Med-View Airline has denied all the claims widely reported in a national daily last week that suggested it suspended its operations and withdrew all its planes for maintenance checks.
In a notification sent by the Management of Med-View to the Nigerian Stock Exchange, the airline said it never made mention of such occurrence to the Nigerian Civil Aviation Authority (NCAA) or the press. It brandished the information as false and misleading.
That statement read: “The Management of Med-View Airline Plc wishes to inform its shareholders, stakeholders and the general public that the sensationalized headline of BusinessDay Newspaper of August 23, 2019 that Med-View has suspended its operation because all her planes are on maintenance is misleading and tantamount to demarketing.“
Faulty Airlines: The Airline, however, admitted that one of its aircraft, a Boeing 737-500 (5N-BQM) aircraft developed a technical fault on a trip en route Abuja. The airline stated that repairs had begun on the faulty carrier to make it readily available for operation the following week.
It also stated that two of its Boeing aircraft (5N- MAB and 5N-MAA) plying the domestic route also underwent C-Checks at approved repair, maintenance and overhaul centres and is 85% flight-ready.
The airline reiterated its dedication to providing quality customer service in its 12 years of existence as well as its knack for safety consciousness while promising a solution to its rift between the airline and the presidency.
“In the last 12 years of operation as Hajj carrier and domestic operator, Med-View Airline is profoundly known and widely recognized for its safety consciousness which cannot be compromised. Our airline is ever committed to its corporate value, which is the ability to succeed in providing the desired services for customers’ satisfaction and return on investment to shareholders. Meanwhile, the on-going rift between our airline and NAHCON is being handled by the Presidency.”
In 2017, Med-View posted revenues of about N36.9 billion and profit after tax of about N1.2 billion. It was its the best performance in over 5 years. Rather than sustain this performance, things went South with revenues tumbling down by over 74% to N9.5 billion in 2018. This was contained in a Nairametrics report.
Bottom line: With a history of financial problems and continuous Aircraft maintenance talks and currently, the rift with the Presidency, isn’t the possibility of a shutdown predicted by the National Daily just a matter of time?
[READ MORE: If you have N1m today, how would you invest it]
Oando loses Chief Legal Officer
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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— 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.
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.
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.
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.
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.
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
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.
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.”