Connect with us


NCAA Gives Arik 48 Hours to Produce Passengers’ Luggage



  • NCAA Gives Arik 48 Hours to Produce Passengers’ Luggage

The Nigerian Civil Aviation Authority has intervened in the rift between Arik and some of its passengers over the failure of the airline to bring in their luggage from London Heathrow since Friday, December 2.

In a letter by the NCAA to Arik, the airline was given a 48-hour ultimatum within which the backlog of all short landed luggage must be ferried to Lagos.

The regulator stated in the letter, “The NCAA has also in line with Nigerian Civil Aviation Regulations 2015, part 19, directed that all passengers with short landed baggage must be offered care and compensation in line with part 19. 17. 2.1 (b) of the regulation.

“A compliance report, including but not limited to the list of affected passengers and details of passengers handling should be forwarded to the authority within 96 hours from the receipt of the letter from the authority.”

The NCAA also enjoined passengers to exercise restraint while dealing with such challenging issues at airports.

“Flight delays are normal occurrences in aviation and rather than resort to violence, passengers are assured of the readiness of the NCAA to continue to protect the rights and privileges of all stakeholders within the ambit of the law so as to ensure safety and security of the aviation industry,” it stated in a statement by its spokesperson, Sam Adurogboye.

The Consumer Protection Council also on Wednesday issued a notice summoning the management of Arik Air to appear before it to provide facts relating to allegations of violation of passengers’ rights

The summons, according to the spokesperson for the council, Mr. Biodun Obimuyiwa, followed complaints of ill-treatment by passengers of the airline’s London-Abuja flight.

He said the summons, which was issued by the CPC on Wednesday, was aimed at inviting the airline’s Chief Executive Officer, Michael Ikhide; Chief Operating Officer, Conor Prendergast; and Managing Director, Chris Ndulue, to appear before it on Monday, December 19, 2016.

Obimuyiwa said, “The council received complaints from the public and passengers on board Arik Air flights from London to Lagos between the 2nd and 5th of December, 2016 alleging that the flights arrived the Murtala Muhammed Airport, Ikeja, Lagos, Nigeria, without the passengers’ luggage and without prior information.

“The passengers, many of whom had connecting flights to Cameroon, Abuja, Port Harcourt and Ibadan, could not continue their journey as a result of the non-arrival of their luggage from London, while some passengers on the flights could not have access to personal supplies, baby food and medication.

“Arik Air Limited did not provide the passengers with temporary accommodation for transit, neither was there any customer service desk to assist the passengers in resolving their individual complaints.”

He said the summons was in line with sections 8, 15 and 18 of the CPC enabling Act.

The experience of the Arik Air passengers is similar to those of Turkish Airlines last December in which passengers on the airline’s Flight 623 from Istanbul to Abuja could not have access to their luggage for many days.

The development had prompted the CPC to demand for a situation report on the incident.

However, the refusal of Turkish Airlines to respond to the council’s summons and the ultimatum of the Attorney General of the Federation to the airline on the same request led to the criminal prosecution of the airline and two of its principal officers.

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

Crude Oil

COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020




COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

Nigeria’s oil revenue declined by 41.44 percent in the first nine months of 2020 to $2.033 billion, according to the latest data from the Nigerian National Petroleum Corporation, NNPC.

This represents a decline of 41.44 percent from $3.47 billion filed in the same period of 2019 when there was no COVID-19.

In the September 2020 edition of NNPC’s Monthly Financial and Operations Report (MFOR), revenue from oil and gas rose by 16 percent to $120.49 million in the month of September, a 66 percent or $234.81 million drop from $355.3 million posted in the same month of 2019.

The global lockdowns caused by the COVID-19 pandemic plunged Nigeria’s crude oil sales and global demand for the commodity. This was further compounded by Nigeria’s high cost of production compared to Saudi Arabia, Russia and others that were offering discounts to boost sales during one of the most challenging periods in human history.

Experts like Prof. Yinka Omorogbe, President of Nigeria Association of Energy Economics, NAEE, were not surprised with the drop in earnings given the effect of COVID-19 on the world’s economy.

She, however, called for the revamp of the nation’s petroleum sector laws and diversification of the economy away from oil revenue dependence. She said “Covid-19 made 2020 a very hot year and it battered the oil industry internationally and we are not an exception; so we could not have been unaffected”.

She also said the effect of the fall “is definitely a wake-up call; we have to diversify, strengthen our other resources and capabilities”.

Omorogbe, a former NNPC Board Secretary, urged the government and the operators in the sector to look inward and think strategically, stating: “think medium term, think of where they want to be and the government, above all, must think of how best we can utilize our resources, so that we can achieve our objectives once we know and define them.

“It is a clear wake-up call, if not we will just sit here and find that we have become one of the poorest nations in the world”, she noted.

Continue Reading


Crude Oil, Other Commodities Closing Price for Monday



Crude oil

Crude Oil, Other Commodities Closing Price for Monday

Brent crude oil, Nigeria’s crude oil benchmark, gained 47 cents to $55.88 per barrel on Monday, while the US crude oil expanded by 50 cents to $52.77 per barrel.

Gold for February delivery fell $1 to $1,855.20 an ounce. Silver for March delivery fell 7 cents to $25.48 an ounce and March copper was little changed at $3.63 a pound.

The dollar fell to 103.80 Japanese yen from 103.83 yen. The euro fell to $1.2139 from $1.2167.

Wholesale gasoline for February delivery rose 1 cent to $1.56 a gallon. February heating oil rose 2 cents to $1.59 a gallon. February natural gas rose 16 cents to $2.60 per 1,000 cubic feet.

Continue Reading


Gold Gained Ahead of Joe Biden Inauguration 2021




Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

Continue Reading