Business News
As another Boeing 737 Max 8 crashes, should Air Peace be worried?
Earlier today, an Ethiopian Airlines flight 302 carrying 157 people, crashed merely minutes after takeoff from the Bole International Airport.
Earlier today, an Ethiopian Airlines flight 302 carrying 149 passengers and eight crew members, crashed merely minutes after takeoff from the Bole International Airport.
The plane was flying from the Ethiopian capital city of Addis Ababa, to Nairobi, Kenya.
A spokesperson for the company said there were no survivors; unfortunately.
According to available information, the flight took off at 8:38 a.m local time and lost contact six minutes later.
Following the disaster, Boeing issued a statement saying that it is “deeply saddened” by the development, and that it is ready to provide technical support towards unravelling the mystery of what caused the brand new jet to crash.
Tragedy strikes twice in 5 months for Boeing’s 737 Max 8
On October 29th, 2018, an Indonesian airline, Lion Air flight 610, took off from the Soekarno-Hatta international airport in Jakarta at 6:21 a.m. The flight’s destination was Pangkal Pinang, the provincial capital of a small island in the Java sea. But eleven minutes after takeoff, the plane plunged into the sea. All 189 passengers were killed.
What many people find alarming is fact that both Lion Air flight 610 and Ethiopian Airlines flight 302 are the same model 737 Max 8 airplane from American aerospace manufacturer — Boeing. The Max 8 is an upgrade on Boeing’s best-selling 737. Investigations (which are still ongoing) carried out on the Lion Air crash, speculated that a Sensor malfunction on the plane may have been responsible for the sudden nosedive into the sea.
It should also be noted that Lion Air has had a long history of maintenance problems with its fleet.
But in the case of the Ethiopian Airline flight 302, it is a brand new jet that was just acquired by the company barely four months ago.
Should Nigeria’s Air Peace and other Airlines be worried?
In September 2018, Air Peace and Boeing made a joint announcement — Air Peace had placed an order for ten 737 Max 8 planes from Boeing. It is understood that the planes will be delivered over a number of years, as Air Peace increases its fleet to expand to international travel. The announcement was made at a signing ceremony in Lagos.
In the events of these reported crashes, should the young Nigerian airline be worried over its continued partnership with Boeing?
Chairman/Chief Executive Officer of Air Peace, Mr. Allen Onyema (right) with the Sales Director (West and Central Africa) of Boeing Commercial Airplanes, Mr. Larry Tolliver.
It should be noted that the Boeing 737 Max 8 is already in use around the world by other airlines including American Airlines, Air Italy, FlyDubai, LOT Polish Airlines, Norwegian Air and TUI Airways.
Further information on what caused the tragic crash in Addis Ababa is expected over the coming days and weeks.
Business
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Manufacturing
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
GAINER
- MEYER up by19.51% to close at N0.49.
LOSER
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
