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Local, International Investors Eye Arik, Aero

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2 years ago

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Arik air
  • Local, International Investors Eye Arik, Aero

Many local and international investors are showing interest in investing in Arik Air and Aero Contractors, our correspondent has learnt.

It was gathered that since the Asset Management Corporation of Nigeria made it known that it planned to divest its shares in the airlines, there had been a lot of interests from investors within and outside the country.

The Head, Corporate Communications, AMCON, Jude Nwauzor, however, told The PUNCH that the corporation had yet to get a good offer for the transaction.

“We need to get a good offer and reach an agreement before we can say we have concluded the transaction and this takes a long process,” he said.

“It takes a long process for an investor to do due diligence before investing but there are interests,” he added.

He said the corporation was working on finding the right investors before concluding the process of divesting from the airlines.

The Managing Director of AMCON, Ahmed Kuru, had said a few months ago that the corporation was sitting on a substantial amount of assets, 90 per cent of which was in the aviation sector, and which must one way or the other be resolved on or before its sunset around 2023/24.

“We will deal with some of those key assets very soon like the Peugeot Nigeria Limited in Kaduna, CDL, Aero Contractors, Arik Air and a host of others,” he had said.

AMCON took over Aero Contractors and Arik Air in February 2016 and February 2017, respectively, over their debt profile and appointed receiver management, adding that the airlines would not be returned to their original owners until they cleared their indebtedness to the corporation.

The corporation had made it known that its intervention in Arik and Aero were intended to be value adding and non-destructive.

Nwauzor, however, told our correspondent that the airlines’ operations had since been stabilised with on-time performances and put in positions to generate positive cash flow.

“We have stabilised the airlines, which is why they are still flying. Right now, what we are looking at is growth and then our exit,” he said.

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

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Business

Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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4 days ago

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March 4, 2021

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Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

 

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Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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4 days ago

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March 4, 2021

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siemens

Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

Published

6 days ago

on

March 2, 2021

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muritala-muhammed-airport

FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”

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