Foreign carriers fret over Naira devaluation, risk loss on over $450 million trapped funds

Foreign carriers fret over Naira devaluation, risk loss on over $450 million trapped funds

Emirates begins Nigeria route capacity cut today     Foreign airlines are said to be scared of their humongous funds trapped in the country and the reason they have clandestinely raised the value of air tickets by over 100 percent. Consequently, the carriers are worried over the devaluation of the country’s currency which they said hurt the carriers. A top official of an airline who pleaded anonymity told Aviation Metric that the devaluation of the…

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From obscurity to W’Africa accident investigation power house

From obscurity to W’Africa accident investigation power house

From obscurity to one of pride, not only for Nigeria but for the West African sub-region: That is the story of the Accident Investigation Bureau- Nigeria (AIB-N) as the Republic of Cameroon sought the support of the Bureau to help investigate an air accident that occurred in the sister African country. The accident, involving a Havilland DHC 400 Twin Otter aircraft, occurred on May 11, in Cameroon. The recent invitation by Cameroon’s Director of Civil…

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Aero goes into JV with UMZA Air, acquires aircraft, repositions

Aero goes into JV with UMZA Air, acquires aircraft, repositions

Aero Contractors, Nigeria’s oldest aviation company has taken delivery of the first set of two Dash-8 (Q-400) aircraft this afternoon at the Nnamdi Azikwe International Airport, Abuja.   The Nigerian registered aircraft owned by UMZA Air will be operated by Aero Contractors under a joint venture agreement between both parties. The Dash 8 aircraft is one of the most fuel-efficient and modern aircraft in the market and has a capacity of 74 seats. The second…

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Trapped funds: SAA issues fresh modalities for tickets sale in dollars

Trapped funds: SAA issues fresh modalities for tickets sale in dollars

The withholding of foreign airlines’ over $450 million funds by the Central Bank of Nigeria (CBN) is seriously affecting the carriers as South African Airways (SAA) is adjusting its tickets from Naira to Dollar with the ease of allowing its funds to remain in her country rather than go through the process of the difficulty in repatriating its funds from Nigeria. Consequently, the carrier in a statement to its trade partners said from Wednesday, August…

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FAAN, NCC sign MoU to curb piracy at airports

FAAN, NCC sign  MoU to curb piracy at airports

The Federal Airports Authority of Nigeria (FAAN) and the Nigerian Copyright Commission (NCC) have signed a Memorandum of Understanding (MOU) to curb sales of pirated copyright materials at airports across the country. The NCC Director-General, Dr. John Asein, and the FAAN Managing Director, Captain Hamisu Yadudu, signed the MoU in Abuja. This was contained in a statement issued on Tuesday by the NCC Director, Public Affairs, Vincent Oyefeso. Asein thanked FAAN for supporting the commission’s…

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Stakeholder Charts Path To Remedy Aviation Sector’s Woes

Stakeholder Charts Path To Remedy Aviation Sector’s Woes

The effects of unremitted funds to foreign airlines would continue to lead to high airfares, according to the Chairman, Finchglow Holdings, Mr. Bankole Bernard. The Federal Government, through the Central Bank of Nigeria (CBN), is withholding over $450 million in funds belonging to the carriers, a situation that has posed a serious problem to the operations of the carriers. He equally lamented that the voluntary suspension of operations of Aero Contractors and the grounding of…

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Marketers stop jet fuel sale to airlines over debts

Marketers stop jet fuel sale to airlines over debts

Adopt cash and carry policy, more flight disruptions expected Three carriers undergo safety audits, five more for probe No preferential treatment for national carrier-NCAA The incessant delay by airlines and the stranding of passengers across many airports in the country have been attributed to the stoppage of the supply of fuel jets to airlines because of huge outstanding debts owed to fuel suppliers. It is not clear how much the airlines owe the marketers, a…

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NAHCO Plc turnover up by 44%, pays N665 million dividend to shareholders

NAHCO Plc turnover up by 44%, pays N665 million dividend to shareholders

Nigerian Aviation Handling Company Plc (NAHCO Plc) held its 41st Annual General Meeting (AGM) in Lagos on July 29, 2022. At the AGM, which was held both physically as well as virtually, the Board of the company informed Shareholders that the group turnover stood at N10.2 billion, representing a 44% improvement over the 2020 financial year performance, despite the effect of the Covid-19 pandemic on its operations. As a reward for their continued trust and…

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More airlines to take ‘drastic’ action, weigh options over trapped funds

More airlines to take ‘drastic’ action, weigh options over trapped funds

  BA, Emirates, Delta, United make up 80% $450 million trapped fund, NANTA pleads with FG     Faced with the enormous amount of funds trapped in Nigeria, foreign airlines are monitoring the situation that could see them cut down drastically on their flight services. The trapped revenue is said to be a result of a forex shortage, a sign that Nigeria is facing serious financial challenges.   The action has technically made airfares on…

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Olowo backs airlines to raise fares to match cost of operation

Olowo backs airlines to raise fares to match cost of operation

President,  Aviation Safety Round Table Initiative ( ASRTI) Dr Gabriel Olowo has backed airlines to charge fares that are commensurate with their cost of operations, adding that the astronomical prices of Jet A1 also known as aviation fuel, it has affected airline operations and finances. This is just as he has called for increased vigilance of the Nigerian Civil Aviation Authority (NCAA),  stressing that a price increase is better than negotiating safety by cutting corners….

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