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NAHCO to Handle 204 Flights for Hajj

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Nahco aviance

The Nigerian Aviation Handling Company Plc (nahco aviance) is playing pivotal role in the airlift of pilgrims to the Holy Land as it is facilitating the ongoing airlift of thousands of pilgrims to Saudi Arabia.

Also, the firm has assured investors and stakeholders that it will continue to operate at full swing to bring value to their funds.

As part of the current hajj operation, which started on Monday, it is estimated that NAHCO would handle a minimum of 99 outbound and 105 inbound flights from 10 airports across the country.

The Head of Corporate Services of the Company, Mr. Ahmed Bashir Gulma, pointed out in a statement that every year at this season, NAHCO had always put its services at the behest of Muslim devotees performing their religious obligation by assisting them in ensuring a hassle – free handling to the holy land.

According to Gulma, “We collaborate with the airlines, the National Hajj Commission of Nigeria (NAHCON) and the federal government in ensuring that Muslim faithfuls on pilgrimage get excellent passenger handling on their way to and from the holy land.”

The airports on the schedule of NAHCO include Abuja, Sokoto, Katsina, Ilorin and Bauchi. Others are Gombe, Maiduguri, Yola, Minna and Kaduna.

The promise to make this year’s passenger handling service for Hajj exceptional comes as the Company’s management assured investors, regulators and other stakeholders that it was doing all within its power to resolve the issue regarding the recent visit of operatives of the Economic and Financial Crimes Commission to its offices.

The Company said in a published statement, “As a publicly quoted company, NAHCO is guided by its Apex Regulator, the Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and the listing rules. We are also aware of our shareholder rights as enshrined in the Constitution of the Federal Republic of Nigeria, extant rules and the mutual investment protection treaty covering European strategic investors on our Board. As such, this information update has become necessary.”

It further pointed out that as a regulated and listed business entity with strong international corporate governance credentials, NAHCO believes that SEC and NSE should be aware of any petition and are in the best position to provide guidance, proper feedback and/or even sanctions regarding any alleged infractions by a regulated entity.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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An Average of 48% Global Consumers to Significantly Cut 2020 Holiday Spending

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Data presented by Buy Shares indicates that an average of 48% of global consumers plans to significantly reduce their 2020 compared to 2019. The research sampled consumer feedback from 13 countries.

Pandemic triggers reduced spending 

The data also highlights that an average of 13.46% of global consumers plans to spend more on 2020 holidays than last year. Consumers from Indonesia at 71% plan to shrink their budget in 2020 while 16% will spend more.

About 69% of Mexican consumers will spend less, while 12% plan for more spending. In Brazil, about 65% of consumers will cut their budget while 11% plan to spend more than last year. At 63%, South African consumers will cut back on holiday spending while 12% plan to increase their budgets from last year.

In Spain, 55% of consumers will reduce their spending while 7% plan an increase from a year ago. Italian consumers spending less will be at 54%, with 6% planning to increase their budget.

In India, about 47% of people will cut back on the holiday budget, while 36% plan to increase spending. French consumers at 44% have intentions of reducing holiday spending while 6% will raise the spending from a year ago. 43% of UK consumers will spend less, while 9% have plans to spend more.

In the United States, 42% of consumers will spend less, while 17% will increase the budget. For Germany, about 29% of consumers will spend less than 7% planing to pay more. It is only in China where more people plan to spend more at 29% than 25% planning to spend less at 25%.

Elsewhere, 21% of Japanese consumers plan to spend less, while 7% will pay more. The research highlighted some of the reasons behind the massive slash in this year’s holiday spending. According to the research report:

“The less spending comes as most consumers lost their jobs and faced pay cuts as employers struggled to remain afloat in the course of the health crisis. Some consumers have been saving more to pay debts, while those on stimulus paychecks cannot sustain daily needs and holiday spending.”

The research also notes that most Americans at 30% look forward to the Christmas holiday while 23% anticipate Amazon Prime Day. Only 7% of Americans look forward to Fathers Day.

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President Buhari to Inaugurate Waltersmith 5,000bpd Modular Refinery Today

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President Muhammadu Buhari will inaugurate the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

According to Waltersmith Group, the President will lead a team of other top government officials, oil regulators and stakeholders to Imo State today for the inauguration, the Group stated in a statement released on Monday.

It said the modular refinery has a storage capacity of 60,000 barrels and is expected to deliver over 271 million litres per annum of refined petroleum products, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.

Mr. Abdulrazaq Isa, the Chairman, Waltersmith Group, said the first of 50,000 bpd modular refinery to be inaugurated today would process 5,000bpd of crude oil.

We are looking at 50,000bpd refining capacity that will come with the planned additional two modules; 25,000bpd and 20,000bpd refining capacity respectively which will then add PMS, aviation fuel and LPG to the product slates,” he added.

The statement added that Waltersmith obtained the ‘Licence to Establish’ the refinery from the Department of Petroleum Resources in June 2015 and got the ‘Authority to Construct’ in March 2017.

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