Aviation

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…

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…

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…

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…

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…

  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…

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….

The hope for a new national carrier, Nigeria Air, brightens on Wednesday as the Federal Government approved the leasing of three aircraft. The three aircraft are made by Airbus and Boeing. The central government stated that the national carrier would begin operations with domestic routes. Minister of Aviation, Senator Hadi Sirika, made the disclosure while briefing journalists after the Federal Executive Council (FEC). The FEC meeting was chaired by President Muhammadu Buhari. Sirika announced that…

Demand to outstrip supply Existing carriers grab chance to raise fares The voluntary suspension of Aero Contractors’ scheduled operations coupled with the Nigerian Civil Aviation Authority (NCAA)-induced grounding of Dana Airlines operations and suspension of its licenses have changed the travel dynamics in the country’s aviation industry and may have limited choices for air travelers. Two events that took place in quick succession last week raised concerns over the state of Nigerian carriers. There are…

President Muhammadu Buhari has congratulated Adefunke Adeyemi on her election as the new Secretary General of the African Civil Aviation Commission (AFCAC), the African Union (AU) agency responsible for civil aviation in Africa. The President reiterates Nigeria’s commitment to promoting a prosperous and integrated Africa through the activities of organisations such as AFCAC. The Nigerian leader trusts that the newly appointed Secretary-General will advance the common objective of the association with the support of the…