Arik’s ‘Arik Affinity Wings’ Members To Enjoy More Benefits

Nigeria’s leading airline, Arik Air is offering members of its frequent flyer programme, Arik Affinity Wings, the opportunity to retain their accrued miles beyond its initial validity period. The new scheme, which was initiated by the airline has now made it easier for Arik Affinity Wings members to extend their miles due for expiration for another 12 months thereby allowing more time to redeem miles, which should have expired. Arik said miles are valid for a period of three years during which time members are expected to use such on…

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Air Peace CEO, Speaks From Dubai, Says Journalist Misreported Him

By Editor Allen Onyema, Chairman/Chief Executive Officer, Air Peace Airlines, has expressed shock at the report credited to him accusing the federal government of impoverishing Nigerian airlines, noting that such report was not done in good fate. Onyema who spoke with some select aviation journalists in Dubai to mark the inaugural flight of the airline at the weekend said that instead of criticizing government he actually commended the current administration that made it possible for the airline to grow and be able to operate international service. “I was shocked when…

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Stock Market Sheds Over N300bn In One Week

The stock recorded a decline of 2.3 per cent last week as the bears returned, depressing prices of bellwethers. After recovering from a three-week bearish run the previous week, market operators had expected that the positive trend would be sustained. But the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell to 2.3 per cent to 29,270.95, while market capitalisation shed N303.7 billion to close at N12.902 trillion. The year-to-date decline of market has thus worsened to 6.9 per cent. Apart from the ASI that fell, activity level also declined as…

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AMCON Highlights The Difficulties Of Recovering N5trillion

Jude Nwauzor, AMCON Head of Communications —————————————————————————————————————————- With so many court cases numbering over 3,000 and counting, Mr. Jude Nwauzor, Head of Corporate Communications Department at Asset Management Corporation of Nigeria (AMCON), did not mince words highlighting the difficulties the Corporation faces dealing with recalcitrant obligors in its effort to recover N5trillion for Nigeria…Excerpts: Why is it becoming difficult for AMCON to recover its N5trn debt? In a decent society, it is doable, it is recoverable, but Nigeria is a peculiar country. Nigeria is not the only country that have…

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Access Bank Wins Global Banking Alliance Award

By Editor For its creative efforts towards providing business opportunities for women, Access Bank Plc. has emerged winner of the 2019 GBA Women’s Market Champion Impact Award. The organisers consider the bank as one of those responding to the call to give women chance in the gender equality campaign. The award, which was organized by the Global Banking Alliance for Women (now Financial Alliance for Women) in Paris, the latest collection contributes to a growing list of recognitions for Access Bank, including the National Women in Finance Magazine’s Outstanding Banking…

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Eurobond Repayment: First Bank Nigeria To Beat 2021 Due Date

First Bank, one of Nigeria’s leading banks has decided to exercise the option of repaying a $450 million Eurobond ahead of its July 2021 due date. In a regulatory filing on Tuesday, the bank was reported to have said it “will exercise its option to call the $450 million 8 per cent subordinated notes, raised from the International Debt Markets (IDM), due in July of 2021. “The bank seeks to call and pre-pay holders of the Note at the next callable date of July 23, 2019,” the commercial lender, which…

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Nigerian Ports Among The Worst In The World – MAN

The Manufacturers Association of Nigeria (MAN) has expressed worry over the incessant traffic gridlock on Apapa axis of Lagos State, which they say was capable of negatively affecting the Nigeria economy. MAN said due to challenges bordering on delay of import/export processes, heavy human and vehicular congestion around the ports, difficulty in gaining access to the ports due to bad roads, security concerns and incidence of corruption and infractions among the players – government officials and port users, the Nigerian ports are currently classified among the worst ports in the…

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South African Airways Dying, CEO Vuyani Jarana Resigns

The Chief Executive Officer of South African Airways (SAA), Vuyani Jarana has reportedly resigned from the financially stricken state-owned company citing a lack of funding and drop in government support for the carrier’s proposed turnaround plan. The former Vodacom Group executive was brought in about 18 months ago to lead a recovery at the airline, which has been unprofitable since 2011. South African Airways has been mired in mismanagement and corruption scandals. But a lack of clarity on state funding and the slow nature of decision-making processes persuaded him to…

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Aero @ 60: Sanusi Celebrates AMCON, Aero Staff, Others

By Editor Aviation czar, Captain Ado Sanusi, the Chief Executive Officer of Aero Contractors, in Lagos on Tuesday eulogised Aero workers and management for their resilience, doggedness and insistence that the airline will not sink. Sanusi also praised the federal government for authorising Assets Management of Corporation of Nigeria (AMCON) led by Mr. Ahmed Lawan Kuru to intervene in the airline, which commenced its turn around. Sanusi who spoke during the 60th anniversary of the airline at its headquarters at Lagos airport, said the new management took series of difficult…

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NBS Says Nigeria’s GDP Slowed 2.01Per Cent In Q1

By Editor According to latest report by the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) growth rate has slowed down to 2.01 per cent in the first three months of the year. NBS said the slump was impacted by the decline in oil growth rate. Nigeria’s economy grew 2.38 per cent in the fourth quarter of 2018, indicating a 0.38 per cent higher rate than the first quarter of the current year. The pace of economic growth in Africa’s biggest economy in the first quarter of this…

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