The Managing Director and Chief Executive Officer of Medview Airline, Munner Bankole, has disclosed that the company would increase its fleet of aircraft to compete better in the domestic market, however, a board decision threatens to be a stumbling block.
Bankole said Medview would re-introduce three planes previously disposed from Israel, Estonia and Aero Maintenance based in Lagos State. According to him, the planes are currently undergoing maintenance Aero Maintenance.
He said the re-introduction was to enable Medview compete better domestically in a market led by Air Peace and many local airline operators. Recall that airlines have been ordering and taking delivery of planes for some months now.
[READ ALSO: Apostle Suleman to start airline business in Nigeria]
Medview opted for a bank loan to revive the planes and bankroll the major maintenance to boost its operation in eight cities across Nigeria, with Lagos, Abuja and Port Harcourt among its routes.
“We have three classic aircraft, which are all due for C-check at the same time. One was in Israel, another was in Estonia and third was flying, but we got the money from the bank to put the second aircraft to use and so, it has been taken to Aero Maintenance base. I assure you that the third aircraft would soon be on ground because domestic operations is our major market. We promise to do more than expected,” he said.
Why this matters: The increase of fleet for operational use will create job opportunities, and Bankole disclosed that 50 cabin crew members and other ten workers will join the company when the planes commence operation. It has also been estimated that each aircraft would be yielding about N376 million in a month.
“Expect a beautiful operation when the three aircraft would be fully operational and each aircraft would be yielding about N376 million in a month. We also assure you that we will not lease aircraft, therefore, we are working with a strategic partner in order to get a new aircraft into our fleet. Fifty cabin crew members have already completed their recurrent training while 10 workers have been recalled to join the training in preparation for operations,” Bankole revealed.
Is Medview shooting itself in the foot? Meanwhile, Medview’s Board has disposed one of its aircraft because of huge maintenance cost. This, Bankole said was “for the benefit of the company.” The decision, however, comes as a surprise considering the company’s plan to increase its fleet.
Air Peace, which boosts of 27 aircraft, has grown to become one of the most sought after domestic airline operators in Nigeria in less than six years of its operation, a significant growth when compared to Medview’s years of operation which started in 2007, with just about four planes in its fleet.
The ditching of the plane contradicts the CEO’s talk of competing better, because while Medview is dropping a plane and adding three, Air Peace plans to add ten to its fleet, as it intensifies international operation.
Having a large fleet of planes comes with many advantages. It enables airline operators meet their flight schedules amidst increase in air passengers globally. It reduces the number of cancelled flights and ensures replacement when an aircraft breaks down to avoid delayed flights. It also allows airline operators to be highly competitive. Considering these facts, Medview increasing its fleet only to drop an existing one, is a bump in its competition drive.
Note: Both Medview and Air Peace are customers of Boeing.
YOU SHOULD ALSO READ: Like Air Peace, Kenya Airways is sticking with Boeing 737-Max 8]
COVID-19 Update in Nigeria
On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 153,842 confirmed cases.
On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria.
To date, 153,842 cases have been confirmed, 130,818 cases have been discharged and 1,885 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.49 million tests have been carried out as of February 24th, 2021 compared to 1.44 million tests a day earlier.
COVID-19 Case Updates- 24th February 2021,
- Total Number of Cases – 153,842
- Total Number Discharged – 130,818
- Total Deaths – 1,885
- Total Tests Carried out – 1,489,103
According to the NCDC, the 655 new cases are reported from 21 states- Lagos (240), Ogun (88), Rivers (56), FCT (51), Kaduna (43), Kano (25), Plateau (21), Taraba (19), Edo (17), Abia (15), Delta (13), Nasarawa (11), Akwa Ibom (10), Kwara (10), Oyo (10), Kebbi (9), Borno (5), Bayelsa (4), Gombe (4), Ekiti (2), and Osun (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 55,122, followed by Abuja (19,115), Plateau (8,854), Kaduna (8,422), Oyo (6,708), Rivers (6,398), Edo (4,491), Ogun (4,277), Kano (3,716), Ondo (2,944), Kwara (2,875), Delta (2,539), Osun (2,326), Nasarawa (2,208), Gombe (2,031), Katsina (2,029), Enugu (1,998), Ebonyi (1,839), Anambra (1,615), and Abia (1,487).
Imo State has recorded 1,440 cases, Akwa Ibom (1,439), Borno (1,247), Bauchi (1,221), Benue (1,188), Niger (912), Ekiti (797), Sokoto (768), Bayelsa (767), Adamawa (762), Taraba (712), Jigawa (496), Kebbi (358), Yobe (268), Cross River (267), Zamfara (219), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
Cornerstone Insurance Plc appoints Ogechi Adeola as Director
Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.
Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.
This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.
Dr. Adeola’s profile
Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.
On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.
Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.
What you should know:
Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.
It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.
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