Connect with us

Business

Aero Lays Off 60% of Workforce

Published

on

Aero Contractors Airlines
  • Aero Lays Off 60% of Workforce

Aero Contractors Nigeria Limited has issued letters of redundancy to about 60 per cent of its total workforce.

The airline said it had been grappling with huge and unrealistic personnel costs as well as other operational challenges worsened by lack of enough aircraft to keep all the workers meaningfully engaged.

Aero said in a statement issued on Thursday that the issuance of notification of redundancy was a business decision that would ensure its survival.

“The current situation where over 1,000 people are basically not engaged due to lack of serviceable aircraft is not sustainable for the airline. The huge monthly salaries associated with a bloated workforce will eventually kill the airline, which is not the intention of the current government,” the airline said in the statement.

It stated that it currently had aircraft-to-employee ratio of 1:500, adding that this was perhaps the worst in the history of the global airline industry.

“Government’s intervention in Aero was to save it from total collapse, therefore, all steps such as this (issuance of redundancy letters, are to ensure that its survival must be put into consideration to save the airline,” it added.

This decision, the statement explained, would immediately reduce the operational cost, enable the management bring in more aircraft through savings from overheads, pay for C-checks as well as enable Aero to have a more manageable and committed workforce in line with international best practices of 50 to 60 personnel to one aircraft unlike what obtained at the moment.

The airline, however, added that those in maintenance repair and overhaul, as well as other essential staff in critical departments would not be affected by the notification.

It stated that the Chief Executive Officer, Aero, Capt. Ado Sanusi, and his management team had also ensured that the affected workers would be able to access their full gratuities as well as a part of their pension.

“They also stand a chance of being recalled as soon as Aero increases the number of aircraft in its fleet in the near future,” the statement added.

It stated that before taking this decision, the management of Aero consistently explained the inevitability of redundancy declaration to both the workers and the unions, because there was no way the airline could carry on with its bloated personnel and huge overhead costs.

The redundancy letter read in parts, “Following the operational challenges of Aero, culminating in (the) loss of business opportunities that adversely affected company finances vis-à-vis operations, we are constrained to place you under redundancy pending a possible future review. This decision was communicated to the unions where their understanding was solicited in view of prevailing operational difficulties.

“Whilst Aero appreciates your contribution to the company and continues to regard you as worthy ambassadors, we solicit your understanding as we struggle to stabilise operations and rebuild the company.”

Aero also assured its customers that the exercise would in not affect its operations, but that it would rather enhance safety, reliability and efficiency.

While reacting to the development, the President, Air Transport Services Senior Staff Association of Nigeria, Ahmadu Ilitrus, said the notice of redundancy to Aero workers was unacceptable to the body, adding that a meeting to discuss the airline’s issues had been scheduled for Friday.

Ilitrus said the union had advised the workers not to accept any letter from the management.

“We are not against redundancy but what we are saying is that before you sack them, there must be money to pay them and I know Aero does not have the money to pay them. They went ahead to hold meetings with our branch members, but we have told them that the matter has gone beyond the branch,” he said.

He said the process of redundancy ought to have been declared in October 2016 but a meeting was held last month to review the progress made, adding that the management of Aero pleaded for time to work things out in order to commence the process.

Ilitrus said the management of the airline should not give room for industrial unrest as the entitlements of all the affected workers must be ready at the point of the collection of their letters.

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

Plant Power: Nestlé Launches Dairy Free Milo in Asia

Published

on

milo dairy free feed investorsking.com

As consumers in Asia are including more dairy alternatives in their diet, Nestlé is launching plant-based versions of some of its most-loved brands in the region.

That now includes a new plant-based version of Milo, the world’s leading chocolate malt beverage that is enjoyed in many Asian countries.

It will be launched in Asia, starting first in Malaysia, a country with generations of Milo fans going back 70 years to its launch there in 1950. Nestlé Malaysia will also be introducing a range of plant-based Nescafé lattes. Both will appear on shelves this April.

Chocolate malt plant-based deliciousness

People are deeply passionate about their Milo, so the development teams worked hard to deliver the ionic Milo taste while using only plant-based ingredients.

