The Accident Investigation Bureau (AIB), has lauded the Federal Government for approving that five per cent of the revenue from Passengers Service Charge (PSC) should be remitted to the bureau.
The approval for the remittance of the revenue, collected by the Federal Airports Authority of Nigeria (FAAN), was given by the Minister of State for Aviation, Sen. Hadi Sirika.
The Tide source reports that the AIB Commissioner, Mr Akin Olateru, made the disclosure when he spoke to newsmen recently at the bureau’s headquarters at the Murtala Muhammed Airport, Lagos.
Olateru decried the criticisms that had trailed the move from a section of the aviation industry, noting that several AIB projects had been stalled because of paucity of funds.
He said, “Anybody that says it is not fair for us to get a part of the PSC is wicked because who owns the two agencies? It is the Federal Government.
“We all share the Ticket Sales Charge (TSC) and FAAN doesn’t share its PSC with anybody and the government in its wisdom says ‘FAAN, please give AIB five per cent.’ I don’t think that is too much. It is within the power of the minister to do that.’’
He said the AIB only gets a meagre three per cent of the revenue from the five per cent TSC and the Cargo Sales Charge (CSC) collected on behalf of the parastatal agencies by the Nigerian Civil Aviation Authority (NCAA), while other agencies get more.
According to him, NCAA in accordance with the Civil Aviation Act 2006, gets 58 per cent, while the Nigerian Airspace Management Agency (NAMA), earns 23 per cent.
Olateru added that, the Nigerian College of Aviation Technology (NCAT), gets seven per cent, while the Nigerian Meteorological Agency (NIMET), earns 9 per cent of the total sum.
He noted that of the agencies in the sector, only FAAN earns the PSC 100 per cent and still collects charges for adverts, parking and landing of aircraft and tolls from vehicles coming in and exiting the airports across the country.
The AIB commissioner said paucity of funds had stalled the release of the over 35 accident investigation reports, due to non-training of accident investigators since 2013.
Meanwhile, a combined team of officials from Singapore and the International Civil Aviation Organisation (ICAO), have arrived in Nigeria on Sunday to assist AIB in the technical evaluation of its Flight Safety Laboratory and capacity development.
Olateru, who confirmed the development, said the Singaporean team was led by Mr Michael Toft, while Mr Caj Frostel led the ICAO team.
He said that Nigeria decided to call on Singapore for the training of its personnel on the equipment as the Asian country had the same equipment.
Olateru described the laboratory equipment as unique, noting that only Nigeria had the state-of-the-art facility among West African countries.
“We wrote to Singapore because they have the same equipment as ours and graciously, they have agreed to support us with the required manpower and training
“The team arrived Nigeria today (Sunday) and will be in Abuja to train us on how to get the best out of this equipment,’’ he said.
Olateru explained that ICAO wanted the entire West African countries to benefit from the laboratory, hence the presence of its team for the same purpose.
“This will really help AIB because at the end of the day, it is about building an institution.
“Building institutions is not just about buying equipment, throwing money at people; it is about giving them the right exposure, which goes a long way.
“To me, within the next two years, we will build a very strong institution in AIB, which can take the lead and support the entire West African countries.’’
NLNG Generates $114bn, Pays $9bn Tax, As Train 7 Kicks Off
Nigeria Liquefied Natural Gas (NLNG) has generated more than $114billion over the years and tax payment of $9billion as the construction of the most expected Train 7 kicks off in earnest.
Flagging off the construction of the projects last week virtually, President Muhammadu Buhari expressed excitement over the progress made by the country’s NLNG.
“I am proud that NLNG, as the pioneer LNG Company in Nigeria, has conscientiously proven the viability of the gas sector over the years, currently contributing about one percent to our country’s Gross Domestic Product (GDP).
“NLNG has generated $114 billion in revenues over the years, paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
“These are commendable accomplishments by the company’s 100 percent Nigerian Management Team”, he said.
President Buhari flagged off the construction of the Train 7 project of the Nigeria Liquefied Natural Gas Limited (NLNG) in Bonny Island, Rivers State during the groundbreaking ceremony at the Company’s plant site, effectively kick-starting the project which is expected to increase NLNG’s current six-train plant capacity by about 35% from an extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA.
