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Airline Operators Urge Reduction In Cost Of Aviation Fuel

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Airline Operators of Ni
geria (AON) has appealed to the Federal Government to reduce the cost of aviation fuel for airline operators to remain in business.
The Chairman of the AON, Capt. Nogie Meggison, who made the appeal in an interview with newsmen in Lagos  said that airline operators were spending up to 40 per cent of their operational cost on fuel.
He said that high cost of buying fuel was crippling the operations of many airlines and forcing them to close shops.
Meggison said that as an oil bearing country, Nigerian airlines should not be paying the current high price of N170 per litre for gasoline.
He appealed to government to support indigenous airlines by reviewing the price of aviation fuel downwards.
He said a Boeing 737 aircraft consumed about 2812.5 litres of fuel for a 50 minutes flight from Lagos to Abuja.
“When multiplied by N170.00 per litre, this will cost an airline with that aircraft type about N478, 125 for that 50 minutes flight,’’ the AON chairman said.
He suggested that government should invite oil marketers to a roundtable to see how they could reach a compromise to bring the cost of aviation fuel down.
He also complained of high charges by aviation agencies, including the five per cent tax on tickets by the Nigerian Civil Aviation Authority.
“These multiple charges are paid to the Federal Airports Authority of Nigeria and the Nigerian Airspace Management Agency,’’ Meggison said.
Meggison said that the charges were stifling the growth of indigenous airlines.
The chairman stressed that the situation explained why it was difficult for many investors to venture into the aviation sector, adding that it also explained why Nigerian operators had limited capacity.
Meggison lamented that Nigeria having over 170 million people had barely six operating airlines, many of them with few aircraft in their fleet.
“The challenge in running an airline in Nigeria is enormous. It is just the matter of doing something that made us go into the business.”
Meggison, however, lauded government for the waiver on customs duty for commercial planes and parts imports, saying that the Nigerian Customs Service was cooperating to make the waiver work.

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Farmer Cries Out Over Cattle Invasion

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A farmer in Aluu Community in Ikwerre Local Government Area of Rivers State, Mr Nwo Nna, has cried out over cattle invasion of his farmland and crops.
Nna made this known in a chat with newsmen in Aluu recently.
He said that the most worrisome aspect of the development was the neglect by the herders of the Anti-Grazing Law passed by the Rivers State House of Assembly.
The farmer who discribed such as vexatious and  provocative, appealed for intervention by relevant agencies in order to secure their future.
“I got to my  farm on Saturday morning only to see my vegetables, cassava, yam and the entire farm devastated by cows”, he said.
He  expressed regrets that his farm, which was not at the road  had experienced such  attack for the second time.
The farmer noted that it would have been a different ball game, if he had met the herders in his farm.
“The saving grace was that  I did not meet them. They should be called to order to avoid problems”, he said.
He also sought for urgent intervention of  the Rivers State Government, Myyetti Allah and other relevant authorities to warn the herders to keep off people’s farms in the interest of peace.
The farmer further explained that it was becoming a regular practice for herders to parade their cows along the roads, and such  cows  stray into farm lands and  destroy people’s means of livelihood.
While declaring that Rivers people are hospitable, the farmer warned stranger elements, who do not have respect for the laws of the land as well as terrorise other people’s means of livelihood, to take their lawlessness elsewhere.
Other farmers who also responded  called for the establishment of a system that monitors the  activities of herders.
According to them, it will enable those who take their cows into farms to be identified and adequately sanctioned in the event of any invasion by the cows.
This, they said will bring a lasting peace and as well  serve as a deterrent to others.

By: King Onunwor

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EFCC Blames Frauds In Banking Sector On Insiders

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The Economic and Financial Crimes Commission last Wednesday said most frauds in the banking sector were perpetrated by insider Information, Communication Technology employees.
Head, Cybercrime Section of the EFCC, Abbah Sambo, made the declaration at a national seminar on Banking and Allied Matters for judges in Abuja recently.
Sambo, who represented the EFCC Chairman, Mr Abdulrasheed Bawa, at the seminar, said that most banking sector frauds handled by the commission showed that bank employees aided the acts.
He also expressed regrets at the increasing rate of cybercrime in spite of efforts by the commission to tackle it.
Sambo observed that in years past, young people involved in cybercrime were not ICT savvy, but today, it was  ICT graduates that are the champions in perpetrating the crime.
He attributed the increase in cybercrime to moral decadence and peer group influence.
“The rate at which young men are perpetrating cybercrime is seriously alarming.
“When we arrest these criminals, one major reason they give for going into the crime is peer influence.Their friends are into it and they want to run with guys that drive the best cars and have the best girls in town”, he said.
He hinted that most times when  the criminals were arrested, a lot of  assets on them,  are  registered in the names of their parents.
“Cars in the names of their mothers and houses in the names of their fathers. There is a fundamental issue relating to decay in moral coverage in the society,’’ he said.
Sambo said that the greatest challenge in fighting cybercrime was the knowledge gap, and  noted  that the criminals were getting more sophisticated.
According to him, the criminals had the ability to talk to one another seamlessly by sharing knowledge, unlike law enforcement agencies.
“A lot of the people trying to combat the crime in the field tend to lack the drive because they do not have adequate training,’’ he said.
He stressed the need for adequate sensitisation and engagement with youths, especially from secondary school level to let them know the ills of crime.
The two-day seminar was organised by the Chartered Institute of Bankers of Nigeria in collaboration with the National Judicial Institution.

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SEC Frowns At Resurgence Of Ponzi Schemes

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The Securities and Exchange Commission has frowned upon the resurgence of Ponzi schemes and illegal fund managers in the country’s financial sector.
The Director-General of SEC, Mr Lamido Yuguda, made the observation of the development at an enlightenment workshop with the staff of the Federal Ministry of Finance, Budget and National Planning on in Abuja over the week.
Yuguda said  that the unlawful schemes had continued to enjoy massive patronage of the populace and remained a source of concern for regulators in the financial sector.
According to him, the commission was  poised to continue to apply measures and seek the cooperation of relevant stakeholders toward combating the activities of these Ponzi schemes.
He expressed regrets that the upsurge of the schemes had undermined the reputation of the financial markets and dampened investors’ confidence, among other things.
“SEC firmly believes that the country’s capital market can attain its potential if market operators and participants contribute their respective quotas to the growth”, he said.
He also explained that SEC was committed to always ensure and maintain an environment that was enabled by the appropriate regulatory framework, timely and affordable access to market.
“The commission is also committed to zero tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practice”, he said
“There is the need to restore investor confidence and improve the participation of retail investors in the market.
He further pointed out that the demography of investors in the country’s capital market showed that the young population do not participate in the capital market, and only a few Nigerians invested in the capital market.
The situation, he said,  created a huge challenge to the market growth and the commission  and added that it was striving to change the narratives by instilling a fair, transparent and orderly market.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, represented by Mr Stephen Okon, Director Home Finance, urged investors to take advantage of the various initiatives in the market.

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