Connect with us

Business

Air Peace Orders 30 Aircraft in $2.1bn Deal With Embraer

Published

on

Air peace- Investors King
  • Air Peace Orders 30 Aircraft in $2.1bn Deal With Embraer

Air Peace says it has signed a $2.1bn (N756.5bn) agreement with Brazilian aircraft manufacturer, Embraer for the purchase of 30 new planes.

The airline said the deal, which was unveiled on Wednesday, during Embraer Business Meeting with the Aviation World in Port Louis, Mauritius, made it the first to order the brand of jets in Africa, thereby becoming the official launch customer of the brand of aircraft on the continent.

According to the airline, the order is for 10 brand new Embraer 195-E2 aircraft and comprises purchase rights for a further 20 E195-E2 jets.

In a statement signed by its Corporate Communications Manager, Mr Chris Iwarah, the airline described the aircraft as a 124 seater jet in dual class and 146-seater jet in single class configurations respectively.

“With all purchase rights exercised, the contract has a value of $2.12bn based on current list prices,” Iwarah said.

Air Peace had in September 2018 ordered 10 new aircraft from Boeing, increasing its fleet size then to about 37 aircraft.

Iwarah said with the new order, Air Peace’s fleet size had increased to 67 aircraft.

The Chairman and Chief Executive Officer, Air Peace, Mr Allen Onyema, was quoted to have said, “Embraer’s new E195-E2 presents us with a marvel of an economic performance.

“It’s also great that we will be the first E2 operator on the African continent. We already have the ERJ145s in our fleet, so we understand the high standards of Embraer products.”

The E195-E2 aircraft, he said, would strengthen Air Peace’s drive to deploy the right kinds of aircraft to underserved and unserved domestic and regional routes under its no-city-left-behind project.

Onyema also commended President Muhammadu Buhari for creating an enabling environment for the growth of aviation in the country through waving customs duties on commercial aircraft, engines and spares as well as granting Value-added Tax Waiver.

“Without these noble gestures from my President (Muhammadu Buhari), Air Peace would not have been able to achieve this growth. Thank you very much, Mr President,” he said.

The Vice-President, Sales Africa, Embraer Commercial Aviation, Mr Raul Villaron, was also quoted to have said Air Peace embodied the kind of pioneering spirit Embraer loved.

“The airline was established to bring highly skilled work opportunities to the people of Nigeria, boosting connectivity, and therefore the economy, in the region. Air Peace has delivered on both aims, while at the same time developing a fast-growing successful airline. It’s great to have them on board,” 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.

Business

Computer Village Traders Demand Refunds as Lagos State Cancels Katangowa Project

Published

on

Traders at the renowned Computer Village in Lagos find themselves in a state of uncertainty following the abrupt termination of the multibillion-naira Katangowa project by the Lagos State Government.

The project, which was aimed at relocating the bustling tech market from its current site in Ikeja to the Agbado/Oke-Odo area of the state, has left traders in a state of limbo.

Despite the cancellation of the project reportedly occurring two years ago, traders claim they were not informed by either the government or the developers, Bridgeways Limited.

This lack of communication has left them in a precarious position, particularly concerning the substantial upfront payments made by some traders to the developers.

Chairman of the Computer Village Market Board, Chief Adebowale Soyebo, expressed dismay at the lack of communication from the authorities regarding the project’s termination.

He explained that neither the government nor the contractors had officially informed them of the decision, leaving traders in the dark about the fate of their investments.

Traders who had made payments to Bridgeways Limited now seek clarity on the refund process. The absence of official communication has compounded their concerns, with many uncertain about the fate of their investments.

While acknowledging the payments made by traders, Lagos State Governor’s Adviser on e-GIS and Urban Development, Dr. Olajide Babatunde, assured that the government would facilitate refunds.

He, however, said there is a need for proper identification and verification to ensure that affected traders receive their refunds accordingly.

The termination of the Katangowa project has reignited debates about the relocation of Computer Village.

Traders assert that the issue of relocation should not be raised until the new site is at least 70% completed, as per their agreement with the government.

The cancellation of the Katangowa project underscores the challenges associated with large-scale urban development projects and the importance of transparent communication between stakeholders to avoid such situations in the future.

As traders await further directives from the government, they remain hopeful for a resolution that safeguards their interests and ensures the continuity of one of Nigeria’s most prominent tech markets.

Continue Reading

Business

Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

Published

on

business solution - Investors King

The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

Continue Reading

Company News

MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

Published

on

MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending