Business

Reps Ask NCAA to Test Pilots for Alcohol, Drugs

Published

5 years ago

July 20, 2018

Reps Ask NCAA to Test Pilots for Alcohol, Drugs

The House of Representatives on Thursday warned pilots and crew members against flying under the influence of alcohol and other psychoactive substances capable of altering their moods.

The House specifically directed the Nigerian Civil Aviation Authority to conduct regular pre-flight tests on pilots to be sure that they are not under any influence of any substance.

A member, Mr Taofeek Adaranijo, brought a motion before the House to raise the alarm over cases of pilots being under the influence of alcohol.

He said pre-flight alcohol consumption, apart from being a breach of the Nigerian Civil Aviation Regulations, also constituted a serious safety threat to passengers.

The lawmaker recalled that since 2016, the NCAA had been recording cases of alcohol and substance consumption by air crew members, an indication of a growing trend.

He stated, “In December 2016, the NCAA suspended the medical certificates of five members of the crew, who tested positive to marijuana during a drug screening conducted on participants of the Cabin Crew Training Basic Course at the Nigerian College of Aviation Technology, Zaria, Kaduna State.

“When the NCAA in May 2017 conducted random tests on 87 personnel from Air Peace, Med-View and Air Traffic Controllers of the Nigerian Airspace Management Agency as they were about to embark upon flight operations and air traffic control duties, a member of the crew tested positive to a psychoactive substance, Tetrahydrocannabinol.

“The substance is known to be the chemical responsible for most of marijuana’s psychological effects.

“Psychoactive drugs work by manipulating the synapses in-between nerves in the central nervous system, thereby distorting thought processes and causing a variety of side effects such as anxiety, psychosis, mood swings, depression and sleep problems, all of which are not suitable for the job demands of pilots/members of crew.”

Adaranijo noted that to fly to safety, “a pilot or member of crew requires the highest level of sobriety and clear headedness,” adding that the “use of alcohol or psychoactive substances endangers the lives of passengers on board an airplane.”

The motion, which was passed in a unanimous voice vote, also asked airline operators to “diligently ensure that only sober pilots/members of crew are allowed to fly their planes and this diligence should extend to the initial period of employment.”

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper

Published

16 hours ago

December 7, 2023

Investors King

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.

Business

African Airlines Projected to Cut Losses to $400m in 2024, Says IATA

Published

16 hours ago

December 7, 2023

Investors King

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.

Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks

Published

17 hours ago

December 7, 2023

Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.