Saraki Vows to Intervene in Aviation Crisis

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

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.

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By Modupe Gbadeyanka Operations of foreign airlines at the Murtala Muhammed International Airport (MMIA) have been moved to the new international terminal of the facility. This followed the directive of the Federal Airports Authority of Nigeria (FAAN) to the airline operators in compliance with an order of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, a few days ago. During a visit to the Lagos airport, Mr Keyamo asked foreign airlines to move to Terminal 1 of the facility on or before October 1, 2023. However, after a fire incident at the MMIA on Wednesday, FAAN, which oversees

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.51 per cent, as investors reacted positively to the half-year earnings of a few companies, which released the financial statements for the period ended June 30, 2023. One of the latest to drop its earnings is Stanbic IBTC, which is paying an interim dividend to its shareholders. This spurred interests in banking stocks on Tuesday, resulting in the All-Share Index (ASI) rising to a 15-year high after it moved up by 338.96 points to 66,490.34 points from 66,151.38 points. Similarly, the market capitalisation of the bourse increased during the session

By Dipo Olowookere In order to traders in Kenya benefit from increased efficiency, Information for Trade in Kenya (InfoTrade Kenya) has launched its web portal, www.InfoTradeKenya.go.ke, consolidating more than 120 documents and procedures required for import and export business in Kenya on one online platform. The portal is estimated to serve at least 1.5 million users per month and consolidates 73 documents under exports, 52 under imports and one under transits (cross border trade) thus ensuring a shorter period in the export and import processes. Completion and launch of the information portal makes Kenya the first country in the East

By Modupe Gbadeyanka Federal Government has been advised to ensure the prompt implementation of the 2017 appropriation bill recently passed by the National Assembly. This suggestion was given by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), which held its quarterly meeting this week. In a communiqué released after the meeting, the committee noted that the Nigerian economy has shown greater resilience in the intervening period since its last meeting. It said to sustain the economic growth being experienced lately; the Federal Government must “expeditiously commence the implementation of the recently approved 2017 budget.” The MPC

By Adedapo Adesanya Nigeria Liquified Natural Gas Limited (NLNG) and Total Gas and Power (TGP) have signed a LNG Sale and Purchase Agreement (SPA) for some of the remarketed volumes from NLNG’s Trains 1, 2 and 3. The agreement, according to a statement from the General Manager, External Relations, NLNG, Mr Eyono Fatayi-Williams, was for the supply of 1.5 million tonnes per annum (mtpa) for a 10-year term on a Delivered Ex-ship and Free on Board (FOB) basis. The statement revealed that Mr Tony Attah, Managing Director and Chief Executive Officer of NLNG, signed on behalf of the company while

By Modupe Gbadeyanka The Prime Minister of the United Kingdom, Mr Boris Johnson, is expected to announce his resignation before the end of today as more members of his cabinet quit. He had earlier emphasised that quitting the position was not an option but with the latest wave of resignation sweeping through his cabinet, the PM would be left without another choice but to take a bow. He will announce his decision to step down as the leader of the Conservative Party on Thursday, according to reports. A Downing Street spokesman informed CNN that Mr Johnson should “make a statement

By Sodeinde Temdayo David Three region-based transport association under the umbrella of the Nigerian Association of Road Transport Owners (NARTO) has agreed to distribute refined products from the soon-to-be-completed Dangote Refinery in Lagos. The group made this pledge after a tour of the Dangote Refinery plant in the Ibeju-Lekki area of Lagos recently. The body expressed its willingness to collaborate and play a good role in the distribution of refined products from the facility when it starts operations after its completion. The association expressed optimism that the 650,000 barrels per day Dangote Petroleum Refinery would develop the downstream sector and

By Adedapo Adesanya The value of Brent crude on the global market increased by 5.3 per cent or $5.98 to $122.70 per barrel on Wednesday as disruptions to Russian and Kazakh crude exports added to worries over tight global supplies. Also, the price of the United States West Texas Intermediate (WTI) crude futures appreciated by 5.18 per cent or $5.66 yesterday to trade at $115.50 per barrel. Crude oil exports from Kazakhstan’s Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast stopped fully on Wednesday after damage caused by a major storm and continued bad weather. The market then

By Adedapo Adesanya The federal government through the Nigeria Immigration Service (NIS) has ordered the suspension of processing of new passport applications in all passport offices nationwide till June 1. The directive, which took effect on May 17, was disclosed in a statement signed by the Deputy Comptroller General, Mr AB Yarima. According to the service, which is under the Federal Ministry of Interior, the suspension was necessary in order to ease the preparation for the commencement of a new passport regime. “This directive, which comes into effect from today, May 17, 2021, has become necessary to allow enough time