Business
Passengers Stranded As Protest Grounds Arik Flights
Thousands of Arik Air passengers
were stranded yesterday nationwide at Nigerian airports as aviation workers
grounded Nigeria’s largest airline over N18 billion unpaid debts to aviation
agencies.
The stranded passengers sat
helplessly at the General Aviation Terminal in Lagos, as planes remained
grounded and unable to take off.
The protest by three unions was
held with loud speakers, placards, dancing and booing.
The unions; the Air Transport
Service Senior Staff Association (ATSSSAN), the National Association of Aircraft
Pilots and Engineers (NAAPE) and the National Union of Air Transport Employees
(NUATE), are staff of the Federal Airports Authority of Nigeria (FAAN), the
Nigerian Civil Aviation Authority (NCAA), and the National Airspace Management
Agency (NAMA).
ATSSSAN Deputy General, Mr.
Olayinka Abioye, said the protest was to “send a clear message to the Federal
Government that because this is our farmland, we do not want the industry to
collapse.”
He queried: “How can a single
airline be owing aviation agencies a colossal sum of N18 billion without the
Federal Government doing anything about it?
“Letters have been written
severally, meetings have been called severally, none has been honoured by Arik
management.”
As he spoke, other aviation
workers cheered him up, saying “No retreat, no surrender.”
Abioye further said: “Aviation
workers have decided, and we are very resolute, that until the N18 billion that
Arik owes all the agencies under the Federal Ministry of Aviation is paid, no
flight of Arik will take off in any airport in Nigeria.
“Let Arik continue in its
blackmail. This morning when Arik and the Commissioner of Police had a meeting
with us, they said, there is an injunction with FAAN and that the matter has to
go to court in October. But what has the injunction with FAAN to do with the
money that you owe?
“The debts must be paid for the
aviation industry to thrive. The sustainability of the industry is our number
one priority. Because it is only when the aviation industry survives and
thrives than anyone of us can claim that we have jobs here.
“So, you allow one charlatan who
stole the Nigerian people’s money through another deceitful means and brings
the money to the aviation industry to come and set up an airline, and also
wants to cheat us, we say a capital NO.
“Arik just said they have
suspended its operations until further notice. We too are going to ground their
operations until further notice.
“This is 50-50. No retreat. No
surrender.”
At the time of going to press,
Arik had suspended its flights nationwide and a press conference was scheduled.
Meanwhile, the Senate Committee on
Aviation has recommended that the airline, owned by Port Harcourt-based
businessman, Dr. Michael Arumemi-Ikhide, should operate as a national carrier
until the Aviation Ministry sets up a new one for Nigeria.
Arik Air, Dana Air, Air Nigeria,
Aero Contractors and others are already flag carriers, but none of them is a
national flag carrier.
According to those with inside
knowledge, a national flag carrier is partly or fully owned by the government
and enjoys rights, privileges and supports not enjoyed by others.
Media reports said last week that
Arik Air intends to become a public quoted company soon, a move analysts say is
in a preparation for their new status.
Nigeria, Africa’s most populous
country and second richest economy has been without a national carrier since
the demise of Nigeria Airways in 2003.
Nigeria Airways’ multi-billion
naira facilities were sold to Arik Air for less than a billion naira,
triggering outrage and protests.
Nigeria Airways, which was founded
in 1958 and owned about 30 aircraft in the 1980s, collapsed in 2003 as
corruption brought the airline to its knees.
Business
Association Seeks Intervention to Save Domestic Airlines
Business
CBN Reforms Impact Consumers As Dollar Card Spending Limits Rise
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
Business
WEC: FG Inaugurates Governing Board … As Nigeria Rejoins Council
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
