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Hospitality & Travel

Lagos-Ibadan Railway: NRC acquires 24 coaches for operations starting next month

The NRC says the 24 coaches would run 16 daily trips when operations commence next month.

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NRC says Lagos-Ibadan rail to start operations next month with 16 trips daily

The Nigerian Railway Corporation, NRC, has announced the purchase of 24 coaches to operate the Lagos-Ibadan Railway which is scheduled to commence operations next month.

This was announced by the NRC in a brief press statement issued via Twitter on earlier today.

READ: China set to approve $5.3 billion for Ibadan-Kano rail project

The NRC said the 24 coaches would run 16 daily trips when operations commence next month. The Corporation also disclosed that with this new development, residents of Ibadan can comfortably work in Lagos.

Nairametrics reported earlier that the Nigerian Railway Corporation (NRC) will begin skeletal operations on the Lagos-Ibadan Standard Gauge Rail line from the middle of September, with 16 trips every day.

While commenting on the planned commencement of operations, the MD of NRC, Fidet Okhiria said:

We will start by the middle of September from Yaba to Ibadan while the other construction finishing will continue. We already have 24 coaches and a set of DMUs (Diesel Multiple Units) made of eight coaches. With that, we intend to have 16 trips a day.”

READ: Twitter shows interest in buying TikTok

The rail tracks on the 156km modern rail line from the Ebute Metta Junction to Ibadan have been completed while the 10 major and minor stations are at various stages of completion.

The stations along the corridor include Apapa, Ebutte Metta Junction, Agege, Agbado, Kajola, Papalanto, Abeokuta, Olodo, Omi-Adio and Ibadan.

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Business

NAHCO recalls suspended GMD

NAHCO recalled Adetokunbo Fagbemi, its Group Managing Director and Chief Executive Officer.

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NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO Aviance) has recalled Mrs. Adetokunbo Fagbemi, the Group Managing Director and Chief Executive Officer of the aviation handling firm.

The GMD was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

This was disclosed by the Board via a statement issued and seen by Nairametrics on Thursday.

It stated, “The Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

What you should know

  • The GMD was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.
  • Since Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO.

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Hospitality & Travel

London’s Heathrow airport slides into £2 billion annual loss

Following the devastating impact of the COVID-19 pandemic, London’s Heathrow airport has recorded a net annual loss of £2 billion in 2020.

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Ethiopia to overthrow London Heathrow with Africa’s largest airport worth $5 billion 

London’s Heathrow airport has recorded a net annual loss of £2 billion in 2020, underlining the devastating impact of the coronavirus pandemic on the aviation sector.

This is as 2020, which has been identified as one of Heathrow’s most challenging years has record passengers’ level not seen since the 1970s.

This disclosure is contained in a public statement seen on the company’s website and seen by Nairametrics.

The company said that the number of passengers dropped to 22.1m, more than half of the numbers that travelled in January and February.  It pointed out that the overall revenue fell 62% to £1.2bn and adjusted earnings before interest taxes depreciation and amortization (EBITDA) fell to £270m.

The company said in order to weather the storm, realizing that airports have very high fixed costs, it acted quickly to cut gross operating costs by nearly £400m, reduced capital expenditure by £700m and raised £2.5bn in funding including a £600m capital injection. The firm ended the year with £3.9bn of liquidity, enough to see us through until 2023.

The airport which is one of the busiest in the world reported a 28% decline in cargo volumes, showing the cost to the economy of shutting down aviation.

Passenger planes from Heathrow are the UK’s global trading network, carrying British exports and inbound supply chain. Economic recovery will be held back until long haul passenger flights are restarted, especially to key markets such as the US

The Chief Executive Officer of Heathrow, John Holland-Kaye said, “We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale. Getting aviation moving again will save thousands of jobs and reinvigorate the economy.”

He also said, “2020 has been one of our most challenging years – but despite £2bn of losses and shrinking to passenger levels we haven’t seen since the 70s, I am hugely proud of the way that our colleagues have kept our passengers safe and the UK’s hub airport open for vital supplies throughout. We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale.

‘’Getting aviation moving again will save thousands of jobs and reinvigorate the economy, and Heathrow will be working with the Global Travel Taskforce to develop a robust plan underpinned by science and backed by industry. The Prime Minister will then have the unique opportunity to secure a global agreement on a common international standard for travel when he hosts the G7 in June. In the meantime, we need next week’s Budget to support aviation’s recovery by extending furlough and providing 100% business rates relief.”

What you should know

  • The United Kingdom is one of the countries most affected by the coronavirus pandemic, with the aviation sector one of the most affected due to the lockdown.
  • The International Air Transport Association (IATA) had called for urgent government assistance and warned that airlines would lose $252bn (£215bn) in revenues in 2020, more than double its earlier worst-case forecast.

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