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Nigeria Air To Commence Operations With 49% Foreign Ownership

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Nigeria Air To Commence Operations With 49% Foreign Ownership

Nigeria Air, the proposed national carrier will begin flight in April next year, the Minister of Aviation, Hadi Sirika, has stated.

The development came three years after the Federal Government announced plans to establish a new national carrier, following the liquidation of the Nigerian Airways in 2003.

At the end of a virtual Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.) at the Presidential Villa, Abuja, on Wednesday, Sirika told State House correspondents that the Federal Government would own not more than five percent equity stake in the national airline.

According to him, Nigerian entrepreneurs will own 46 percent shares while international strategic partners will own 49 percent stake.

The minister said his ministry presented two memoranda which were approved by FEC.

The next one also is the approval of the outline business case for the establishment of the national carrier and this is the sixth time the memorandum appeared before Council. The sixth time, we got lucky to be passed by the Council.

The structure of the proposed airline; the government will be own not more than five percent. So, five percent is the maximum equity that the government will take, then 46 percent will be owned by Nigerian entrepreneurs. So, if you add that, it’s 51 percent.

Sirika noted that 49 percent stake would be held by strategic equity partners that would be sourced during the procurement phase.

He added, “This airline, if started, within the first few years will generate about 70,000 jobs. These 70,000 jobs are higher than the total number of civil servants that we have in the country. Its importance has been well discussed, so; I’ll not go back to it. You had discussed it separately also on various fora as to the need for it.”

Speaking about the second memo, the minister said, “Today in Council, civil aviation presented two memoranda. The first one is approval for the award of contract for the provision of Automated Civil Aviation Regulatory Equipment, including software support and training, which will be located in Nnamdi Azikiwe International Airport.

In summary, this is a software that will allow all of the activities of civil aviation regulation to be done electronically on one platform, including payments, including follow-ups on personnel licensing, the medicals, the economic regulation of airlines, safety regulation of airlines and all other businesses within the envelope of civil aviation will be monitored by this single software.

“It is called ‘the truth machine’ in Europe because all of the truth of the regulation of civilisation will appear on this platform. It’s extremely important software that the world has now come to terms with.”

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Air Peace Announces Flights Into Anambra Airport

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Air Peace Announces Flights Into Anambra Airport

Air Peace has stated that it would commence scheduled flights operations into the Anambra International Cargo and Passenger Airport on Tuesday, December 7, 2021.

The airline’s decision to commence flight operations into the airport followed the recent approval of the airport by the Nigerian Civil Aviation Authority.

This development was disclosed by Air Peace’s spokesperson, Stanley Olisa, in a press statement issued on Saturday.

Olisa said, “This is great news for the people of Anambra State as we are launching four flights weekly into the new airport on Tuesday. For a start, we shall be operating on Tuesdays, Thursdays, Saturdays and Sundays, and as operations gather momentum, we shall increase frequencies to daily flights”.

The airline’s spokesman further said that passengers can start booking flights via their website or mobile app. He added that Air Peace plans to connect Anambra to other cities asides from Lagos and Abuja.

By the end of January 2022, we will have commenced the following connections: Anambra-Kano-Anambra, Anambra-Ibadan-Anambra and Anambra-Port Harcourt-Anambra. Air Peace is unwaveringly determined to interconnect Nigeria, providing connections which facilitate seamless economic exchanges and foster unity.

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UBA Group Dominates the 2021 Banker Awards, Wins ‘African Bank of the Year’

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uba bank of the year

Africa’s global bank, United Bank for Africa (UBA) Plc yet again, reaffirms its leadership position across Africa, as the bank has been globally recognised as the African Bank of the year 2021 by the Banker Magazine, a leading global finance news publication published by the Financial Times of London.

UBA’s solid financial performance, its excellent service delivery to customers and its continuous role of facilitating rapid economic growth across the African continent were some of the reasons that led to the bank being named best bank in 12 of its African subsidiaries and in Nigeria. UBA Nigeria Plc, UBA Benin, UBA Burkina Faso, UBA Cameroon, UBA Chad, UBA Congo Brazzaville, UBA Cote D’Ivoire, UBA Gabon, UBA Guinea, UBA Liberia, UBA Senegal, UBA Sierra Leone and UBA Zambia all came out top as the best banks in their respective countries.

This will not be a first for UBA.  In 2020, six of its subsidiaries in Benin, Cote D’Ivoire, Chad, Liberia, Sierra Leone and Zambia were winners of the Best Bank award. This year, the UBA Group is breaking a record with its exceptional wins as African Bank of the Year and Bank of the year in 13 countries.  The total 14 awards makes it the first time ever in the history of the almost 100 years of The banker, that any banking group will be clinching as many as 14 wins in a single year.

At the Virtual award ceremony which was held on December 1st 2021, the Middle East and Africa Editor for The Banker, John Everington, explained at the event that a rigorous and highly analytical process is made annually to reach the decision for each Bank of the Year award and the institution’s reputation for independence, authority and integrity is thoroughly applied to each submission.

“While several African banks impressed the judges this year, there was no doubt as to the worthiest recipient of the Bank of the Year for Africa – UBA Group – a clear winner across a wide range of criteria. UBA has performed impressively across its footprint with a strong financial performance across most of its markets,” Everington said.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who expressed delight over the recognition from The Banker stated “Like I always say, at UBA, we must be doing something right. Winning 14 total awards in13 subsidiaries and the Bank of the Year on the African continent is a big achievement.’ 

Continuing, Uzoka said, “The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning’

Since1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence. The 2021 edition highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.

The Banker Magazine is a publication of the Financial Times – a leading global finance news publication which has been in existence since 1888. The Banker magazine is the definitive reference in international banking for high level decision makers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

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FBNQuest Gets New Non-Executive Director

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FBNQuest Gets New Non-Executive Director

FBNQuest Capital Ltd., a subsidiary of FBN Holdings, has announced the appointment of Alhaji Abdullahi Ali Gombe, as an Independent Non-Executive Director.

The Chairman, FBNQuest, Mr. Oyewale Ariyibi, disclosed this in a statement made available on Wednesday in Lagos.

Ariyibi said the company had received all relevant regulatory approvals for the appointment.

READ ALSO: Court Strikes Out Case Against Soludo’s Election

He said that Gombe was joining the board of the company with over 28 years of professional experience.

Ariyibi said he had served several institutions in various professional capacities and had been involved in key transactions that added significant value to the organizations where he served.

He added that prior to joining the board of FBNQuest, Gombe served on various boards including Nigalex Nigeria Ltd., FBN Bureau De Change Ltd., and FBN Bank (DRC) Ltd.

“On behalf of the board, management, and staff of FBNQuest Capital, I am delighted to welcome Alhaji Gombe, MNI to the Company as he brings on board his wealth of experience cutting across various industries and institutions.

“We are certain that his experience will have an immediate and positive long-term impact on the business.

“FBNQuest remains committed to recognizing strong corporate governance as a key driver in ensuring sound business practices are entrenched in the core of its operating model for transparency and the inclusion of all stakeholders,” he added. 

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