Business News
Air Peace’s nemesis is back as investigation into plane accident begins
This is a situation @flyairpeace would like to avoid, but unfortunately, the airline operator can’t, as it’s ‘antagonist’, Accident Investigation Bureau (@aibnigeria) disclosed that it has dispatched investigators to the accident scene in Rivers State. Both AIB and Air Peace have an history of ‘witch-hunt’.
This is a situation Air Peace would definitely like to avoid but unfortunately, the airline operator can’t at the moment. This is because it’s ‘antagonist, the Accident Investigation Bureau (AIB), disclosed that it has dispatched investigators to the accident scene in Rivers State. Both AIB and Air Peace have a history of accusations, ‘witch-hunt’, and distrust.
As Nairametrics reported yesterday, an Air Peace plane had skidded off the runway at Port Harcourt International Airport in Omagwa on Saturday, ending up in the bush. Luckily enough, no life was lost or injured in the course of the accident. The plane overshot the runway while touching down at the airport during heavy rainfall.
The AIB acknowledged that it was notified of the Air Peace incident. But no further disclosure has been made by the agency which is under Nigeria’s Ministry of Transportation.
AIB is charged with the responsibility of investigating any civil aircraft accident and serious incident arising out of, or in the course of air navigation and occurring either in or over Nigeria or occurring to Nigerian aircraft elsewhere.
[READ ALSO: Air Peace ramps up fleet size with Boeing deal]
“The AIB has been notified of the Air Peace flight from Abuja to Port Harcourt with 94 passengers and six crew members on board with Registration marks 5N-BRN.
“The aircraft skidded off the runway to the left about 1300m from the runway 21 threshold at the Port Harcourt International Airport.
“All passengers and crew have been evacuated safely. AIB has dispatched investigators who are on their way to the site,” The Investigation Bureau said.
Witch-hunt history: Both AIB and Air Peace have a history of confrontation over concealing information of similar incidents. In the past, AIB has accused Air Peace of a frustrating investigation into incidents involving the company’s planes by not fully co-operating during the investigation.
AIB listed some of the recent incidents involving the airline;
- An accident involving Air Peace Boeing 737-300 aircraft with Registration Marks 5N-BUK.
- An incident on the runway 18R at the Lagos Airport in May.
- There was also another incident in December when a Boeing 737-300 belonging to the airline experienced some difficulties while en route the Akanu Ibiam International Airport from Lagos.
[READ MORE: Why Arik Air carried out an adjustment on scheduled operations]
While the Accident Investigation Bureau claimed that none of these incidents was properly investigated because of the airline’s lack of co-operation, Air Peace issued a press statement describing the AIB’s utterances as a “witch hunt”.
READ MORE: Air Peace aircraft, “damaged by NAHCO truck”
Chief Legal Officer of Oando Plc, Ngozi J Okonkwo is dead.
Adewale Tinubu, Group Chief Executive Officer of Oando Plc announced this via a tweet.
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#RIP Ngozi J. Okonkwo, Chief Legal Officer, @Oando_PLC #RIPNgoziOkonkwo pic.twitter.com/CVgCiyADVY
— Wale Tinubu (@AdewaleTinubu) June 4, 2020
Until her death, she was the Chief Legal Officer of Oando Plc, having joined the company as Head, Legal Services of the company in 2009.
According to a tweet from one of her nephews, she battled cancer for a while, recovered before having a relapse during the recent COVID-19 crisis.
She went hard all the way, she was going to beat the cancer and do it in style. Unfortunately she was a citizen (read denizen) of a country determined to kill its children.
— Deno Landing🦍 (@zvko_) June 4, 2020
Before joining Oando, she worked as Junior Counsel with F.O Akinrele & Co., and also with KPMG Professional Services (previously known as Arthur Andersen) as Manager in the Tax, Regulatory and People Services unit and Head of indirect tax services.
READ ALSO: Common legal and general mistakes made by new businesses (Part 1)
She obtained LLB (Hons) from University of Nigeria, Nsukka in 1997 and BL from the Nigerian Law School, Lagos in 1999. She was a member of the Nigerian Bar Association, honorary fellow of the Association of Fellows and Legal scholars of the centre for International Legal Studies, Austria, Associate Member of the Chartered Institute of Arbitrators, United Kingdom and Associate Member of the Chartered Institute of Taxation, Nigeria.
Economy & Politics
NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel
The Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.
To cushion against the volatility in the global crude market and strengthen profitability, the Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.
This is one of several measures the corporation is taking to sustain revenue generation for Nigeria, and cope with the boom and bust cycles which are gradually becoming a feature of the global crude oil market.
NAN reports that this was contained in a statement from the Corporation Chief Operating Officer, Ventures and Business Development, Mr. Roland Ewubare, and signed by NNPC Spokesman, Kennie Obateru.
According to Ewubare, the NNPC will establish Independent Power Plants using the Ajaokuta-Kaduna-Kano (AKK) pipeline network, and consolidate its presence in the power sector.
(READ MORE: COVID-19: Nigerians react as CBN partners NNPC to feed, accommodate Nigerian returnees)
The statement reads in part; “NNPC is creating an energy company that would have portfolios in renewable energy; we have initiatives on solar that is ongoing.
“We have got biofuels agreements with some state governments that would soon be activated. We do have a lot of non-core businesses that are aggregated under the Ventures and Business Development Autonomous Business Unit of the NNPC.
“This would be expanded through effective collaboration and partnership with the private sectors,”
Lower costs, more profits
As part of moves to improve profitability, the NNPC also announced plans to drive crude oil production cost down to 10 dollar per barrel by Q4 2021,
This according to the statement would be done by systematically and gradually beating down logistics costs.
The Corporation’s revenue took a major hit in 2020 due to the slump in global oil prices, and this in turn affected the Nigerian budget given that oil proceeds account for a significant fraction of her income.
“When you have a low commodity price regime, as the case now, the only way we are able to squeeze out some reasonable cash and financial gain to the nation is by curtailing and constraining our costs in line with the GMD’s aspiration to push for a 10 dollar per barrel cost of production,” Ebuware said.
(READ MORE: NNPC pipeline vandalism up by 50% in January, may suspend crude oil production)
There is also an ongoing collaboration with selected partners to commercialise flared gas in order to preserve the flora and fauna of the country.
This would be done by converting it to Compressed Natural Gas (CNG) and Liquefied Natural Gas, for sale to consumers.
The NNPC is partnering with private developers to reduce the housing deficit in the country and also partnering with medical centres to provide innovative healthcare for Nigeria.
Business News
Microsoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance
Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers
Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings.
Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg.
“Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday.
Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis.
However, Slack reported steady revenue growth during Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million
(READ MORE: How to Profit from Directors’ Share Dealing Notifications)
Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months.
“What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday.
READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report
Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier.
“I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.”
