Connect with us

Business

Abuja Airport N61.2b Terminal Opens February 2018

Published

on

Nnamdi Azikiwe International Airport
  • Abuja Airport N61.2b Terminal Opens February 2018

All things being equal, the Nnamdi Azikiwe International Airport’s (NAIA) new terminal in Abuja will open for operations February next year.

The terminal, built at the estimated cost of N61.2 billion ($200 million) is a partnership between the Nigerian government and the China Civil Engineering Construction Corporation (CCECC).

The new terminal, according to state officials, is to offer befitting service to airport users that are visiting the Federal Capital and accommodate new traffic on account of the second runway already penciled for 2018.

The National Assembly joint committee on aviation, on an oversight function Tuesday, was impressed with the level of work at the facility, concluding that it is 80 per cent ready.

While the construction company, CCECC, said the terminal will be ready February barring shortage in power and water supply, the committee urged the handlers to ensure all necessary equipment are in place before the facility officially open for use.

It will be recalled that the new terminal is one of the four terminals for construction in the N153 billion ($500 million) loan deal between the Federal Government and CCECC in July 2014. However, delay in the payment of counterpart funding by Nigeria has stalled progress of the work with delay in completion date.

Chairman, Senate Committee on Aviation and leader of the team, Adamu Aliero, said the joint committee is working with the Ministry of Aviation on ways to secure funds to ensure the terminal is delivered with all equipment in place.

On the CCECC Project Manager’s concern over power and water supply shortage, Aliero assured that the ministry of aviation is already aware of the challenge and working to resolve it.

“And once they bring it to the notice of the legislature, we will do the needful and give necessary support because we need this terminal to be put to use immediately after completion.

“There is no point having a terminal without water and electricity. The existing power and water supply is not adequate to accommodate the terminal without an upgrade.”

“The terminal would be completed and commissioned before the end of next year. It is already 80 per cent ready. What is left to be done is just the finishing and the equipment are already on ground. The project manager said the control tower and fire station need to be relocated. If the fire station and control tower are relocated, maybe we would commission the facility earlier than the end of next year,” Aliero said.

The chairman added that there is no going back on the construction of a second runway for the Abuja Airport “because of the increasing passenger traffic and capacity for the airport.”

He said the Abuja aerodrome is the only major airport in Nigeria without a second runway, adding that the National Assembly had already made provision for the runway in the 2018 Appropriation Bill.

He said all that is left is for the ministry of aviation to make arrangement for the procurement and award for the contract.

“Lagos, Kaduna, Kano and Port Harcourt all have second runway. Abuja being the federal capital territory deserves a second runway with the attendant passenger inflow and number of flights coming into the airport.

“We do not need a situation where we have to wait or divert to Kaduna International Airport again with the horrendous experience before building a second runway.

“This is why the National Assembly has approved the construction of second runway for Abuja and luckily the ministry is working to ensure that the procurement and award of contract is done before the end of this year and if it is awarded there would be enough funding for next year.”

Earlier, Project Manager, Kelvin Lee, said unless there is an upgrade of existing power and water supply, the completion date will be delayed.

Lee said it would be of no value to complete a terminal of such magnitude without adequate power and water supply.

He urged government to facilitate funding to accelerate the provision of support equipment that would enable the company deliver the terminal before the end of next year.

Lee said the company was working within its scope to complete the terminal, but will require government to relocate the control tower and fire station that currently pose an obstacle to some sections of the new terminal.

Part of the sections of Abuja Airport visited by the committee include Wing D , section of the terminal, the resurfaced runway, the new Chinese International terminal, the flight decoding laboratory of the Accident Investigation Bureau (AIB) and proposed headquarters of the Nigerian Civil Aviation Authority ( NCAA).

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

Business

Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

Published

on

business solution - Investors King

The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

Continue Reading

Company News

MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

Published

on

MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

Continue Reading

Company News

Geregu Power Plc Announces N14.46bn Profit in Q1 2024

Published

on

Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending