Companies
Nigerians hit with over 60% delayed and cancelled domestic flights in 2018
No fewer than 36,350 cases of delayed flights were recorded in 2018 from domestic airlines operating in Nigeria, the Nigerian Civil Aviation Authority said.
No fewer than 36,350 cases of delayed flights were recorded in 2018 from domestic airlines operating in Nigeria, according to the figures released by the Consumer Protection Department of Nigerian Civil Aviation Authority (NCAA).
The News Agency of Nigeria reported that the number of delayed flights represents about 60.1% of all flights, even as 544 flights were cancelled.
There are about nine airlines operating in Nigeria, all of whom operated a total of 59,818 flights last year. These airlines are – Aero Contractors, Arik Air, Air Peace, Azman Air, Dana Air, First Nation, Med-View, Overland and Max Air.
Air Peace was most affected
Out of the nine airlines in operation, Air Peace topped the list in regards to the number of delayed flights in 2018. The airline scheduled 22,055 flights, with 14,067 delayed flights and 67 outright cancellations.
Similarly, it was reported that Arik air ranked second with the 8,073 delayed flights out of 15,205 and 152 outrightly cancelled schedules. It suggests 53% of scheduled flights were delayed.
Dana Air scheduled 5,944 with 3,915 cases of delayed flights and 67 cancelled. Also, Aero Contractors operated 4,361 flights with 2,459 delayed and 70 cancellations; Overland, 601 flights with 1,960 delayed and 29 cancellations.
Medview, 2058 flights with 1,256 delayed and 42 cancellations. It was also reported that Max Air recorded 1,151 delays and five cancellations, out of the 2,205 flights operated by the airline.
Furthermore, First Nation Airways, whose licence operating license was recently suspended by the NCAA, recorded 137 delayed flights and three cancellations, out of 445 flights operated within the period under review.
Reacting to this development, the NCAA’s General Manager in charge of Public Relations of NCAA, Mr Sam Adurogboye, stated that the construction of modern terminals and remodelling of old terminals to ease passengers facilitation is one of the major ways to reduce flight delays.
“Some of these problems are infrastructural related. The government is remodelling most of the airports and this will ease passenger facilitation. By the time these modern facilities are deployed, it will curb unnecessary delays.”
“However, issues like adverse weather or a machine (aircraft) developing a problem cannot be ruled out, and you can’t expect them to fly with a machine that had developed problem. Those ones happen occasionally.”
Airline Patronage Increased by 20.8 Percent in 2018
Air travellers who went through Nigeria airports increased by 20.8 in between January and December 2018. The figure released by Consumer Protection Directorate of the Nigerian Civil Aviation Authority revealed that 14,171,722 air travellers went through Nigeria airports in 2018 as against 11,221,608 recorded in 2017.
NAN reported that the 34 airlines on the international routes operate 15,645 flights and flew 4,079,078 passengers during the period under review.
The nine domestic airlines operated a total of 59,818 flights and airlifted 10,092,648 passengers across the country, it added.
NCAA said that airlines on the domestic routes accounted for 72 per cent of the passenger traffic, while the international route recorded 28 per cent. Adurogboye further stated:
“We are hoping and working harder to ensure that there is more movement of passengers. By the time those new terminals in Lagos and Kano come on stream, they will equally enhance more frequencies.”
Companies
NB Plc to raise additional N20 billion from its N100 billion Commercial Paper
Nigerian Breweries has announced the continuation of its N100 billion Commercial Paper (CP) Issuance Programme.
Nigerian Breweries has announced the continuation of its N100 billion Commercial Paper (CP) Issuance Programme in a bid to raise up to N20 billion to support its short term funding needs. The company has launched Series 9 and 10 of the programme for this purpose.
This information was disclosed in a notification signed by the Company’s Secretary, Uaboi G. Agbebaku, and sent to the Nigerian Stock Exchange.
The notification reads;
“[Nigerian Breweries Plc] is pleased to inform the Nigerian Stock Exchange and the investing public of the continuation of its “CP” (Commercial Paper) programme with the launch of Series 9 and 10 of the programme.
“Series 9 of the Commercial Paper programme would be for a tenor of 180 days, while Series 10 would be for 270 days. However, the launch of the CP opens today 23rd October 2020.”
(READ MORE:Nigerian Breweries stock up by 58% since August )
What you should know
According to data obtained from Financial Market Dealers Quote (FMDQ), Nigerian Breweries has raised up to N90.12 billion since the start of the year.
