of Aviation, has assured airline operators that it would liaise with the Central Bank of Nigeria (CBN) for the allocation of foreign exchange (forex) to them at a single-digit interest rate as low as 1.5 per cent. However, the central government said it would soon begin to compel domestic airlines to compensate passengers for incessant delays and cancellations of flights. The Minister of Aviation, Mr Festus Keyamo, while speaking on flight disruption challenges during a meeting with the officials of Airline Operators of Nigeria (AON) in Abuja, said efforts would be

Image
08-August-2023

Azman Air Closes Shop, Sends Workers on Compulsory Leave

By Modupe Gbadeyanka All the employees of Azman Air except for a few senior executives have been sent on compulsory after the management suspended the company’s operations. The leave is without pay, according to a circular issued to members of staff, signed by the Human Resources Manager, Magaji Mohammed Misau. According to Leadership Newspaper, the airline operator took this step because its Boeing 737 aircraft taken abroad for C-check maintenance was yet to return. This has rendered the organisation’s commercial operations useless, especially after the conclusion of the Hajj operations last month. “As you are aware that our domestic operations

Image
11-September-2023

UAE Lifts Visa Ban on Nigeria After Tinubu’s Intervention

By Adedapo Adesanya The visa ban placed on Nigerian travellers by the United Arab Emirates (UAE) has been lifted after President Bola Tinubu held talks with the leader of the United Arab Emirates (UAE), Mr Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi. According to Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, both countries finalised a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigeria. “Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out

More Stories
Image
17-July-2023

Russia Shaping its Future Partnership with Africa

By Kestér Kenn Klomegâh The second Russia-Africa summit is planned to demonstrate Russia’s stance against Western hegemony and its capitalist domination across Africa, to show Russia’s “non-Western friends” and to further solicit enormous support for its war in Ukraine. On Africa’s side, leaders plan for their traditional deliberations on “no-cost delivery” of grains while the chosen special group of mediators continues to broker expected peace between Russia and Ukraine. The St. Petersburg gathering is designed to determine the trajectory of Russia’s relations with African countries in the long term. The program includes more than 30-panel sessions and thematic events on

Image
19-August-2020

Galvanizing for Geometric Growth in Nigeria amid Global Trade War & Pandemic (Part Two)

By Oremade Oyedeji 讓我今天從這篇文章開始。“找到您的目標並留在自己的車道上,也許您可以成為富有創意的尼日利亞的一部分 Don’t get confused with my introduction; I am now practicing how to switch my transcript between English and Chinese, just in case. I wrote; Translation – Let me start today article with this phrase; “Find your purpose and stay in your lane, and just maybe, you can be part of the creative Nigeria”. Yes! a creative Nigerian strategy (for example) that migrated Victor Agunbiade from Nigeria in 2007, enlisted in the Navy as a storekeeper in 2008 and commissioned as an officer of the US Navy in 2013 is fulfilling purpose. I have no doubt that

Image
30-June-2017

Nigeria’s $300m Diaspora Bond Starts Trading on LSE

By Dipo Olowookere The London Stock Exchange (LSE) has welcomed Nigeria’s first diaspora bond sold this month, where $300 million was raised. The retail bond was aimed at Nigeria’s global expatriate community seeking to invest in the country’s development and the offer was 130 oversubscribed by investors, demonstrating confidence in Nigeria’s economy. Proceeds from the five-year, 5.625 percent bond will be used to fund infrastructure projects in the country. It was the first bond of its kind from sub-Saharan Africa and also the first to be registered with both the UKLA and the US SEC. The bond started trading on

Image
17-September-2019

Infinity Trust Mortgage Bank to Raise Fresh Capital

By Adedapo Adesanya The management of Infinity Trust Mortgage Bank Plc (ITMB) has hinted that it could generate more funds for the company by offering its shares to interested investors. This hint was dropped on Monday by Managing Director/CEO of Infinity Trust Mortgage Bank, Mr Onabanjo Obalaye, during the bank’s Facts Behind The Figures at the Nigerian Stock Exchange (NSE). The company, which had the honour of beating the closing gong yesterday, was at the exchange to give explanation on its audited full year ended December 31, 2018, and the unaudited results for the seven months ended July 31, 2019.

Image
09-April-2018

Stock Recommendation for the Week (April 9)

By Dipo Olowookere The Nigerian Stock Exchange (NSE) rounded off last week on a mixed note, losing 0.08 percent at week close (1.60 percent loss w/w) to further trim year-to-date returns to 6.8 percent. Notwithstanding the negative close for last week, the market sentiment was more upbeat at week close with further mixed trading with a mild positive tilt expected today. With this in mind, analysts at Vetiva Research have released their stock recommendations for this week. Check below to view them.

Image
22-August-2017

8 Simple Ways To Protect Your Online Privacy

By Adeniyi Ogunfowoke With almost everyone relying on the internet to perform tasks, there is barely anything like privacy. All your personal information are readily available to everyone by simply googling your name. However, you can control the information others have access to online thereby guaranteeing your online privacy by taking certain steps. Jumia Travel, the leading online travel agency shares some of the steps you should take. Password all your devices Protect all your devices with passwords and that includes your computers, tablets, smartphones and anything other gadgets with your personal data on them. If it is unsecured by

Image
21-August-2016

Cancer Patient Mayowa Ahmed Dies In South Africa

The lady suffering from ovarian cancer, Mayowa Ahmed, has been reported dead on Sunday, August 21, 2016. Miss Ahmed reportedly died at a hospital in South Africa. The late Miss Ahmed was flown to South Africa some days ago via an air ambulance for treatment after over N80 million was raised for her treatment. Before she was taken abroad, she had been receiving treatment at LUTH, Lagos. Few weeks ago, before her trip to South Africa, there was a controversy concerning the money raised by members of the public for her treatment. This came after one of the campaigners, Ms

Image
22-December-2016

That Aso Rock 2017 Budget That Deserves Your Attention

By Saatah Nubari The first time this budget analysis series ran was for the 2016 budget; and it becomes visible each day that the 1810 page document was a horrid, hurriedly-put, corrupt-conduit-filled piece of executive cluelessness. Well, since I’m more of a realist than any of the other-ists, I’ll just say that the fact that the world lost an entire tree to the making of the paper it was inked on is a tragedy. We have been given a sequel; the 2017 budget was presented to the National Assembly by the President in the presence of the ministers who drafted

Ad
Ad
Recent Stories
Image
29-November-2023

FG Assures Foreign Mining Investors Lower Production Costs

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

Image
29-November-2023

FrieslandCampina, Others Shrink NASD OTC Securities Exchange by 1.14%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

Image
29-November-2023

Naira Plunges 8.3% Amid Rush for Dollar at Official Market

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

Image
29-November-2023

Brent, WTI Jump 2% on OPEC+ Cuts Anticipation, Kazakh Oil Disruption

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

Image
29-November-2023

Profit-taking in Bellwether Stocks Pulls Down NGX by 0.44%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

Image
29-November-2023

GE Vernova Reinforces Ethical Business Practices Across Sub-Saharan Africa

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

Image
28-November-2023

Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while

Image
28-November-2023

BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
28-November-2023

Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,