Connect with us

Business

NCAA, CPC Probe Turkish Airlines Over Students’ Rights Abuse

Published

on

nigerian-civil-aviation-authority-ncaa
  • NCAA, CPC Probe Turkish Airlines Over Students’ Rights Abuse

The Nigerian Civil Aviation Authority and the Consumer Protection Council have begun an investigation into claims by students of Glisten International College, Abuja that their rights were abused as a result of a delayed flight by Turkish Airlines from Houston in the United States to Abuja via Istanbul.

The Executive Secretary, CPC, Mr. Babatunde Irukera, stated this while addressing journalists in Abuja Tuesday in company with some officials of the NCAA.

He said both agencies had opened an inquiry into why the airline delayed the students’ flight from Houston to Istanbul by two hours and why it was negligent in meeting its responsibilities when the students missed their connecting flight from Istanbul to Abuja.

Irukera said the 22 students had attended the Lego competition in the US and had hoped to return to Nigeria through Turkish Airlines.

The flight, he added, was to do a stopover in Istanbul for the students to take a connecting flight to Abuja.

Irukera, however, lamented that the delay in Houston resulted in the students missing their connecting flight to Abuja, noting that it was required of the airline to take up the responsibility of the students’ accommodation and feeding in Istanbul.

He said, “It was expected that the Turkish Airlines, as a matter of law and as a matter of responsibility, would take the responsibility to protect these young people and make appropriate provisions.

“But the report we have from Glisten School, which is the school where these students come from, is that when they arrived at Istanbul, Turkish Airlines had not made any arrangement in respect to their continued connection to Abuja.

“The minors were asked to pay to secure a visa to be able to enter Turkey and failing, which Turkish Airlines would not take any responsibility of the students. Each of the students at some point had to pay $40 each to secure the visa to move beyond the immigration point and slept on the floor.

“The airline, at some point, fed the students but failed to pay for neither their passage nor their accommodation.”

The Director, Consumer Protection, NCAA, Alhaji Adamu Abdullahi, said his agency would collaborate with the CPC to get justice for the students.

Abdullahi said the airline had been notified and enquiries sought, adding that the responses to the enquiries would determine the next line of action for the regulatory agencies.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

Published

on

Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

Continue Reading

Company News

Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

Published

on

Dangote Refinery

Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

Continue Reading

Appointments

First Bank of Nigeria Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan

Published

on

Olusegun Alebiosu

First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC, has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer (CEO).

This decision comes in the wake of the resignation of Dr. Adesola Adeduntan, who has led the bank for the past nine years.

The appointment, which takes immediate effect, is subject to the approval of the Central Bank of Nigeria (CBN), reflecting the bank’s commitment to regulatory compliance and governance standards.

Mr. Alebiosu, a seasoned banking professional with over three decades of experience, is well-prepared to take on the responsibilities of leading First Bank Nigeria during this transition period.

Having served as the Executive Director and Chief Risk Officer, he played a pivotal role in the transformation and growth of the institution over the past eight years.

His extensive experience spans various aspects of the banking and financial services industry, including credit risk management, financial planning, corporate and commercial banking, and project financing.

Before joining First Bank Nigeria in 2016, Mr. Alebiosu held key positions in renowned financial institutions such as Coronation Merchant Bank Limited and the African Development Bank Group.

Expressing gratitude for Dr. Adeduntan’s exemplary leadership, the Board of Directors acknowledged his significant contributions to the bank’s growth and success during his tenure.

Dr. Adeduntan’s departure marks the end of an era characterized by remarkable achievements and milestones for First Bank Nigeria.

As Acting CEO, Mr. Alebiosu is poised to build upon the bank’s legacy and steer it towards continued growth and profitability. With a strong focus on strategic objectives, he aims to uphold First Bank Nigeria’s reputation as a leading financial institution in Nigeria and beyond.

In his new role, Mr. Alebiosu will work closely with the Board of Directors and management team to ensure seamless operations and uphold the bank’s commitment to delivering exceptional services to its customers.

As the banking industry undergoes rapid transformation and evolving regulatory landscape, First Bank Nigeria remains committed to maintaining its position as a trusted financial partner for individuals and businesses across the country.

With Mr. Alebiosu at the helm, the bank looks forward to a new chapter of innovation, resilience, and sustainable growth.

The appointment of Mr. Olusegun Alebiosu underscores First Bank Nigeria’s commitment to continuity and stability amidst leadership changes, signaling confidence in his ability to lead the bank through its next phase of growth and development.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending