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Med-View Airline’s Turnover Hits N26bn in Five Years



medview airline
  • Med-View Airline’s Turnover Hits N26bn in Five Years

Med-View Airline Plc said it grew its turnover by 622.2 per cent to N26bn from N3.6bn in the past five years.

The airline, which was listed on the Nigerian Stock Exchange by introduction, on Tuesday, said it was coming to the market to raise working capital and further grow shareholders’ value.

“We have been able to operate successfully for 10 years. We have a very clean record and have grown turnover from N3.6bn to 26bn in five years,” the Managing Director/Chief Executive Officer of the company, Alhaji Muneer Bankole, said in his address at the Nigerian bourse.

On why the company decided to list on the Exchange, Bankole reiterated that the firm was seeking to enhance its corporate value and brand image.

In addition, he said the airline wanted better access to long-term capital from wide range of local and international investors; better clout and rating when obtaining loans from financial institutions.

This was also to boost the international image and profile of the company, as well as improve its corporate governance and accountability.

According to him, the company is projecting to grow its revenue from N31.432bn in 2017 to N58.491bn by 2020.

Commenting, the Chief Executive Officer, NSE, Oscar Onyema, said Med-View had taken strategic steps to list on the NSE, which further reinforced “our belief; in spite of several policy and economy challenges in the nation, our platform remains one of the best venues for raising capital and encouraging an enabling sustainable growth for national development.”

He noted that despite the challenging operating environment in the aviation industry in Nigeria and globally, the air transport industry had continued to contribute $10bn to gross domestic product of Africa countries and “it is projected that close to six million jobs would be supported by Africa air transport sector over the next 20 years.”

Onyema confirmed that Med-View Airline met the listing standards of the NSE, saying that with the listing, the company was showing its commitment to a culture of strong corporate governance, excellence, professionalism and efficient services to its passengers as well as guaranteeing increased return to its shareholders.

Also speaking at the forum, the Minister of State for Aviation, Senator Hadi Sirika, said there was a huge potential and opportunity within the sector of aviation, especially looking at tourism connecting businesses, places and people.

He said it was very important for the sector to experience growth and development and make the Nigerian economy more robust.

Sirika said, “I believe that this time around, finding capital will not be difficult and government will encourage the sector with favourably policies targeted at also expanding the economy.”

“We can achieve a lot through tourism as a nation. Kenya for example is living on tourism which has empowered many indigenous companies. No doubt, a lot of countries are boosting their revenue through tourism.”

He said stakeholders in the country’s aviation sector were doing everything within their powers to ensure that the industry developed and increased capacity to provide the needed service in such a manner that is standardised.

“Aviation in particular is regulated worldwide and what we are doing is to ensure we align our self to provide services that are internationally recognised and accepted within international principle,” the minister added.

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.


Portland Paints, Chemical and Allied Products Plc Agreed to Merge



Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17




Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods



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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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