Aero Lays Off 60% Of Workforce
Aero Contractors Nigeria Limited has issued letters of redundancy to about 60 per cent of its total workforce. The airline said it had been grappling with huge and unrealistic personnel costs as well as other operational challenges worsened by lack of enough aircraft to keep all the workers meaningfully engaged.
CBN Clears $150m Forex Forwards
The Central Bank of Nigeria (CBN) on Wednesday, sold a total of $150 million to authorised forex dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1. Confirming the details of the sale to the dealers, the Acting Director in charge of Corporate Communications of the apex bank, Isaac Okorafor, said the highest rate of N335 was the same as the last auction rate of March 8, 2017. He, however, added that there was a change in the marginal rate from N315/$1 during the last auction to Wednesday’s marginal rate of N320.
Etisalat, Lenders Disagree Over $1.2b Loan Settlement Terms
Local lenders have opposed a proposal by Etisalat Nigeria to convert part of the $1.2 billion loan into naira. Rather, the lenders want its parent, Abu Dhabi telecoms group Etisalat, and its shareholders to recapitalise the telco, it was gathered yesterday. A source privy to the negotiations said the seven-year syndicated loan, on which the telco defaulted in payment schedule, has a dollar portion of $235 million which the carrier wants to convert into naira to overcome chronic foreign exchange (forex) crunch at the interbank market.
Govt To Raise $1b From Asset
The National Economic Council (NEC) yersterday approved the proposed Nigeria Voluntary Asset and Income Declaration Scheme (VAIDS), which will take off on May 1. It is expected to yield about $1billion to the Federal Government’s purse. The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, broke the news to State House correspondents at the end of the NEC, chaired by Vice President Yemi Osinbajo. He was joined at the briefing by Abia State Governor Okezie Ikpeazu and Kaduna State Deputy Governor Bala Bantex.
NLNG Positioned To Grow Into Global Shipping Leader – Okesanjo
The Nigeria LNG Limited’s (NLNG) shipping operation is relying on the strategic deployment of skills and technology to power its transformation into a global maritime industry leader, the company’s General Manager in charge of Shipping, Captain Temilola Okesanjo has said. In his presentation titled- “NLNG- Global player in the Chartering Market,” at the Multimodal (Logistics) West Africa Conference, the largest Transport & Logistics Exhibition in West Africa held yesterday in Lagos, Okesanjo revealed that the Nigeria LNG Limited has “since commencement of its operations in 1999, chartered-in 45 Vessels, including LNG, LPG and Condensate carriers for shipment of its products to buyers across the globe and chartered- out five of its own vessels to other operators in the market.”
We’re Correcting Policies That Hurt Manufacturers – Enelamah
Okechukwu Enelamah, minister of industry, trade and investment, says the federal government is correcting policies that affected manufacturers in 2016. Enelamah said this in an at the inaugural Commonwealth trade minister’s meeting in London. “Some policies we passed affected manufacturers in terms of their raw materials and we are correcting those policies now,” he said. “We want to discourage dumping and bad practices that happened in the past. But we need to do it in a way that does not hurt local manufacturing.
Fashola, Adeosun, Others For IIM’s Economic Recovery Confab
The Minister of Power, Works & Housing, Mr. Babatunde Fashola, Minister of Finance, Mrs. Kemi Adeosun, Minister, Budget and National Planning, Senator Udoma Udo-Udoma are set for this year’s annual lecture of the Institute of Information Management (IIM). The lecture is slated for tomorrow at the University of Lagos. Other members of the Federal Executive (FEC) expected at the occasion are the Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, Minister of Solid Minerals, Dr. Kayode Fayemi and the and his counterpart in the Labour & Employment Ministry, Dr. Chris Ngige. Fashola will grace the occasion as guest speaker. Information Management: A Strategic Tool for Economic Recovery & Growth is the of the forum.
BudgIT: Supreme Court Has Opened Up Its Spendings, N’Assembly Must Do Same
BudgIT, a civic organisation for good governance, says the Supreme Court of Nigeria has opened up its budgetary spendings for 2015 and 2016, and the national assembly must do the same. Following a Freedom of Information (FOI) request by Enough is Enough Nigeria (EiE) to the Supreme Court to disclose its financial details, the apex court provided details of its actual expenditure against the budgeted figures for the years 2015 and 2016. “This is a welcome development towards achieving a proactive information disclosure culture. In a letter dated February 14, 2017, the Supreme Court acknowledged that it spent a capital vote of N2.265bn out of an appropriated sum of N2.3bn as at December 2016,” Seun Onigbinde, the BudgIT lead, said via a statement.
Nigeria Recorded Increase In Mental Health Patients In 2016
As the country recovers from recession, stakeholders have urged Nigerians to remain positive in order to avoid psychological meltdown as reports from various Nigerian hospitals have shown an increase in the number of mental health patients. LEADERSHIP Friday, learnt that at the Federal Neuro-Psychiatric Hospital at Yaba, Lagos State, there has been a 59 per cent increase in new cases in 2016 compared with 2015 and at the community clinic, (though not psychiatric cases), a 95 per cent increase in clinic attendance was recorded.