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Arik Needs N10bn to Resume Full Operation –Management

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Arik air
  • Arik Needs N10bn to Resume Full Operation

The new management of Arik Air has said it inherited nearly an empty shell of a carrier with only 10 out of the 28 aircraft in its fleet functional at the moment.

It also said that the rot in the company would require N10bn to fix before the airline would be able to resume full and uninterrupted flight operations to its regular routes across the country and beyond.

The airline was on Thursday taken over by the Federal Government through the Asset Management Corporation of Nigeria due to a debt profile of over N300bn.

It was gathered that only 10 out of the 28 aircraft in the fleet of the airlines were operational, with 18 either grounded or had gone for C-check in Europe.

The Capt. Roy Ilegbodu led management said in a statement on Sunday, “As if these problems are not enough, the airline does not have money to procure aviation fuel for the nine operational aircraft because no dealer wants to sell aviation fuel to Arik except it is on a cash-and-carry basis. This also calls for public understanding because flight schedules may be realigned based on the nine aircraft that are available and are technically sound and ready for flight operations.

“It was also discovered that Arik also owes its technical partners and is also in perpetual default in its lease payments and insurance premium, leading to regular and embarrassing squabbles with different business partners, which accounts for why 18 aircraft are off the fleet for different reasons.

“All these problems, in addition to huge staff salaries, which have remained unpaid for 11 months, and vendors that supply different items to Arik Air who are also owed, meant that Nigerians may have to tarry a while to allow the new management clean up the huge mess at the airline before Arik will finally resume uninterrupted flights.”

Ilegbodu, who operates under the receivership of Mr. Oluseye Opasanya, SAN, reassured Nigerians that the issues, though daunting, would be gradually resolved to enable Arik, which carries about 55 per cent of the load in the country, to recover the 18 aircraft.

According to him, once all the aircraft are back, Arik Air will in the shortest possible time regain its pride of place as a leader among the airlines in Nigeria.

He reiterated that the intervention of the government in the operations of the carrier clearly underscored its decision to instil sanity in the nation’s aviation sector, adding that the move also prevented a major disaster that would have befallen the airline.

Having settled the insurance cover for the aircraft, which would have expired on February 12, and met with different trade creditors as well as aggrieved staff members, Ilegbodu called for public understanding as the tough job of ensuring that Arik returned to full operational capacity within the shortest possible time begins.

He stated that the recent intervention was in the best interest of all stakeholders, including members of the general public, workers, creditors and other aviation interest groups in the country.

A media consultant to the new Arik management, Mr. Simon Tumba, told our correspondent that the liabilities of the carrier to different creditors were still being compiled and that many of the departments had yet to brief the Ilegbodu-led team.

He added that it was after the briefings by the different departments at the end of this week that a proper report about the true state of health of the airline would be ready, adding that new flight schedules would also be released to guide passengers based on the operational aircraft.

Tumba added that Arik was still operating flights on its Lagos-London and Lagos-Johannesburg routes, while only the Lagos-New York route had been suspended due to non-availability of functional aircraft.

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.

Brands

2021 Maltina Teacher Of The Year Contest Begins

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The Nigerian Brewery Plc, on Tuesday in Lagos, announced the commencement of entries for the 2021 edition of the Maltina Teacher of the Year competition.

Entries for the 7th edition of the competition begin today, Tuesday 20th April to Friday, June 25th, 2021.

Mrs. Shade Morgan, Corporate Affairs Director, Nigerian Breweries Plc, organiser and sponsor of the competition, announced the kick-off at a press conference in Lagos.

Morgan declared that the seven-year-old initiative had continued to impact, motivate teachers, promote the teaching profession and quality learning across the country.

The competition that had been on the Felix Ohiwerei Education Trust Fund, is to identify, showcase and celebrate exemplary teachers in both the public and private secondary schools nationwide.

The 2021 winner of the competition would go home with a trophy and a N6.5million cash prize.

Besides, the winner would also benefit from an all-expense paid capacity development training abroad, while the school represented would equally get a block of six classrooms or computer laboratory depending on the needs of the school.

A breakdown of the winning prize shows that aside from the N500,000 as state champion, the winner also wins N1 million as a national champion and would also be paid N1 million yearly for the next five years provided he or she remains in the teaching profession.

