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Trouble looms as lawmakers indicate interest to probe new national carrier

Dennis Agbo who sponsored the motion, said the move was to avoid failure and liquidation of the project.

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The newly-unveiled national carrier, may suffer a setback as the House of Representatives has indicated interest to investigate the concession process of the Nigeria Air, which was unveiled on Wednesday in London.

In order to avoid failure, losses and embarrassment of the country, Honourable Dennis Agbo who sponsored the motion recommended an ad-hoc committee to look into the process of concession of the national carrier.

While raising the motion on the floor of the house, Agbo noted the recent attempt to revive the country’s national carrier by the minister, who had obtained a conditional Certificate of Compliance, along with the Outline Business Case (OBC) from the Infrastructure Concession and Regulatory Commission (ICRC).

Agbo revealed that while ICRC, in the conditional certificate, stated that the process should have federal government’s zero investment and management interference, the Federal Ministry of Transport had already made open an initial requirement of $8.8 million and another $300 million for the purchase of aircraft by December, 2018. According to Agbo, these funds were not in the 2018 budget.

Agbo’s further maintained that the concession process so far, outlawed the pre-conditions in the OBC by ICRC, which is charged with ensuring favourable result of any concession of national assets.

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Controversies surrounding new national carrier

The Federal Government, in August 2015, inaugurated a 13-member committee for the establishment of a national airline for Nigeria. The committee was saddled with the responsibility of consulting with international partners to ensure the project comes into fruition.

On Friday, October 2, the committee submitted its report to the Permanent Secretary, Federal Ministry of Aviation, Hajiya Binta Bello in Abuja.

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Minister of State, Aviation, in 2017, Hadi Sirika revealed that a sum of N1.52 billion had been approved for the national carrier by the Federal Executive Council, FEC, Chaired by Vice President Yemi Osinbajo.

Having unveiled the national carrier at Farnborough Air Show in London this week, the Nigerian government has since come under heavy attack as many opined the concession process is questionable.

Despite claim that the new national carrier would be fully operated by the private sector, the Nigerian government in May, 2018, received a $20 billion investment fund for the project alongside one other. The funds, according to the government, would be invested in an aircraft leasing company, as well as a Maintenance Repair and Overhaul (MRO) facility. The aircraft leasing company, is however, expected to provide aircraft for the national carrier.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

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Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

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He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

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Appointments

Abbey Mortgage Bank announces appointment of 6 Directors

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

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Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.

The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

What you should know

Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.

The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.

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The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.

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Obituaries

Just-in: Diego Armando Maradona is dead

Argentine football star, Diego Armando Maradona is dead.

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Argentine football star, Diego Armando Maradona is dead.

This was disclosed by the Premier League via its Twitter handle on Wednesday evening.

It tweeted, “We are deeply saddened to hear of the passing of footballing great, Diego Maradona, an extraordinarily gifted footballer who transcended the sport.

“Our thoughts and sincere condolences to Diego’s family, friends and those who knew him.”

He reportedly died of a heart attack on Wednesday at his home in the outskirts of Buenos Aires.

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Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago.

 

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Details soon …

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