Business News
Green Africa Airways is set to take ownership of 50 Airbus jets
Nigerian startup airline, Green Africa Airways, has ordered fifty A220s jets from Airbus.
Nigerian startup airline, Green Africa Airways, has ordered 50 A220s jets from Airbus. This has been described as the largest aircraft purchase by an African airline.
Recall that Nairametrics earlier reported that the deal was close to being finalised. Green Africa Airline hopes to begin commercial operations in Nigeria soon. It will compete with the likes of Medview and Air Peace which have dominated the Nigerian aviation market in the last few years.
The BBC quoted the company’s Founder, Babawande Afolabi, to have expressed excitement following the deal. He said:
“Together with Airbus, we are incredibly proud to announce the largest order ever for the A220 from the African continent.”
Green Africa Airways initially planned to acquire Boeing’s controversial 737 Max. The company announced the impending deal with Boeing in December 2018, months before a second deadly air mishap involving the Max model resulted in it being grounded.
[READ MORE: TAAG-Angola Airlines, SAHCO sign deal as national carrier)
The deal with Boeing was expected to cost about $11.7 billion. It was also supposed to be the largest aircraft agreement from Africa.
It has long been Afolabi’s long-held dream to build a “world-class airline” that will serve the Nigerian market, helping to “unlock a new realm of positive possibilities for millions of customers.”
Green Africa Airways received its Air Transport License from the Nigerian government some years ago. The startup is anchored by a group of senior industry leaders led by Tom Horton, former Chairman and CEO of American Airlines; William Shaw, Founder and former CEO of VivaColombia, and Virasb Vahidi, former CCO of American Airlines. According to reports, the airline’s strategy is to first develop the Nigerian market and then ‘build a strong Pan African network.’
In the meantime, Boeing’s 737 Max airplanes continue to be grounded.
The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.
The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.
The breakdown of the expenditure in the aforementioned areas are:
- Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
- Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
- Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.
Why this matters
The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.
What you should know
Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).
The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.
Companies
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Appointments
Abbey Mortgage Bank announces appointment of 6 Directors
The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.
Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.
The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
What you should know
Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.
The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.
The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.
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Yahaya Abubakar
February 14, 2020 at 9:47 am
This is really exiting and a very good news for the Nigerian economy. I hope the government will make available enabling environment for such a giant economic stride.
Rashid Hamid
February 16, 2020 at 12:44 pm
The aircraft choice is excellent. But I would have advised 30 and another 20 from a different manufacturer. In aviation anything can happen. Look at the grounding of Max. It’s a lesson. Imagine if they had bought Max. It means the whole airline is grounded. In any case. This is what we need in Nigeria . Kudos to our green airline
Rasaki Ola Raheem
February 16, 2020 at 5:59 pm
A WELCOME AND LONG OVERDUE DEVELOPMENT INDEED!. GREEN AFRICA AIRWAYS MUST STRIVE TO CAPTURE NOT JUST THE NIGERIAN MARKET ALONE BUT, THE ENTIRE AFRICAN MARKET. WITHOUT ANY ATTEMPT TO UNDERMINE THE FINANCIAL CAPACITY OF ITS OWNERS,THE AIRLINE NEEDS TO GO PUBLIC TO ENHANCE ITS FINANCIAL BASE ,BEARING IN MIND THAT AVIATION IS SO MUCH HIGHLY CAPITAL INTENSIVE. IN ADDITION, THE AIRLINE MUST BE IN PATNERSHIP AND ALLIANCES TO REMAIN AND BE RELEVANT IN THE INDUSTRY.
Arc. Sule Aminu. O
February 20, 2020 at 2:25 pm
This is a laudable development in Aviation industry in recent time. This will eventually close the gap in inadequate air transportation. I am one of those people that participated in development of aerodrome infrastructure and facilities across the country in the last two decades, sure we are on ground to render any assistance that you may deem necessary. The potential for the growing industry shall be unlocked with the massive deployment of this number of aircrafts by the operator of GREEN AFRICA AIRWAYS. Kudos to the arrival of this outfit!!!
Anonymous
March 4, 2020 at 5:55 pm
Its a laudable one. I will love to add my knowledge on aviation to it too