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Boeing to halt production of troubled 737 Max 

A source close to American airplane maker, Boeing Co, said the company is contemplating suspending the production of the 737 Max model.

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Boeing gets new return date, but many challenges lie ahead, Boeing

A source close to American airplane maker, Boeing Co, said the company is contemplating suspending the production of the 737 Max model in the meantime. This comes as American aviation regulators are yet to give clearance to the planemaker following major accidents involving the model in 2018 and earlier this year.

The source, who asked not to be named, went further to disclose that the company’s executives believe that “a temporary pause” in production is the right thing for the company at this point. Clearance for the revamped 737 Max will most likely not be by January 2020 as earlier expected.

In the meantime, Boeing has not specifically addressed this speculation. Following an emailed enquiry by Bloomberg, they responded stating the following:

“We continue to work closely with the FAA and global regulators towards certification and the safe return to service of the Max. We will continue to assess production decisions based on the timing and conditions of return to service, which will be based on regulatory approvals and may vary by jurisdiction.”

Boeing to halt production of troubled 737 Max 

Boeing Production Plant

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The company’s directors are expected to meet later this month to deliberate on a number of issues, including setting dividend for 2020. Perhaps, the issue halting the production of 737 Max is one of the things they will be talking about.

[READ MORE: Boeing Planes undergo certification flight next month, eye possible return]

Note that this is not the first time the company is altering its production target for 737 Max. Weeks after the catastrophic Ethiopian Airline crash in March this year, which killed many people, Boeing reduced production for the 737 Max by 19%.

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As Nairametrics reported, 737 Max planes were banned from flying in many countries. As such, many of such plane models have been grounded. Boeing has also been unable to make any new deliveries since the grounding. This has resulted in a stockpile of about 380 newly built planes to be left in the company’s storage facilities.

Recall that Nigeria’s Air Peace is one of the airlines around the world which ordered for the 737 Max plane before the deadly crashes of Lion Air and Ethiopian Airlines. The Nigerian airline has been unable to get its order ever since.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Economy & Politics

WTO: Nigeria to persuade the US to join the consensus on Okonjo-Iweala – Trade Ministry

Nigeria is making moves to reach out to the US to agreed to appoint Okonjo-Iweala as Director-General of the WTO.

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WTO, Okonjo-Iweala joins South Africa's presidential economic advisory council as nation struggles with recession, Dr. Okonjo-Iweala officially declared candidate with the largest and broadest support among members

The Federal Ministry of Industry, Trade & Investment has said that Nigeria is currently reaching out to the United States and South Korea to back the WTO preferred candidate, Dr. Ngozi Okonjo-Iweala, for the role of DG of WTO.

This was disclosed in a statement by the Ministry and reported by Reuters on Saturday morning.

Recall that Nairametrics reported this week that the Ministry of Foreign Affairs announced in a statement that Nigeria’s candidate for Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, had secured the support of the majority of the member-nations – but was yet to be declared and returned as the winner, as the United States opposed the consensus.

Nairametrics also reported this week that Dr. Ngozi Okonjo-Iweala was close to being appointed as the new Director-General of the World Trade Organisation (WTO). A group of ambassadors also known as “troika” had proposed Okonjo-Iweala to lead the WTO, giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago.

The U.S President, Donald Trump, blocked the appointment of Ngozi Okonjo-Iweala as the WTO’s next DG on Wednesday, declaring support for South Korea’s Yoo Myung-hee instead.

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The Ministry said that the FG would try to persuade the United States to join the consensus, as most of the WTO’s members had agreed to appoint Okonjo-Iweala as DG.

Nigeria is currently reaching out to all members of the WTO including the United States and South Korea to overcome the impasse as well as persuade the United States to join the consensus,” the trade ministry said.

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Appointments

Dangote Sugar appoints Ravindra Singhvi as GMD/Chief Executive Officer

Mr. Ravindra Singhvi has been appointed as the substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc.

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The Board of Directors of Dangote Sugar has appointed Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, effective October 30, 2020.

This disclosure was made by the company in a notification of the resolution of its board meeting, to the Nigerian Stock Exchange.

The statement partly reads:

“Dangote Sugar Refinery Plc. wishes to notify the Exchange and the investing public that at the Board of Directors Meeting of the Company held today, Friday October 30, 2020, the Board approved (a) the Unaudited Financial Statement for the Quarter Ended September 30, 2020, and (b) the appointment of the current Ag. Managing Director, Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc. effective October 30, 2020.”

What you should know

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Prior to his new appointment, Mr Singhvi had been the ag. Managing Director of Dangote Sugar Refinery Plc since 18th June, 2019, after serving as the company’s Chief Operating Officer.

The Board’s stance on the appointment

The Board has stated that it is “confident that he is a great asset to the Company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects (BIP) to position itself for further job creation in local plantations and factories, import substitution and deeper contribution to national economic development.”

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Mr. Singhvi is wished the very best in his endeavors.

About Mr. Ravindra Singhvi

He has over 39 years of proven experience in leadership positions in Manufacturing and Processes in Sugar, Petrochemicals, Cement, and Textiles products industries in India.

He is a Chartered Accountant with background in Company Secretarial Practice, Corporate Governance and Management, and holds a Bachelor’s Degree in B.Com (Hons) and Law(I) from the University of Jodhpur, India.

Prior to joining Dangote Sugar Refinery Plc, Mr. Singhvi had served as the Managing Director & CEO of NSL Sugar Limited, Hyderabad, India, and Managing Director, EID Parry (1) Limited, Chennai, India, one of top three sugar producing companies in India.

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ENDSARS

IGP says protesters attacked 205 public, private facilities

Data collated when the #End SARS peaceful protest started indicated that 14 states recorded major violence.

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IGP says protesters attacked 205 public, private facilities, IGP orders immediate withdrawal of police officers attached to VIPs

The Nigerian Police Force has stated that about 205 critical national security assets, corporate facilities and private properties were razed down and vandalized during the EndSARS protest, which was hijacked by hoodlums and arsonists.

This was disclosed by Mr Mohammed Adamu, the Inspector-General of Police, during a virtual conference of Senior Police Officers in Abuja, according to a news report by NAN.

READ: Buhari approves free business name registration for 250,000 SMEs

READ: #EndSARS: Our police reform agenda is a game changer to end impunity – Osinbajo

Adamu disclosed that data collated between Oct. 11, when the #End SARS peaceful protest started as a demonstration, and Oct. 27, after it was hijacked by the vandals, indicated that 14 states recorded major violence.

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He said that some of the states severely affected by this civil unrest are Lagos, Edo, Delta, Oyo, Kano, Plateau, Osun, Ondo, Ogun, Rivers, Abia, Imo, Ekiti, and the Federal Capital Territory (FCT).

READ: #EndSARS: Joe Biden issues press release on violent crackdown of Protesters in Nigeria

The violence had resulted in attacks on critical national security infrastructure, other corporate and private properties, as well as injuries or fatalities to civilians, the police, and other security agents.

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READ: #EndSARS: IMF Links protests to economic difficulties

What you should know

  • 71 public warehouses and 248 privately owned stores were looted in the course of the protests nationwide.
  • 51 civilian fatalities with 37 injured, and 22 policemen gruesomely murdered with 26 others injured were recorded during the protest.
  • 10 firearms, including 8 AK 47 rifles, were carted away during the attack on police stations, and a locally made pistol had been recovered from elements operating under the guise of the EndSARS protest.
  • 1,596 suspects have so far been arrested in connection with the violence and widespread looting across the country.

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