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Aero Raises Hope for Redundant Workers



Aero contractors
  • Aero Raises Hope for Redundant Workers

The management of Aero Contractors has given assurance to the workers who were relieved of their duties and put on redundancy by the airline, saying that many of them would be re-absorbed.

In fact, Aero has started re-absorbing some of them, as the technical personnel among them had gone back, as the airline’s Maintenance, Repair and Overhaul (MRO) session has been expanded with more jobs coming to the company.

This was disclosed by the CEO of the foremost Nigerian airline, Captain Ado Sanusi who commended the Asset Management Corporation of Nigeria (AMCON) for sustaining the operations of the company and labour for supporting the plan to ensure the survival of the organisation and assured that as the airline increases its operating fleet it would expand its routes, it would re-absorb its ground staff and other personnel.

Sanusi said it is after the re-absorption of these workers that those who were left out would no more be on redundancy and would then be paid there severance benefits, adding that the company has already started pay off some of the staff who were not in line with the re-absorption plan.

The Aero CEO explained that in order to ensure that the oldest commercial airline survived, the management put about 60 percent of the workforce on redundancy, noting that redundancy “does not mean termination but a long leave without pay, which was a decision that has helped to stabilise the airline.”

He also explained that it was after the workers were placed on redundancy that the airline was able to build capacity to three aircraft and upgraded its aircraft maintenance capacity to C-Check level.

“Our MRO is functioning well and when we saw that the MRO was successful, we recalled 120 personnel to work on the maintenance session because the demand for third party aircraft maintenance from us is rising, just as we are maintaining our Boeing B737 at C-Check level,” Sanusi said.

The Aero CEO said the company aims to develop the MRO to a level that it would be able to carry out line maintenance for all aircraft types operating in Nigeria and that is in addition to the present level that it carries out maintenance checks on Boeing B737 Classics to C-Check level.

He said South African Technik, A.J Walters of the United Kingdom and Ethiopian Technik have partnered the organisation in a bid to assist in developing the MRO.

Speaking to reporters at the Aero headquarters at Lagos airport on Thursday, Sanusi said the maintenance arm has been separated from the airline company since the Nigerian Civil Aviation Authority (NCAA), approved C-Checks on B737 classics and certified the company as Aircraft Maintenance Organisation (AMO), adding that the MRO is now generating revenue for the company.

“We have a wide range of partners, we have partnered from South African Technik on quality inspection and specialised manpower, they supervise our C-Checks, we have A.J Walters of UK, they have their office here in Aero; they will be supplying spares , we have also entered into a broader agreement with Ethiopian technik; they are very good, they will support the C-Checks. We are also in talks with others because we discovered that there is no formidable MRO in West and Central Africa so we intend to develop the MRO to a level that will be able to provide line maintenance for airlines operating in Nigeria, that is why we have separated the airline from MRO”, he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi



NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi |

Mrs. Adetokunbo A. Fagbemi Resumes Work With NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO) has recalled Mrs. Adetokunbo A. Fagbemi, the Group Managing Director and Chief Executive Officer, who was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

Mrs. Fagbemi was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.

Since Mrs. Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO, according to a statement put out by the company.

It said “the Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

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Businesses Groan as Price of Diesel Rises to N250 Per Litre



Petrol Importation

Businesses Groan as Price of Diesel Rises to N250 Per Litre

Businesses have started feeling the negative impact of the rising price of Automotive Gas Oil, known as diesel.

A single litre now goes for N250 in some parts of Lagos, with businesses taking a beating on the back of rising energy costs.

Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245.

Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

“States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

“The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

“Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

“Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

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United Capital Appoints Latunji Head, Marketing/Corporate Communications




United Capital Appoints Latunji Head, Marketing/Corporate Communications

United Capital Plc has been appointed, Tolu Latunji as its Head, Marketing & Corporate Communications.

In the new role, he is expected to drive a strategic communications, marketing and brand management programme for the investment banking group.

Latunji is a communication and marketing expert with 12 years’ experience in products development, marketing, brand & franchise building, effective management and communication of strategic objectives whilst ensuring adequate visibility for both organisation and product/service offerings through product, content and brand initiatives.

“With a 360 degree knowledge of communications and marketing, which includes but not limited to – brand management and initiatives, corporate affairs, internal and external affairs, product and brand marketing, event management and experiential marketing, cluster/segment marketing, Tolu has served at various capacities on government constituted sub-committees on financial inclusion,” a statement explained.

Prior to joining United Capital Plc, he was the Managing Partner of Ten & Square Media Co., a bespoke creative ideation and brand/crisis management firm, based in Lagos, Dakar and London.

Latunji was recently the Strategic Communications lead at FMDQ Securities Exchange, Nigeria’s first integrated financial market infrastructure (FMI), where he had the responsibility of effectively positioning the group, together with its subsidiaries, as the most sophisticated and technologically driven securities exchange in Africa.

Prior to that, he worked in Guaranty Trust Bank for nine years with roles in brand management & monitoring, events and experiential marketing, products and content marketing and user experience.

He led the marketing team to the successful development and launch of various retail, SME and corporate products. He was also instrumental in curating and developing the bank’s social footprints. Outside the corporate environment, Tolu engages in various humanitarian activities with food banks and empowerment programmes. He holds a B.Sc. Economics from University of Lagos.

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