Business

FAAN To Become Financially Independent By 2015

Published

13 years ago

August 28, 2013

The Managing Director, Federal Airports Authority of Nigeria (FAAN), Mr George Uriesi, has said in Abuja that the organisation would be financially self-reliant by 2015.

Uriesi, who had managed airports in South Africa before returning to Nigeria, said that FAAN was striving to be self-reliant in order for it to stop depending on the Federal Government for its finances.

According to him, the FG has given a directive for the authority to be self-reliant instead of depending solely on it for its finances.

Uriesi also said that FAAN had written off some of the bad debts owed it by some dead airlines in order to enable it to have a straight record on its balance sheet and forge ahead in the development of the aviation sector.

He said that the authority would from now on, not tolerate debts, adding that it would chase after its debtors aggressively to ensure growth of the business.

“Over the years, FAAN operated from a government, public service point of view and therefore, bent over backward and allowed many of its customers to owe it and also did not chase after them as aggressively as a business ought to; that shows that it depends on the revenue it gets for it to survive.

“Right now the Federal Government invests in FAAN’s capital projects because the organisation is not able to generate money to take care of its bills and still invest in capital expenditures, so the capital comes from the Federal Government.

“But we are saying that by 2015, the investment that the government has made now in the remodelling will begin to yield the returns that will allow us to invest from our balance sheet in the future, instead of asking government to come and invest when we need to build infrastructure or purchase very expensive equipment.

“So by 2015 FAAN is going to be fully independent and self reliant financially.’’

Uriesi also said that FAAN needed to recover monies owed it to clear the debtors’ notion that the agency was a government-owned organisation that could not be bothered about who owed it what.

He stressed that the non-aeronautical revenue services the authority provided included commercial offerings like restaurants, shops, hotels, bank facilities, and other kinds of businesses that go on within the airport environment.

Uriesi said that FAAN had been on aeronautical revenue for about 90 per cent of its income, but that it was poised to change the regime to include non-aeronautic commercial offerings.

Aeronautical revenue according to him is the money FAAN earned from the landing and parking of airplanes and passengers service charge.

He explained that revenue generated from both aeronautical and non-aeronautical services at airports across the country was enough for the organisation to be self-reliant if properly it managed.

“What we are doing now is maximising the non-aeronautical revenue potential of FAAN, for example in all the airports that we are remodeling, we are now designing them to maximise the commercial offering.

“So in airports like Benin, Owerri, and Enugu, what you will have after the remodelling is four times more commercial offerings than they were before the remodelling.

“The Murtala Muhammed International Airport (MMA) which is the flagship which is about plus or minus 80 per cent of FAAN’s revenue, it will generate a lot of revenue for the orgnanisation.

“But then because of the emphasising of commercial offering at all the other airports, we will reduce the dependency on the MMA across the network of the airports; with every airport becoming more viable or less dependent, FAAN becomes much more financially solvent and stable.

Business

Pipeline Explosion In Abua Odua, LGA Chair Calls For Calm

Published

1 day ago

July 3, 2026

The Tide

Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.

The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.

This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.

In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.

According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.

Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.

The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.

“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.

The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.

The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.

The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.

Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.

Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.

Enoch Epelle

Business

Fidelity Bank Collaborates YEIDEP To Empower Nigerian Students

Published

1 day ago

July 3, 2026

The Tide

Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.

Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.

The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.

The exercise is expected to reach more than 60,000 regular undergraduate students.

Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.

He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.

According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.

He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.

The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.

Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.

Nkpemenyie Mcdominic, Lagos

Business

NPA Launches Multi-Agency Taskforce To Combat Apapa Traffic Gridlock

Published

1 day ago

July 3, 2026

The Tide

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said

Nkpemenyie Mcdominic, Lagos