Business News
Outrage as Kenya Airways sacks 86% of its Nigerian workers.
Kenya Airways has reportedly sacked 22 Nigerian workers out of its 26 Nigerian employees. This represents 86.4% of its Nigerian workforce, only four Nigerian staff are currently retained by the management of the airline after the exercise. Those retained are the Country Manager, Station Manager, and two other staff.
The Trade Union is not happy
According to the General Secretary of the National Union of Air Transport Employees (NUATE), Olayinka Abioye, the affected staff were only given four weeks wages on disengagement by the management, and this is one of the reasons that the industrial unions are annoyed with the airline.
He described the sack of the workers as illegal especially at a time the airline management and labor had reached an agreement to implement some of the reviewed conditions of service for the workers. He further revealed that the management of Kenya Airways said they were doing restructuring exercise because of the financial conditions of the airline.
Olayinka also accused the airline of replacing all business plans with new business plans called General Sales Agent (GSA), which means they want to engage a traveling agency to handle the ticket sales and reservation and all the workers would be sacked.
The aviation industry in the country continues to face harsh economic conditions worsened by an economy that is just crawling out the recession with many airline operators indebted to aviation agencies. In the past, Asset Management Company of Nigeria AMCON had to take over the operations of some indigenous airlines such as Arik and AeroContractors airlines over a huge debt profile.
However, the Minister of Aviation had recently assured that the Nigerian government is working on getting a new national carrier for the country.
Kenya Airways was founded in 1977, after the dissolution of East African Airways. The airline was wholly owned by the Government of Kenya until April 1995, when it was privatized in 1996, becoming the first African flag carrier to successfully do so.
Appointments
Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer
The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.
Leading Integrated Food and Agribusiness giant, Flour Mills of Nigeria Plc, has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm.
The appointment of Olusanya, who recently joined Flour Mills as the Group Chief Operating Officer, took effect from July 29, 2020.
This disclosure was made in a notification which was sent to the Nigerian Stock Exchange (NSE) for the investing public and signed by the company’s Company Secretary/Director, Legal Services, Joseph Umolu.
The notification from the company reads, “Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and Agro-allied group, owners of the iconic brand, Golden Penny, today announced the appointment of Mr Omoboyede Oyebolanle Olusanya, to the board of Directors effective 29 July 2020.’’
The statement notes that Mr Olusanya, who holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos and two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively had recently joined Flour Mills as the Group Chief Operating Officer in January 2020.
Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.
In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of feeding the nation, every day.”
The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.
Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.
The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.
This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.
The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.
The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.
Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.
Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.
The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.
Companies
Heineken scoops more Nigerian Breweries shares in insider disclosure
The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.
Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.
In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.
Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.
Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.
Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer
Leaked email reveal a bank can’t pay GDR dividend due to dollar shortages
COVID-19: Russia produces first batch of its newly approved vaccine
Gold prices suffers its worst week plunge since March
Heineken scoops more Nigerian Breweries shares in insider disclosure
COVID-19 Update in Nigeria
Investors cashing in big time, as 95% BTC wallets are currently in profit
MTN, CADBURY, UNILEVER record losses, ASI down by 0.15%
GUINNESS, NB, SEPLAT, AIRTEL, UNILEVER record impressive gains, investors gain N82.46 billion WoW
Jumia sees competition from startups in growing African e-commerce market
