AMCON Wants Federal Government Bailout For Aviation Sector As Cushion For COVID-19 Impact

*File photo of AMCON Managing Director/Chief Executive Officer, Mr. Ahmed Kuru (left) and Executive Director of Operations, Mr. Aminu Ismail Despite having injected around N50billion between 2012 and 2020 to stabilize the operations of the aviation sector in Nigeria, the management of Asset Management Corporation of Nigeria (AMCON) led by Ahmed Kuru, MD/CEO on Wednesday joined industry stakeholders to call on the federal government of President Muhammadu Buhari to consider as a matter of top priority, the proposed bailout fund for the aviation industry. The call was made by Mr.…

Read More

Underutilised Spectrum To Be Retrieve By Nigerian Communications Commission

*Head office of the NCC in the Federal Capital Territory (FCT), Maitama, Abuja Nigerian Communications Commission (NCC), a Nigerian agency that regulates the communications industry in Africa’s most populous nation said midweek that it has suspended the 2018 guidelines on spectrum trading in line with efforts by the government to promote efficient use of all assigned radio frequencies in the country. This development may not be unconnected with the trend in the industry where existing telecoms firm acquired idle spectrum from moribund companies or organisations underutilising their frequencies to boost…

Read More

United States Demands Fresh Probe Of Nigeria’s Adesina AfDB President

*President AfDB, Mr. Adesina faces career challenge and pressure from the US A fresh probe of the president of African Development Bank (AfDB), Akinwumi Adesina, over allegations leveled against him. The demand for a fresh probe into the allegations is coming from no other than the United States of America. Reports monitored by Bloomberg, states that Adesina, who is one of Nigeria’s export to the global community was accused by a group of unidentified whistleblowers of handing contracts to acquaintances and appointing relatives to strategic positions at the Abidjan-based lender.…

Read More

COVID-19: India Selects Air Peace To Evacuate Stranded Indians From Nigeria May 30

*Chief Allen Onyema, Air Peace owner Air Peace Airline has said the High Commission of India in Nigeria has contacted the airline to serve as vehicle that would evacuate stranded Indians from Nigeria to India. Air Piece made this disclosure through their verified official Twitter handle. This same information was again tweeted by India in Nigeria (As well as Benin, Chad & ECOWAS) on their official verified Twitter account of the High Commission of India in Abuja, Nigeria, accredited also to Benin, Chad and ECOWAS area. The Twit by the…

Read More

COVID-19: Nigeria May Get World Bank’s $1.5billion Loan Support Latest August

The $1.5 billion loan to support Nigeria’s efforts to contain the spread of the rampaging Coronavirus (COVID-19), which the country is seeking from the World Bank will be decided in the month of July, Shubham Chaudhuri, World Bank Country Director said Friday. The bank is working on packages that could provide more than $3 billion to Africa’s largest economy, which is facing what the lender says maybe its greatest fiscal crisis in 40 years, set off by the COVID-19 pandemic and resulting oil price crash. Chaudhuri told Reuters, “We were…

Read More

Nigeria To Appeal $1billion Suit Dismissed By British Court – FG

As Nigeria battles contracting economy as a result of the ravaging Coronavirus (COVID-19), a court in the United Kingdom Nigeria’s former colonialist that exploited Nigeria for years has dismissed a $1bn bribery suit instituted against oil giants – Royal Dutch Shell and Eni by the Federal Government of Nigeria. Bloomberg reports that the judge, Justice Christopher Butcher, delivered the ruling at a virtual hearing on Friday May 22, 2020, setting back the long-standing trial on the Malabu oil deal of 2011. The judge ruled that England had no jurisdiction to try…

Read More

Senator Bamidele Couldn’t Stop AMCON Prosecution Over Alleged N511million Debt

*Embattled Ekiti State born Senator Opeyemi Bamidele on war part with AMCON From all indications, the judicial measures taken by Senator Bamidele M. Opeyemi to stop the Asset Management Corporation of Nigeria (AMCON) from prosecuting a debt recovery suit against him failed at the Federal High Court. It also did not stand a chance at the Court of Appeal, our Correspondent gathered on May 21, 2020. This is coming as a sequel to the striking out of his appeal by a Lagos Division of the Court of Appeal, challenging an…

Read More

COVID-19: Urgent Intervention For Airlines Needed Now – Bankole Med-View MD

Alhaji Muneer Bankole, the Managing Director of Med-View Airline, during the week appealed to the federal government led by President Muhammadu Buhari to provide early its intervention plans for airlines in Nigeria, which he said will help sustain the gains and safety already achieved in the industry in the last few years. Bankole in the same breadth advised the federal government to seriously invest in Maintenance, Repair and Overhaul (MRO) facility in a bid to save foreign exchange for airline operators. He said government’s palliatives for operating airlines was necessary…

Read More

COVID-19 Effect: Airbus Plans Workforce Cut By 10%, Slashes Production

*Some of the Airbus Series going through the production line European leading plane manufacturer, Airbus said it has entered into talks with unions as it begins the process of reducing its workforce. The company could reduce its workforce by 10 per cent as it slashes production and grapples with the fallout from the dreaded Coronavirus (COVID-19) impact on the aviation industry, according to media reports. Sources close to the plane maker have told Bloomberg that Airbus is in talks with unions about job cuts although the number of employees to be laid…

Read More

Buhari Seeks Senate Approval To Replace Mary Uduk With Lamido Yuguda As SEC DG

*Mary Uduk, Acting Director-General of SEC President Buhari wants out President Muhammadu Buhari, has written the Senate, requesting them to confirm Lamido Yuguda as the new Director-General of the Securities and Exchange Commission (SEC). This was disclosed today by Ezrel Tabiowo, the Special Assistant on Press to Senate President, Senator Ahmed Lawan. He said three other nominees were also sent alongside Yuguda by the President for confirmation as Commissioners in SEC. The commission is presently led by Mary Uduk who has been at the commission on acting capacity for about…

Read More