Business News
Investigation exposes how Air Peace allegedly shields its aircraft from probe
The Accident Investigation Bureau (AIB) has accused Air Peace of committing several safety infractions due to its persistent failure to report serious accidents and incidents involving its aircraft in the Nigerian Airspace.
The Accident Investigation Bureau (AIB) has accused Air Peace of committing several safety infractions due to its persistent failure to report serious accidents and incidents involving its aircraft in the Nigerian Airspace.
The disclosure was made on Monday by the Chief Executive Officer/Commissioner of AIB, Akin Olateru. According to the AIB’s CEO, Air Peace has consistently concealed the safety information involving its aircraft, an action he described as violating the rules of engagement prescribed for airlines in line with extant regulations by the International Civil Aviation Organization (ICAO), Nigerian Civil Aviation Authority (NCAA) and the AIB.
Air Peace’ infractions explained: While addressing Air Peace‘s alleged safety infractions, Olateru described with dismay how the Bureau was notified on June 5th, 2019 of a serious accident involving Air Peace Boeing 737-300 aircraft with Registration Marks 5N-BUK.
Similarly, Olateru cited an incident that earlier occurred on the 15th of May, involving an Air Peace aircraft while landing at the Lagos International Airport. Olateru stated that Air Peace aircraft was said to have experienced a hard landing as it touched down on the runway 18R at the Lagos Airport.
According to the AIB Boss, upon receipt of the notification of the incidents, the Bureau visited Air Peace Limited‘s office and confirmed the said occurrence. Further explaining that there was visible damage to the right-hand engine compressor blades.
The aircraft, he said, has since been on the ground, awaiting implementation of the hard landing inspections recommended by the aircraft manufacturer, Boeing Co. This, according to him, includes an inspection of the right-hand engine pylons and the wing root, due to the heavy impact concerns.
Air Peace violates the law: It was further revealed that a recent serious incident of an aircraft belonging to Air Peace Limited was not investigated due to the company’s non-compliance. According to Olateru, the airline willfully failed to comply with the provisions (paragraph 14) of the Bureau’s regulations.
Olateru recalled that, on December 14th, 2018, a Boeing 737-300 belonging to the airline, with registration marks 5N-BUO, en route Akanu Ibiam International Airport, Enugu from Lagos was involved in a serious incident at about 10:44hrs. Unfortunately, the Bureau first heard about the incident through social media, until later when AIB carried out its investigation to establish the incident. Olateru further disclosed;
“A careful investigation of the incident by the Bureau revealed that the aircraft was relocated from Enugu where the incident occurred, back to Lagos. All relevant information on the CVR was over-written, thereby making it impossible for the Bureau to retrieve the actual data.
“The Accountable Manager and Chief Pilot of Air Peace Limited at the material time were duly warned by the Bureau for non-compliance with the Regulations.”
AIB is worried: These are indications that the AIB is seriously worried about Air Peace’s management refusal to permit a proper probe of its troubled Aircraft. Olateru affirmed on one of the recent incident;
“‘An incident involving circumstances indicating that there was a high probability of an accident, and is associated with the operation of an aircraft.
“Of utmost concern is the fact that till date, the Accident Investigation Bureau has received no notification of the incident three weeks after the date of occurrence, contrary to ICAO Annex 13 which guides the operations of aircraft accident investigation procedures.
“Rather, the Bureau further to the occurrence received a submission of a ‘Mandatory Occurrence Report’ (MOR) subsequently filed at NCAA, on 7th June 2019, which filing was as a direct result of the Bureau’s visit to Air Peace office on the 6th day of June 2019.
“An operator files an MOR after an occurrence to NCAA and not a notification to the Bureau as required by its Regulations.”
Air Peace responds: Air Peace was quick to respond claiming it lacks the understanding of how the several regulators operate. The Chairman of Air Peace, Allen Onyema, said the following:
“We always report any incident to NCAA and sometimes you may not know what to report to AIB because the NCAA is the regulatory authority and the Bureau is in charge of accident investigation.
