- Lagos Pays N711m Into 287 Retirees’ Accounts
The Lagos State Government said it paid N711m into the Retirement Savings Accounts of 287 retirees under the Contributory Pension Scheme in September.
A statement obtained from the Lagos State Pension Commission said this was part of the fulfilment of the Lagos State Governor, Mr. Akinwunmi Ambode’s pledge to make life better for retirees of the state government.
While speaking at the 43rd batch of the retirement benefit bond certificate presentation ceremony, the Commissioner for Establishments, Training and Pensions, Mr. Benson Oke Akintola, who represented the governor, said the administration was determined to touch every aspect of the pensioners’ life.
He said the state had embarked on massive infrastructural development and placed priority on those who laboured for the state before they retired.
“He understands the challenges facing a retirees and that the receipt of the pension dues will enable them to face the future,” he said.
The Director- General, LASPEC, Mrs. Folashade Onanuga, advised the pensioners to spend the funds wisely.
She said, “You are in the evening time of your life; make sure you rest well, and do not do anything that will aggravate your health status. Use your pensions for your basic needs and make sure you eat well and in moderation.”
Onanuga, who noted that the current economic challenges had affected the ability of youths to gain employment, said many youths who should be taking care of themselves and their parents were still depending on them.
She advised the retirees to consider using the lump sum received to empower any resourceful child to start a family business, which could end up creating jobs for others.
In appreciation, a physically impaired retiree, Mr. Adedokun Oyeleye, said, “Lagos State has really tried for us. I did not go through any stress before I was called to collect my pension. I am really impressed with Lagos State Government under this administration.”
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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