This new version replaces the milk in the original recipe with almond and soy, but the other two core ingredients – malt and cocoa – remain the same.

Each bottle offers 6.5 grams of protein and is also low in sugar, with a combination of vitamins and minerals to support effective energy release.

It follows the launch of a plant-based Milo powder in Australia in 2020, a launch that created huge excitement in the country where Milo was first introduced in 1934.

Mayank Trivedi, Head of the Dairy Strategic Business Unit at Nestlé, said: “Milo is an iconic brand in Malaysia and across Asia, and much-loved across generations. We want to provide consumers with on-trend alternatives in formats they want. That’s why we’re delighted to launch Milo Dairy Free to support people’s lifestyle choices.”

A whole ‘latte’ flavor

Nestlé is a pioneer in innovate plant-based coffee mixes, and Nestlé Malaysia is now introducing a plant-based version of another iconic brand – Nescafé oat and almond lattes.

Plant-based coffee mixes are a popular and growing category. Nestlé has already launched them cross a number of countries in Europe, Latin America and Oceania, and most recently launched a range of plant-based Nescafé and Starbucks lattes in Japan.

The Nescafé Dairy Free Almond Latte combines almond and pea, while oat and soy are the main ingredients for the Nescafé Dairy Free Oat Latte. Both are blended perfectly with smooth Nescafé coffee and can be enjoyed hot or cold.

Plant-based discovery

Using its expertise in dairy products and plant-based proteins, Nestlé is focused on developing a wide variety of dairy alternatives that complement the everyday diet of people. This includes products made from pea, rice, oat, soy, coconut and almonds.

“We’re expanding our offerings across Asia by developing a variety of great-tasting, nutritious and sustainable plant-based products.” says Guglielmo Bonora, Head of Nestlé’s R&D Center in Singapore. “We want to make it easier for people to embrace plant-based alternatives in their diet, while also reducing our carbon footprint across the supply chain.”

Nestlé’s R&D center in Singapore serves as the regional innovation hub for the development of plant-based dairy alternatives in Asia. The center collaborates closely with Nestlé’s global R&D network of around 300 scientists, engineers, and product developers who are active in the research and development of plant-based products.

A rising trend

According to a recent survey by GlobalData, over 40% of consumers in the Asia region are shifting to more plant-based diets, with 11% opting for vegetarian and vegan food, and a third moving to a ‘flexitarian’ diet that is lighter on meat and dairy products.

The need for plant-based dairy alternatives that taste great and offer strong nutritionals is rising, as more families are following this trend. In particular, many consumers cite environmental reasons, as plant-based proteins are produced with significantly lower emissions, land- and water usage.

Continue Reading

Brands

MoneyGram Advances Payments As A Service Offering With Sigue Partnership

Published

on

MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced a partnership with Sigue Corporation, a leading U.S. based transnational P2P and B2B payment company. 

The partnership enables Sigue’s U.S. customer base to access MoneyGram’s domestic and international receive network, adding scale to Sigue’s existing global footprint.

“Over the last few years, we’ve built a modern, mobile, and API-driven organization that enables companies to seamlessly plug into our global network to provide expanded services for their customers, and we’re thrilled to announce our latest partner integration with Sigue,” said Alex Holmes,MoneyGram Chairman and CEO.

“Opening our global platform to companies like Sigue enables us to increase payment volumes through our network and process additive transactions. MoneyGram has built an extremely valuable, tech-enabled, and scalable global payments infrastructure that can absorb significant volume at very low marginal cost. As other companies plug into our platform, we have the opportunity to create meaningful processing revenue in the years ahead, and I’m excited about the momentum in the market leading to a strong partnership pipeline.” He added.

The MoneyGram and Sigue partnership is the most recent successful integration in the new MoneyGram as a Service business line. Partnerships such as this expand processing volume by enabling other financial institutions to access the Company’s global payout capabilities through its powerful API-driven infrastructure and best-in-class technology.

