Business Archives - Page 18 of 100

Flight delays, cancellations, poor mgt undermine confidence in aviation, NCAA threatens more sanctions

Posted on December 27, 2024December 27, 2024 by Wole Shadare

The Acting Director-General of Nigeria Civil Aviation Authority (NCAA), Capt Chris Najomo has lamented that flight cancellations and flight delays are twin monsters that have done incalculable damage to air travel in the country and one that far-reaching implications for passengers, businesses, the credibility of the aviation industry and national development as a whole. Najomo stated this at a meeting he held in Lagos with airline Chief Executive Officers and stakeholders in the aviation industry…

Ethiopian Airlines, Air Maroc, Air Peace, Aero, Arik face NCAA’s sanctions

Posted on December 24, 2024December 24, 2024 by Wole Shadare

The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines (two international and three domestic operators). They are to be sanctioned for various violations of Part 19 of the NCAA regulations including nonpayment of refunds within the stipulated time frame, non-responsiveness to the NCAA’s directives, missing luggage, manhandled luggage, short-landed baggage, delayed and cancelled flights, amongst others. The Director of Public Affairs and Consumer Protection (NCAA), Mr. Michael Achimugu disclosed on Tuesday….

Overland Continues Route Expansion with Flight to Banjul, The Gambia

Posted on December 20, 2024 by Wole Shadare

Overland Airways has disclosed that it will commence three weekly flights from Lagos, Nigeria to Banjul capital city of the Gambia, in continuation of its route network expansion. This new service takes effect from December 21, 2024. Overland Airways flights to Banjul will depart the Murtala Muhammed International Airport in Lagos by 2 pm on Tuesdays, Thursdays and Saturdays to land in Banjul International Airport by 5:30 pm, while the return flights will depart Banjul…

Slot: Airport capacity crunch threatens air travel freedom, constraints economies, says IATA

Posted on December 18, 2024 by Wole Shadare

The International Air Transport Association (IATA) warned that the airport capacity crunch is threatening the freedom of people to travel, and constraining economies. With little prospect for airport infrastructure to fully keep pace with growing demand, IATA released a White Paper including proposals for how slot regulations must incentivize airports to generate more capacity from existing infrastructure. The number of airports unable to fully meet the demand for air connectivity and requiring slot coordination using the IATA…

NSIB records remarkable achievement in accident resolution rate-Badeh Jr.

Posted on December 17, 2024December 17, 2024 by Wole Shadare

The Director-General of the Nigerian Safety Investigation Bureau (NSIB), Alex Badeh Jr said the agency has witnessed a remarkable improvement in its accident investigation resolution rate. He reiterated that its use of cutting-edge technology, as promised during his inaugural address, has been instrumental in driving his team towards unprecedented success in unravelling the root causes of accidents and enhancing safety measures. At the second NSIB stakeholders’ engagement and press conference for 2024 in Abuja, Badeh…

IATA: African carriers to achieve $0.2 billion profit in 2025

Posted on December 16, 2024 by Wole Shadare

High operational costs, low propensity to travel harm aviation in Africa While the global picture is one of strengthened profitability and a 3.6% net profit margin, the picture in Africa reflects the current environment of sustained demand against high operational costs – including many statutory taxes and charges on air transport –, relatively weak economies and low foreign exchange reserves. However, the International Air Transport Association (IATA) expects that African carriers will achieve $…

Aviation holds potential for economic transformation, says DG NCAA

Posted on December 15, 2024 by Wole Shadare

The Acting Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo said Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration. The benefits of these efforts he said are already evident with the country’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index which he said is a testament to the progress. He noted that the aviation regulatory body would ensure the…

FAAN remits over N218bn into federation account in 5 years

Posted on December 11, 2024 by Wole Shadare

The Federal Airports Authority of Nigeria (FAAN) remitted N218,335,247,877.87 as a contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1 per cent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024, Mrs Olubunmi Kuku, Managing Director of the Authority has said. She disclosed on Wednesday during a presentation before the Senate Committee on Finance, about the remittance of Internally Generated…

Why Nigeria’s wet lease pact remains unprofitable-Sanusi

Posted on December 10, 2024 by Wole Shadare

..Lists reasons airlines struggle The Managing Director of Aero Contractors, Capt Ado Sanusi has given the reason why wet leased aircraft are only profitable for a very short period. In a media briefing in Lagos, the airline chief explained that the profitability of a wet lease is only determined by the stability of the local currency which is the Naira in Nigeria. He however stated that the closing of different tiers of exchange rates…

IATA: Nigeria maintains clean record, owes no foreign airline

Posted on December 9, 2024December 9, 2024 by Wole Shadare

Blocked airline funds drop to $1.7b Nigeria has continued to retain its clean record by continuously missing from the infamous black book of airlines in which funds were trapped in the country. Since July, no airline has had its funds trapped in Nigeria as over $800 million of airlines’ money trapped had been paid. IATA maintain the position today stressing that nine countries account for 83 per cent of the airline industry’s blocked funds, which…

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