Morgan explained that all participants must be certified by the Teachers Registration Council of Nigeria (TRCN).

According to her, the first and second runner-ups would receive N1 million and N750,000 respectively, in addition to another N500,000 as champions from their respective states, saying that other state champions would go home with N500,000 each.

Since its inception, the Maltina Teacher of the Year initiative has produced six grand winners; Rose Nkemdilim Obi, Anambra (2015), Imoh Essien, Akwa Ibom (2016), Felix Ariguzo, Delta State (2017), Olasunkanmi Opeifa, FCT (2018), Ezem Collins (2019) and Anani Olubunmi Adamawa (2020).

At the hybrid event, Registrar of the Teachers Registration Council of Nigeria (TRCN), Professor Josiah Ajiboye, in his remarks online, lauded NBL through the Felix Ohiwerei Education Trust Fund for sustaining the competition that had promoted excellence and put the names of teachers in Nigeria in the global arena.

Ajiboye described the Maltina Teacher of the Year Competition as a permanent feature in the nation’s education calendar and pledged continued support of TRCN in uplifting the rating of teachers in the country.

In the same vein, the National President of the Nigeria Union of Teachers(NUT), Dr. Idris Nasir, represented by Mr. Segun Raheem, the National Treasurer urged other corporate organisations to take a queue from the NBL initiative that had become a platform for demonstration of excellence by teachers in Nigeria.

Besides, the reigning champion, Anani Oluwabunmi of Concordia College, Jimeta, Yola, Adamawa State, who was part of the briefing online, said the award had added to her confidence and enhanced her rating as a teacher.

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MILO Cereal Launches New Online Campaign, ‘Beast Mode – Activated’

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MILO Cereal has launched its first major marketing campaign for its newly launched Protein cereal, via independent creative communications agency Connecting Plots.

Building on MILO’s brand message of fuelling active kids, the new campaign platform, ‘Beast Mode – Activated’, evolves the master brand’s focus on team sports.

This aims to celebrate how MILO Protein helps active kids unleash their own full potential, take their training to the next level and successfully compete with their peers.

The campaign launched on 16 April and will run across various social channels and online videos.

Connecting Plots creative partner Dave Jansen said the approach to the MILO Protein cereal campaign was about tapping into the teen mindset and being less overt and more authentic.

“Creating advertising that doesn’t feel like a ‘sell’ is the challenge when targeting teens,” Jansen said in a statement.

“We’ve shied away from the polished tropes of traditional, achievement driven sports ads to bring this to life in a way that hopefully gives life to a teenager’s desire to do their best, feel like they are stepping into their future adult self and showing how MILO Protein Cereal can help on that journey.”

Cereal Partners Worldwide’s marketing manager, Keara Deignan, added: “Aussies grew up with MILO cereal, it’s a staple of every Australian pantry.

“However, we’ve seen that as teens start to carve out their own identities, their consumption habits change so this product aims to keep pace with their active on-the-go lifestyle.”

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Global Digital Consumer Spent $900B In 2020 – Mastercard

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According to Mastercard’s latest Recovery Insights report, this amounted to an additional $900bn being spent in retail online around the world in 2020. Put another way: in 2020, e-commerce made up roughly $1 out of every $5 spent on retail, up from about $1 out of every $7 spent in 2019.

For retailers, restaurants and other businesses large and small, being able to sell online provided a much-needed lifeline as in-person consumer spending was disrupted.

Roughly 20-30% of the Covid-related shift to digital globally is expected to be permanent, according to Mastercard’s Recovery Insights: Commerce E-volution. The report draws on anonymised and aggregated sales activity in the Mastercard network and proprietary analysis by the Mastercard Economics Institute. The analysis dives into what this means by country and by sector, for goods and services, and within countries and across borders.

“While consumers were stuck at home, their dollars traveled far and wide thanks to e-commerce,” says Bricklin Dwyer, Mastercard chief economist and head of the Mastercard Economics Institute. “This has significant implications, with the countries and companies that have prioritized digital continuing to reap the benefits. Our analysis shows that even the smallest businesses see gains when they shift to digital.”

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