“We are very enthusiastic about our partnership with MoneyGram, as it allows us to scale further, quicker and keep our resources free to focus on creating the best money remittance experience in the business. It strengthens our market presence as the world’s leading privately owned remittance business and confirms our credentials as a leading technology innovator for the global money services industry,” said Guillermo de la Viña, Sigue CEO and Founder.

“This reaffirms our commitment to serving millions of families through our secure, reliable, and innovative services, with the dignity and respect our customers demand and deserve. The partnership further enables Sigue to better serve our customers by expanding our commitment to provide the value-added services that our customers and agent base expect, which is the cornerstone of our success.” He added

Continue Reading

Business

CAC Seeks FEC’s Approval to Bar Non-Remitting Entities from Public Contracts

Published

on

Corporate Affairs Commission

The outgoing Chairman, Corporate Affairs Commission (CAC) Governing Board, and Nigerian Ambassador designate to Spain, Mr. Ademola Seriki, has said the commission is presently seeking the approval of the Federal Executive Council (FEC), to ensure that registered entities do not benefit from government contracts unless they filed their annual returns.

Speaking to journalists during an appreciation dinner in his honour, which was organised by the CAC, he said the adoption of Good Standing Certificate was particularly historic, pointing out that, “most companies don’t pay annual returns and it’s a problem”.

Seriki, however, said he will use his new position to enhance the country’s bilateral trade relations with Spain, adding that a team would be set up to monitor the implementation of trade treaties between both countries.

He said implementation remained one of the greatest challenges affecting Nigeria’s international bilateral relations.

He expressed concerns that people who don’t pay annual returns bid for procurements and contracts, and oftentimes, won in the exercise even though they do not comply with their financial obligations to the government, adding that there was need to put an end to the trend going forward.

He said: “So, we need to pay our annual returns and we have started the issue of Good Standing Certificate which is awaiting FEC approval. It’s going to the president and by God’s grace, I hope it will be approved.”

Seriki, who played a significant role in the current reforms being undertaken at the CAC, also said, the introduction of notification alerts on accounts transactions by the commission remained not only formidable but unprecedented.

He said he would love to see the reforms initiatives actualised to usher a regime of world class services in company registration in Nigeria.

He said: “We did something formidable in the issue of Good Standing Certificate, it has not been done in history because most companies don’t pay annual returns and it’s a problem.

“And you will see a company that would bid for procurements of hundreds of billions of dollars and never paid annual returns in 20 to 30 years.

“In a very civilised country, even in Ghana, I was in Ghana two weeks ago and I met with the registrar general- all companies that have not paid their annual returns, they have to pull down their names and will no longer be valid.”

According to him:”People register companies to buy properties as a matter of hiding their identities from the public – they should be paying annual returns.”

On the alert notifications option, the outgoing chairman, assured that it will stem abuses from unilateral accounts alterations without full consent of interest parties.

He said: “Husband and wife who have being together do fight, either of them will go behind and change the ownership or siblings when their father and mother die, you know all kinds of things. People do a lot of illegalities and they commit such without having to regret it.

“So, when you opt for notification alert, you get a short code, you get a text message and you get email that your file had been tampered with.

“And that way, you are on the alert and you can go back to CAC and say look, I didn’t do this.”
He added: “We have thousands of cases where people change information without the principal owner’s consent or knowledge.”

Seriki, added that as much as he would have loved to see the reforms come into force, his new ambassadorial assignment, “is a higher job for me, it’s a higher assignment of which I believe it will put my name on a good stead.”

Also, in his remarks at the dinner, Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, commended the ambassador designate for having a among the staff of the commission, which helped to achieve significant milestones within his one-year duration.

Similarly, the Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagun, urged Seriki, to make a difference in spain not only in bilateral relations but also pay attention to Nigerians in diaspora.

Meanwhile, the Registrar-General of CAC, Mr. Garba Abubakar, has assured that companies’ registration procedures would be completed within three hours before the end of the year as part of measures to ensure efficient service delivery to the public.

He added that companies’ registration can now be completed without physical presence at the commission’s offices.

Continue Reading

Trending