“So when an incident like hard landing happens and you inform NCAA, we feel we have followed the procedure. Boeing has written back to us and has told us what to do, according to the procedure, currently, inspection is being carried out on the aircraft”
Coronavirus
Covid-19: Africa prepared for possible second wave – Africa CDC
Africa CDC has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa.
The Africa Centres for Disease Control and Prevention has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa, especially with the current upsurge of active cases.
This disclosure was made by the Director, Africa CDC, Dr. John Nkengasong, during the teleconference Weekly Press Briefing on #COVID-19 on November 26, 2020.
According to him, Africa CDC has started to distribute 2.7 million rapid antigen tests with the hope that by mid-2021, the health officials would have been able to vaccinate about 60% of the continent’s population with one of the several promising new vaccines — it all depends on the cooperation and support of the continent’s leaders.
(READ MORE: Reps Committee warns MDAs against failure to render accounts to Auditor-General)
What they are saying
According to Dr. Nkengasong: “To achieve 60% vaccination, we will need to mobilise up to about $10 to $12 billion, including the cost of buying the vaccines and the cost of delivering the vaccines. So, that is the 60% mark that we really want to achieve. And I just really want everyone on this platform and our partners to understand that as a continent, that is our aspiration and goal.”
As the end-of-year holidays are around the corner, Dr. Nkengasong advised: “Do not relent in wearing masks. One message that is emerging across the visits we are conducting across the continent is that people are not masking enough. And in some settings, absolutely it seems like they are not masking at all. And that is extremely dangerous.”
What you should know
- As of November 26, 2020, Africa had 2,106,931 confirmed caseloads, with a death toll of 50,628 and 1,781,744 persons recovered.
- The Southern African region is the worst hit both in terms of the number of confirmed positive cases and deaths.
- South Africa, Morocco, Egypt, and Ethiopia are the most affected countries in terms of number of positive cases.
- South Africa is presently the worst hit with active cases of 775,502.
Corporate Press Releases
elev8 launches new Nigeria Academy, to host event series on Nigeria’s digital future
The event will bring together experts in business, digital technology and economic development to amplify Nigeria’s digital dialogue.
Global technology training company elev8 is delighted to announce the launch of its new academy in Lagos with a series of online events focused on digital transformation in Nigeria.
The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future is an opportunity for business leaders to participate in Nigeria’s digital dialogue with industry experts, technology trailblazers and government leaders.
C-suite executives and digital leaders across the country are invited to join elev8 for a special series of events exploring the impact of new technologies and digitalization, as well as the potential risks to economic growth, such as Covid-19.
Digital enablement is increasingly becoming a hot topic for global businesses. In the next few years, the digital economy is projected to be responsible for a quarter of global GDP.
Across the world, businesses are accelerating digital adoption to establish a competitive edge, drive growth and ensure efficiency. For Nigeria to compete on the world stage, investment in new technologies and skills is essential in supporting a transition to a knowledge-based economy.
Digital Event: The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future
30 November – 3 December
The event will commence with the release of a cutting-edge research report on November 30. Produced in conjunction with BusinessDay Research and Intelligence Unit.
The report examines the impact of digital transformation on Nigeria’s economic growth over the next three years.
On December 1, participants will gain valuable insight on the digital strategies and tactics deployed by leading market players in an exclusive masterclass, Digitize or Die, hosted by award-winning technology and digital innovator, Sabine VanderLinden.
The event will close on Thursday, December 3 with a live digital dialogue, featuring an expert panel of digital specialists, government figures, and business leaders, looking at the ways that digitization will impact Nigeria’s economic development.
To find out more, or register for the event, please visit: www.elev8me.com/nigeria20
Companies
ValuAlliance distributes value fund of N10 per unit for H1, 2020
ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.
The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.
READ MORE: SEC reinstates DEAP Capital’s Board
The key highlights of the recent notification include:
- Annual General Meeting Date: 21st December 2020
- AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
- Proposed Distribution: ₦10/unit
- Qualification Date: 9th December 2020
- Closure of Register Date: 10th December 2020
- Payment Date: 23rd December 2020
READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices
What you should know
- The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
- The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.
Explore Data on the Nairametrics Research Website
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