President Buhari, in his address, said the groundbreaking event was an important milestone in the history of Nigeria’s oil and gas industry, adding that “the story of Nigeria LNG is one that I have been so passionately associated with during the formative years of the NLNG project. It has transformed from a project over the years to a very successful company.
“This groundbreaking ceremony to herald the Train 7 project construction has afforded me the opportunity to congratulate NLNG and its Company’s shareholders – NNPC, Shell, Total, and Eni – for proving that a Nigerian company can operate a world-class business safely, profitably, and responsibly. Clearly, you have set the stage upon which Nigeria’s vast gas resources will continue to grow well into the future.
“With this level of performance, I can only hope that the company continues to grow, starting with this Train 7 project, but also positioning Nigeria to thrive through the energy transition.
“I hereby urge the Board of Directors, Management and Staff of Nigeria LNG, the Host Communities, the Rivers State Government and Agencies of the Federal Government to continue to collaborate to ensure completion and eventual commissioning of the Train 7 project safely and on time, so that Train 8 can then start.
Rivers State Governor, Nyesom Wike, represented by his Deputy, Dr. Banigo, applauded the shareholders, NLNG’s Board of Directors, and the company’s management for keeping the Train 7 dream alive, saying that the State Government considered the project as a key economic enabler and remains committed to supporting both the project and the Company.
The Minister of State for Petroleum Resources, Timipre Sylva, stated that Train 7 would contribute to maintaining the country’s status as a gas exporting nation.
“Nigeria has more gas reserves than crude oil, and we have much to gain from sustaining our LNG exports to a market that has a growing demand for the commodity as the preferred fuel for industrialisation and power generation,” he said.
The Group Managing Director of NNPC, Mele Kyari, in his welcome remarks, commended the Federal Government for supporting the project and called for stakeholders’ support for the project, adding that support for NLNG will lead to immense benefits to Nigerians.
Nigeria LNG’s Managing Director, Tony Attah, in his welcome remarks, said the benefits of gas to the country will increase on the back of the Train 7 project, noting that Train 7 will stimulate the inflow of more than $10billion Foreign Direct Investment (FDI) into Nigeria as part of the project scope; create more than 12,000 direct jobs and additional 40,000 indirect construction
BoI Disburses N969.6bn In Five Years
The Bank of Industry (BoI) has disbursed loans worth N969.7 billion to borrowers in five years to support various businesses.
BoI Deputy Head, Business Development, Mrs Aderonke Akinluyi, disclosed this at a webinar by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos, yesterday.
Akinluyi said the funds were disbursed between 2015 and 2020 to over three million Micro, Small and Medium Enterprises (MSMEs) and 653 large enterprises.
Speaking on the theme: “Funding Opportunities for Businesses in the Bank of Industry,” Akinluyi said the bank during the period created 6.98 million direct and indirect jobs.
She also disclosed that the bank was currently collaborating with over 330 Business Development Service Providers (BDSPs) to offer advisory and business support services aimed at improving intending MSMEs.
“Our business model reflects our goal to drive development through financial and advisory support to all customer levels, with dedicated teams for MSMEs, youth and women led enterprises.
“Our collaboration with the BDSPs ensures that the MSMEs are almost handheld in structuring, and preparing their business models and plans.
“The collaboration also provides other entrepreneurial training as required and are split across the regional, state and national categories,” she said.
Divisional Head, SME, South, BoI, Mr Obaro Osah,debunked some perceptions associated with accessing funding from the bank.
Some of the perceptions, he said were, the need to know and pay someone at the BoI, the one year wait of processing to access funds and the myth that the bank only supported manufacturing industries.
“The loan application approval processing timeline for loans below N10 million is four weeks, loans between N10 and N100 million is six to eight weeks.
“Loans above N100 million to N500 million is eight to10 weeks,” he said.
Group Head, Engineering and Technology, BoI, Mr Femi Shittu, listed the bank’s selected loan products to include: agro mechanisation, food and agro commodity processing and commercialisation of the solar energy.
