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MMA2: Aviation Unions Call Off Strike

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airport Nigeria
  • MMA2: Aviation Unions Call Off Strike

Aviation unions under the aegis of Air Transport Services Senior Staff Association of Nigeria, the National Union of Air Transport Employees and the National Association of Aircraft Pilots and Engineers on Thursday night called off their strike action against Bi-Courtney Aviation Services Limited.

It was gathered that the Nigerian Civil Aviation Authority and other security agencies met with the unions and the BASL management on Thursday night and an agreement was reached for the firm, which is the operator of the Murtala Muhammed Airport Terminal Two, to place the sacked workers on whose behalf the strike was called, on redundancy while they negotiate their benefits, among other demands.

Six domestic airlines operating at the MMA2 had earlier on Thursday, temporarily moved to the General Aviation Terminal as a result of the industrial action.

Dana Air, Med-View Airline, Azman Airlines, Aero Contractors and Overland Airways operate their flight services from the MMA2 but have been unable to function normally from the terminal due to the strike action.

The terminal was under siege on Wednesday and Thursday when aviation workers barricaded the entrance to protest the alleged sacking of 24 staff members by the BASL over their interest to join the unions.

The airlines on Thursday moved their operations to the GAT being operated by the Federal Airports Authority of Nigeria, pending when the problem between the BASL and the unions would be resolved.

Meanwhile, Dana Air had threatened to downsize its workforce if the industrial action against the BASL lingered.

In a statement signed by its Media and Communications Manager, Kingsley Ezenwa, the airline said it had lost about N100m due to the crisis.

Ezenwa stated, “We wish to sincerely apologise to our teeming guests, who missed their flights as a result of the dispute between aviation unions and Bi-Courtney Aviation Services Limited, operators of the Murtala Muhammed Airport 2. While operating our first flight out of Lagos from the MMA2, we made alternative arrangements and moved our operations temporarily to the General Aviation Terminal.

“Our worst fear, however, is if the terminal will be able to process the number of passengers when there is a coincidence in flight schedule with over eight airlines having to operate from the General Aviation Terminal at the moment.

“For now, we have lost over N100m to the ongoing action and losing such money in an industry where airlines are still grappling with a myriad of challenges is unacceptable and disappointing to say the least. We do not know how the situation will be in the coming days and we might have no other option than to downsize if the action stretches for too long.”

Ezenwa said the parties involved should resolve the dispute in consideration of the passengers for whom they were all in the industry to serve.

“Without the passengers, there won’t be any airline, regulator or industry, and we believe they shouldn’t suffer for what they did not contribute to. While we respect the rights of both parties to engage each other based on extant laws, we call on all concerned to intervene and save the industry from further crises,” he added.

The unions had on Wednesday said they would not back down until their requests were met.

The spokesman for BASL, Steve Omolale, said members of staff of the company also embarked on a peaceful demonstration on Thursday as information filtered in that the unions were planning to invade and destroy the facilities at the terminal.

He stated, “We have it on good authority that unions in the aviation sector, who have grounded our operations for days now, are making clandestine moves to invade our terminal in the night and destroy the facilities therein.

“We will never allow this to happen as we consider it as the greatest act of criminality. We want to assure the unions that as a law-abiding corporate citizen, we will do everything possible within the ambit of the law to protect our terminal.”

Omolale added that with this new revelation, the company believed that the unions’ alleged grievances went beyond the protestation of the disengagement of the 24 workers, who they claimed were their members.

“We view this as an act of economic sabotage and a sustained campaign to truncate our concession. The BASL therefore appeals to the Nigeria Police Force to enforce the various court orders granted it, restraining the unions from further disrupting the operations of the MMA2,” he said.

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.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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