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AIB, US NTSB, Others to Probe Delta Airlines Accident



Delta Air Lines
  • AIB, US NTSB, Others to Probe Delta Airlines Accident

The Accident Investigation Bureau, in conjunction with the United States National Transportation Safety Board and investigators from Delta Airlines, will soon commence investigations into the Tuesday night’s accident involving an aircraft belonging to the carrier, which left about five people injured.

Delta Airlines’ flight 55 from Lagos to Atlanta, United States, returned to the Murtala Muhammed International Airport on Tuesday night after an issue with one of the A330-200’s two engines.

The flight, which was said to have initially pushed back at 22:40hrs, made an air return and emergency landing at 23:16hrs when the pilot announced the evacuation of all the passengers on board within 90 seconds after contacting the control tower, as the left engine of the aircraft was reported to have caught fire mid-air.

According to the airline, the flight landed safely and passengers exited the aircraft on the runway via emergency slides, adding that airport fire authorities met the aircraft upon arrival.

The Commissioner, AIB, Akin Olateru, told journalists on Wednesday that the NTSB had appointed an official to join two others from the airline to carry out the investigation.

Olateru, however, lamented that the airline had yet to make a formal complaint to the AIB as of Wednesday afternoon.

He said, “When you have this kind of thing, we take possession of the aircraft and nobody goes near it. The aircraft is under safety investigation. That is what is required by law but until 3pm this afternoon, Delta has yet to make a formal report, we are expecting them.

“I was made to understand they have appointed two investigators to work with us and they should be arriving this afternoon. The US NTSB notified us that Delta has appointed two investigators to join us and the NTSB is nominating one person. Their representative too will be joining to assist us in this investigation.

“This is a serious incident and by law, we are investigating it. There is what they call country of occurrence and Nigeria is a country of occurrence of this incident. Yes, it is a US carrier, US operator, US registered aircraft but there are certain state protocols, which have to be respected that give right of investigation to the country of occurrence, except the country of occurrence decides to cede that investigation to the country of operator or any other country.”

According to the airline, the flight landed safely and customers exited the aircraft on the runway via emergency slides, while five passengers reported non-critical injuries as a result of the evacuation.

The airline noted that airport fire authorities met the aircraft upon arrival.

The Director-General, Nigerian Civil Aviation Authority, Capt. Muhtar Usman, said the International Civil Aviation Organisation’s Annex 13 classified the accident as a “serious incident,” and the the responsibility to conduct the investigation should be with the country of occurrence.

“In this case, it happened in Nigeria, so the AIB will carry out the investigation and in line with ICAO, the country of manufacture and the country of registry and the country of operation; in these cases it happens to be the United States of America, which is also expected to be part of it,” he explained.

Meanwhile, Delta Airlines said one of its aircraft arrived the Murtala Muhammed International Airport, Lagos from the Hartsfield-Jackson Atlanta International Airport to airlift its Nigerian passengers who were affected by the accident to the United States.

“The airline can also confirm that in the early hours of Thursday, 15th of February, 2018, another Delta Airlines aircraft will arrive the Lagos airport to airlift more Nigerians to the US same day,” the statement read in part.

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.


Portland Paints, Chemical and Allied Products Plc Agreed to Merge



Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17




Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods



Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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