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Where is the National carrier?

When will the long search for a national carrier end?

AMCON set to sell Air Nigeria assets

Reports say three Boeing and Embraer planes as well as other assets belonging to Air Nigeria will soon be sold by the Asset Management Corporation of Nigeria.

The process that will lead to the sale of the assets has been commenced by the bad debt manager, while the assets, which were acquired by AMCON several months ago, will be sold to recover the debts owed banks, but which were taken over by the corporation.

The Managing Director, AMCON, Mr. Mustafa Chike-Obi, who confirmed that the corporation would sell the assets, was, however, silent on the transaction process and its stages.

Reports have it that Air Nigeria belonged to UBA Capital, an arm of the United Bank of Africa Group.
Chike-Obi added that AMCON has converted some of Aero-contractors Airlines’ debts to equity but the carrier still owed the corporation some money.

It would be recalled that On September 28, 2004, the Federal Government and the United Kingdom-based Virgin Group signed an agreement to establish a new national carrier for the country to be called Virgin Nigeria Airways. Local institutional investors owned 51 per cent of the company, while Virgin Atlantic Airways owned the balance.

On June 2, 2010, following the acquisition of a majority share in the airline, a businessman, Mr. Jimoh Ibrahim, announced that it had undergone a further name change to Air Nigeria Development Limited, but branded as Air Nigeria.

On September 6, 2012, Air Nigeria announced that the management had fired its workers for disloyalty and that it would suspend all its local, regional and international operations. Air Nigeria stopped operations on September 10, 2012.

Pipeline Vandalism Forces Drop in Power Generation to 3,000MW

 

The Transmission Company of Nigeria (TCN) has disclosed that the maximum generated electricity available for it to transmit for distribution across the country has dropped to 3,000 megawatts (MW).

TCN said in a statement signed by its Assistant General Manager, Public Affairs, Dave Ifabiyi, in Abuja that the unexpected drop in power generation was occasioned by a recent act of vandalism on the nation’s key gas pipeline, the Trans-Forcados gas pipeline.

The development means that the country’s electricity generation which averaged about 4,500MW in recent times has dropped by almost 1,500MW. It noted that the drop would necessitate regular supply rationing because gas supply to three key power generation companies,  Egbin, Olorunsogo, and Geregu had been affected by the act.

The drop which has necessitated power supply rationing, is due to gas supply shortages in several power generating stations following reported acts of vandalism on the Trans- Forcados Gas Pipeline, which occurred on January 6,” Ifabiyi said in the statement.

TCN therefore appealed to the public to bear with it on the attendant power rationing and promised that efforts were being mobilised for early restoration of normal services.

Naira seen on the ropes next week, as oil dollar sales dry up

Analysts have predicted that the naira is expected to lose more ground next week, hit by the slide in crude prices and a decline in dollar sales by oil companies operating there.

Wider risk aversion to emerging markets in general is seen keeping other currencies on the backfoot as well.

The Nigerian naira is seen trading lower next week, around the 183 level that it fell to on Friday, as sentiment in Africa’s top crude producer is soured by the sharp decline in oil prices.

The naira has been trading around the 178 – 182 range against the dollar in volatile trade the past week, with dollar sales from oil companies its only life line, as U.S. crude plumbed a 5-1/2-year low of $46.83 on Wednesday.

Now that those sales have dried up, it could test the lower end of that range, dealers say. It is trading well outside the central bank’s 160-176 target range since a November devaluation.

FG retains 54 coal titles, revokes 44

The federal government has retained 54 coal titles and revoked 44 others out of a total of 119 initially listed for revocation.

A notice from the Mining Cadaster Office in Abuja indicated that 13 coal titles have also been relinquished while four others are still under processing.

Western Goldfield Group Limited, Dome Minerals Nigeria Limited and Nifex Limited were among the top three on the list whose coal titles have been revoked.

Ashakacem Plc, NCC Okabo Mines Limited, Golden Horsefield Mining Company Limited and 51 others had their coal titles retained for submitting satisfactory report to the regulatory body.

The notice also indicated that the coal titles that were relinquished also submitted satisfactory reports.
However, the office stated that the revocation of some coal titles was as a result of unsatisfactory report submitted and inactiveness.

Some were also revoked for having defaulted and not submitting report to the regulatory body as required.
Meanwhile, the notice indicated that the four coal titles of Owkpa Consolidated Mines Limited are still under processing as a result of the unsatisfactory performance “in compliance.”

A notice signed by the management of the Mining Cadaster Office then indicated that the revocation was based on the companies’ non-compliance with the Nigerian Minerals and Mining Act, 2007, dormancy, non-submission of statutory report and non-payment of annual service fees.