Business
NCAA Dismisses Airlines Fold Up Claims

The Nigerian Civil Aviation Authority (NCAA), has dismissed claims that some airlines were winding down their operations in the country.
The authority dismissed the claims in a statement signed by the NCAA Director General, Capt. Muhtar Usman, in Lagos, yesterday.
Usman said on the contrary, the airlines were merely suspending their operations temporarily to enable them undertake certain operational overhaul and strengthen their overall operational outlay.
“One of the airlines, Aero Contractors Ltd., at present has only one serviceable aircraft.
“This is in contradiction to the Nigerian Civil Aviation Regulations (Nig.CARS) which stipulates that no airlines operator shall carry out schedule commercial operation with only one aircraft.
“The minimum acceptable number is three aircraft.
“In other words, any airlines with one aircraft is in contravention of the NCAA regulations, therefore cannot be adjudged to be capable of providing safe operation.
“The only option available for such airlines is to suspend its operations temporarily while other aircraft arrive in due course,” he said.
Usman, however, said that NCAAs Regulations provided a window for such operator to embark on non schedule operations in the interim.
He explained further that the First Nation Airlines on its part was in the middle of an Engine Replacement Programme for one of its aircraft.
“Another aircraft is due for mandatory maintenance as is allowable by NCAA.
“In these circumstances, these airlines clearly cannot continue to undertake schedule operations, hence the inevitable recourse to self regulatory suspension.”
The director general said NCAA wished to reiterate that on no account would it compromise safety and security of airlines operations in the airspace.
Usman explained that every facet of the Nigerian Civil Aviation Regulations (Nig.CARS) and Standard and Recommended Practices (SARPs) must be adhered to with due diligence.
He explained that everything had been put in place to continue ensuring compliance.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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