“The selected managed intervention fund include the Nigerian Artisanal and Small Scale Miners Finance Support Fund of N2.5 billion with a five per cent per annum interest rate.
“The Nigerian Content Intervention Fund of 350 million dollars to support indigenous oil and gas players is also available,” Shittu said.
In her remarks, President, LCCI, Mrs Toki Mabogunje, said limited access to funding was one of the biggest constraints facing businesses, especially MSMEs.
Mabogunje noted that a report by PriceWaterhouse Coopers, revealed that Nigerian SMEs had a funding gap of about N617 billion as of 2019.
According to her, evidence shows that majority of Nigerian MSMEs have not significantly benefited from available financing opportunities in the country.
$430m Enugu-Cameroon Highway To Be Completed This Year – AfDB
The African Development Bank (AfDB) says the 430 million dollars highway project linking Enugu to Bamenda in Cameroon will be completed this year.
The bank, in a statement issued on Monday, said that it was part of its investments in West Africa which currently stood at 16 billion dollars.
The statement quoted the President of AfDB, Dr Akinwunmi Adesina, as disclosing this in a speech at the 59th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Ghana.
According to Adesina, the 430 million dollars highway project will transform trade opportunities between the two countries.
He also disclosed that the bank was working assiduously with the ECOWAS Commission to finalise feasibility studies for the Abidjan-Lagos corridor by the end of 2021.
“We expect construction for the corridor to commence within 24 months,’’ Adesina said.
The bank’s president said that the highway would link 85 per cent of the trade volume in ECOWAS through the corridor.
Adesina, who pointed out that AfDB was investing massively in West Africa, said that the total active portfolio of the bank in West Africa currently stood at 16 billion dollars.
According to him, the bank’s support for infrastructure in the ECOWAS region has doubled over the past five years, increasing from two billion dollars in 2015 to four billion dollars.
“While I can list several projects in every country, let me just mention a few critical regional infrastructure.
“The Senegambia Bridge is rapidly facilitating trade between Senegal and The Gambia.
“Our financing helped to double the capacity of the Lome container port in Togo, which is critical for regional transport and logistics.
“The Bamako to San Pedro corridor has helped to expand trade between Côte d’Ivoire and Mali by 34 per cent, while reducing transit time at the border from 24 hours to just two hours.
“The 303km road linking Ouagadougou and Lome has reduced travel time from six days to just two days.
“Our 650 million dollars financing for the transport corridors linking Sierra Leone, Guinea and Liberia will impact on economic opportunities for 51 million people.
“I am pleased that this year, the bank will provide 105 million dollars financing for the road linking Guinea-Bissau and Senegal,’’ he said.
Adesina further said that the 20 billion dollar Desert-to-Power programme on energy would develop 10,000 MW of solar power to light up the Sahel and provide access to electricity for 250 million people.
“This project will make the Sahel the largest solar zone in the world.
“Right here in Ghana, the bank’s financing of 120 million dollar for the new terminal at Kokota International Airport is having huge impacts on regional transport and freight movements.
“With the new terminal, freight handling has expanded by 30 per cent,’’ Adesina said.
He added that the bank provided 4.5 million dollars for the establishment of the African Continental Free Trade Area secretariat in Accra, to further support regional trade in the continent.
While recalling the effects of Covid-19 on the continent, the AfDB boss said the bank launched a 10 billion dollars facility to support African countries navigate through the challenging times posed by the pandemic.
- Sports4 days ago
Okagbare Sets New Record At Olympic Trials
- Featured4 days ago
APC’s Ploy To Ban, Regulate Social Media, Hypocritical, Wike Affirms
- Politics2 days ago
APC: C’River LP Disowns Decampees
- Oil & Energy4 days ago
Total Nigeria Advocates Petroleum Subsidy Removal
- Oil & Energy4 days ago
Buhari Thumbs Up For NLNG As NNPC Reviews Activities
- Sports2 days ago
CAF Mulls Super League Idea
- Editorial4 days ago
As New Rivers LG Chairmen Assume Office…
- Politics4 days ago
Okorocha Cautions Igbos On Secession