- N52.76 billion was raised from Series 6 between February 12 to November 6, 2020.
- N13.03 billion was raised from Series 7 from April 15 to October 14, 2020.
- N24.33 billion was raised from Series 8 from April 15 to January 8, 2021.
- The recent issuance of the Series 9 and 10 CP will bring the total funds raised to N110.12 billion.
Why it matters
- The CP will help the company navigate through the recent impact of COVID-19 and other trade disruptions.
- The programme will strengthen the balance sheet of the company, and enable the brewer to execute its plans while delivering value to customers and creating wealth for shareholders,
- In like manner, the CP programme is expected to provide opportunities for non-equity investors to invest in the company and support its cost management initiatives.
Companies
MTN shareholders have made approximately N1 trillion since April 2020
Shareholders of MTN Nigeria gained close to a trillion naira in less than 7 months.
MTN Nigeria shareholders have gained N986.58 billion since the first trading session in April 2020.
This was uncovered by calculating the difference in the telecommunication giant’s market capitalization of ₦1.832 trillion at the open of trade, for the first trading session in the month of April 2020, and the market capitalization of ₦2.646 trillion at the close of trade in the first trading session in the month of October.
READ: Shell to cut 9,000 jobs globally due to oil price crash as it shifts to clean energy
This gives a whopping N814 billion increase in market capitalization, and this with the dividend the company has paid to shareholders on two occasions between this time period, brings the total gains both realized and unrealized to approximately N1 trillion.
READ: FUGAZ; Nigerian banks considered too big to fail
Hence, the N814 billion increase in market capitalization translates to the joint gains MTN investors have made from the increase in the shares of the company, as the share price of the company has increased by 44.44% or ₦40.00 between April 1, 2020, and October 2, 2020, with the share price of increasing from ₦90.00 to ₦130.00.
However, the gains MTN NG investors have made from their investments in the telecommunication company, is not limited to the gains driven by the increase in the price of the shares.
READ: World Bank says Nigerian banks are at risk of being destabilised by COVID-19
Recall that the company declared payment of dividends to its shareholders on two occasions, as investors/shareholders of the company, whose names appear in the Register of Members, as of the close of business on April 17, 2020 and August 14, 2020 were paid a cumulative dividend per share of ₦8.47, for all the outstanding shares of 20,354,513,050 held by the shareholders, and this translates to a total dividend payout of N171 billion by the company to its shareholders.
It is noteworthy that the realized and unrealized gains MTN investors have made from holding the shares over this period stands at N986.58 billion.
Companies
LASACO Assurance Plc Chairman, Aderinola Disu resigns from the Board of Directors
Aderinola Disu resigned her position as a Director on the Board of LASACO Assurance.
Lasaco Assurance Plc has announced the resignation of its former Chairman, Mrs. Aderinola Disu, as a Director on the Board. The resignation took effect from the 8th of September, 2020.
The following information is contained in a press release made available to the public, signed by the company Secretary, Gertrude Olutekunbi, and verified by Nairametrics.
The notification also revealed that, the aforementioned firm has received a provisional approval from the National Insurance Commission (NAICOM) to appoint two other directors.
READ: 3 bank directors resign from NESG in protest to CBN immunity letter
The two newly appointed directors are; Dr (Mrs.) Maria Olateju Phillips, and Prince Jamiu Adio Saka, both appointed to a Non-Executive Director role.
Profile of the two newly appointed Directors
Chief (Mrs.) Teju Phillips, is a successful Chartered Accountant, who holds an ACCA from England and Wales. She is multilingual and has extensive experience in Management/Consultancy services, that spans across many years in both the public and private sectors. She has served as a Director in Keystone Bank; Director, Lagos State Lottery Board; Honorable Commissioner for Special Duties & Inter-Governmental Relations in Lagos State; Managing Director of Alma Beach Estate Ltd (a subsidiary of Rims Merchant Bank Ltd); Managing Director, Maridot Ventures Ltd. among others.
READ: FIRS retires coordinating directors, appoints new ones
Prince Jamiu Adio Saka, is an accomplished Insurance professional, having practiced in Canada and Nigeria. He brings to the board over 30 years of experience as a Broker.
Lasaco Assurance Plc, is a listed Nigerian firm that provides life and general insurance services, which includes motor, bond, contractors-all-risk, fire, burglary, aviation, marine, general accident, life, pension schemes, engineering, and oil and gas. The company has a market capitalization of about N2.05 billion and it share price currently trades at N0.28 kobo.
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