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Auditor Uncovers More Arik Debts

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Airline
  • Auditor Uncovers More Arik Debts

Indications have emerged that the KPMG, the firm appointed to audit Arik Air following its takeover by the Asset management Corporation of Nigeria, has uncovered more debts owed by the airline.

Sources at the auditing process told our correspondent on Friday that the 12 weeks given to the firm to complete the audit might no longer be feasible as fresh debts, both local and foreign, had continuously been uncovered since the process began.

One of the sources also said more claims were being uncovered, making it difficult for the KPMG to complete its audit in good time.

The new management of Arik Air in February announced the appointment of the KPMG to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true state of its finances, few days after it came under receivership.

AMCON had said that the review would among other cover assets and liabilities and their utilisation; recording and utilisation of loans; and propriety of third party transactions as well as fraud controls over procurement, agents and business partners and financial reporting, and airline’s financial position as of January 31, 2017.

The management said the report of the audit, which was expected to be presented in 12 weeks, would also help the government to take necessary steps, either corrective or proactive, to reposition the airline.

The Receiver Manager of Arik Air, Mr. Oluseye Opasanya, last month said in an affidavit filed in support of the airline’s receivership by AMCON, before Justice Muhammed Idris of a Federal High Court in Lagos, that the embattled airline was indebted to its trade and finance creditors to the tune of N375bn.

The spokesperson for the airline, Mr. Simon Tumba, told our correspondent that the KPMG was still working and could not give the timeline for the completion of the audit.

“There is no timeline at the moment for the completion of the report. The whole idea is to combine all the debts and give a fair status of the company in terms of what it owes and what it is being owed,” he said.

Recently, there were speculations that the airline might be given to foreign investors or liquidated. But Tumba dismissed the report, saying the Federal Government had not decided on what to do with the airline.

“AMCON’s plan for Arik will depend on what the KPMG will find from the audit of the airline’s operations,” he said.

The spokesman for AMCON, Mr. Jude Nwauzor, had earlier told journalists that the corporation underestimated the rot in the airline when it took over following a court injunction.

“Left to us, we will never touch Arik; we were mandated to take it over because there was no other vehicle the government would have used to intervene,” he said.

He said that since the takeover in February, AMCON had injected N1.5bn into the airline, adding that the corporation would not keep the airline for a long time.

An aviation expert and Chief Executive Officer of Centurion Security and Safety Consults, Group Capt. John Ojikutu (retd), said that in the event of an outright sale, AMCON must be mindful not to sell the airline to a commercial competitor in the industry.

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.

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Experts to Provide Insights on Tech & Digital Transformation at MSME Dialogue 3.0

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msme dialogue - investorsking.com

The third edition of MSME Dialogue will take place on Saturday, April 24, 2021 at 10am (WAT). Experts at the virtual event will provide insights while discussing the theme: Powering MSMEs with Technology and Digital Transformation.

The event, which is organized by MSME Africa, is expected to have owners and managers of Micro, Small and Medium Enterprises, Entrepreneurs and Business owners from different sector in attendance.

MSME Dialogue which holds every quarter, seeks to address, burning and relevant  issues about entrepreneurship and running a small business as well as proffering solutions to those issues.

The event aims to provide the right knowledge and know-how for MSMEs, Entrepreneurs, and Startups to enable them to grow and thrive and features subject matter experts, seasoned entrepreneurs, professionals, and players within the MSME Ecosystem.

The speakers expected at the event are: Akeem Lawal, Divisional CEO, Interswitch Group, Rex Mafiana: CEO, FPG Technologies, Fatma Nasujo, Global Head of Operational Excellence at Sokowatch, Kenya, David Lanre Messan, CEO, FirstFounders, Bisoye Coker, CEO/Co-founder, Kiakia FX. The session will be moderated by Solape Akinpelu: CEO/Founder, HerVest.

According to the convener of the event who is also the founder of MSME Africa, Seye Olurotimi “Every business owner who is serious with their business would agree with me that technology and digital transformation are important factors for business growth and success. We all can’t all run or won Tech startups but we can always drive our businesses and operations with Technology and Digital Tools”

“Tech-driven Businesses are making waves and turning in almost unbelievable results against all odds. Businesses who have embraced technology, automation and digital transformation are enjoying unquantifiable advantages. It is because of this that I am calling on business owners and managers to join us at the 3rd Edition of MSME Dialogue, on Saturday April 24, 2021 at 10am ( WAT), as we bring in experts to provide insights on this theme” Olurotimi added.

MSME Africa is a multi-faceted resource platform for Micro, Small, and Medium Enterprises (MSME) in Africa providing capacity development, news, opportunities, business articles and other resources for MSMEs, entrepreneurs, and startups.

Olurotimi said the platform was poised to build the biggest network and community of MSMEs in Africa in the nearest future.

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Ericsson Launches Automation Hub in Nigeria

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Ericsson

Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.

Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance and orchestration of network services.

This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real time and as a result, offer an enhanced consumer experience.

Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.

Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences. Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage digital transformation to turn complexities into opportunities while offering a greater experience and value to consumers.”

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Chevron To Invest In The Offshore Wind Sector

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Chevron

Chevron’s venture capital arm and Moreld Ocean Wind have agreed to invest in Ocergy Inc.’s development and commercialization of floating offshore wind turbines.

The investment by Chevron Technology Ventures is it’s first in offshore wind. The size of the investments wasn’t disclosed. Floating turbines would be useful in ocean areas that are too deep for fixed turbines.

A senior analyst at Wood Mackenzie Ltd, Anthony Logan said: “To my knowledge, this is the first investment by a U.S. oil major in offshore wind”

Logan said, floating wind turbines will become important as the U.S. electrical grid increasingly depends on offshore wind power.

“If you can get into those deeper waters, chances are you can build a system of offshore wind production that isn’t vulnerable to low wind or no-wind events.”

The investment will also fund the development of an environmental monitoring buoy that will gather data and support biodiversity, Ocergy said in a news release Tuesday. The company has previously invested in onshore wind. Moreld is owned by HitecVision, a private equity investor that specializes in European renewable energy.

Chevron’s deal with Ocergy doesn’t mark a strategic pivot to renewable energy, but part of a $300 million-a-year plan to invest in early-stage technologies that may play a future role in the energy transition. The company is unwilling to erode returns by investing aggressively in an unfamiliar business where it doesn’t have a competitive advantage and sees oil and gas as its core products for years to come.

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