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Aero Plans Fleet Expansion as it Marks 60 Years

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Aero contractors
  • Aero Plans Fleet Expansion as it Marks 60 Years

The Chief Executive Officer, Aero Contractors, Capt. Ado Sanusi, has said the airline planned to increase the number of aircraft in its fleet before the end of year, having returned to full operations.

Sanusi, who spoke at a ceremony to mark the airline’s 60th anniversary in Lagos on Tuesday, said Aero had risen from its hard times and was currently being re-invented through its aircraft management organisation, approved training organisation and charter services.

He said, “The airline service has since December, 2016 returned to full operations and grown its fixed wing operational aircraft from one to four. It is our expectation to grow our fixed wing aircraft to six by the close of this year.

“The present count of four aircraft improved our domestic flight operations to 32 daily. From one helicopter in 2017 we now have five operational helicopters with capacity to further grow this number to 10 helicopters by close of the year so as to deepen our services.

“In all, we began our repositioning journey growing our domestic operations from eight to 32 daily flights and from ferrying 8,000 passengers per month, to 52, 000 passengers per month into and out of the several airports in our route.”

Representing the Ibru family, a former Managing Director of the defunct Oceanic Bank Plc, Mrs Cecilia Ibru, said people’s confidence in the airline had been restored in the last few years.

Acknowledging the role played by Sanusi after the takeover of the airline by the Asset Management Corporation of Nigeria, Ibru said Aero remained the backbone of aviation in Nigeria, in terms of services and personnel, among others.

“The passenger service, the C-checks and other things are testimonies that Aero is on an upward trajectory,” she added.

A former Director- General of the Nigerian Civil Aviation Authority, Dr Harold Demuren, said the management of AMCON should be commended for resuscitating Aero.

“Without AMCON, Aero will not be here today as an airline that has contributed a lot to the growth of aviation and the oil and gas sectors. Only Nigeria Airways surpasses Aero’s human capital development in the industry,” he said.

Sanusi said Aero’s Aircraft Maintenance Organisation which was approved by the NCAA to carry out C-checks on Boeing 737 Classics helped to revive the airline, adding that it had successfully conducted C-checks on 737 CL Boeing aircraft and had secured approval from the governments of Ghana and the Democratic Republic of Congo to carry out C-checks on B737 aircraft registered in their countries.

He stated that Aero Contractors was first formed in 1959 in the Netherlands before being officially registered in Nigeria in 1960, wholly owned by Schreiner Airways B.V. of the Netherlands.

According to him, the airline later became a partly Nigerian owned company with an initial 40 per cent Nigerian shareholding in 1973, which grew to 60 per cent by 1976 in fulfilment of the requirements of compliance with the Nigerian Enterprises Promotion Decree of 1977, also known as the indigenisation decree.

“By January 2004, Schreiner Airways was bought over by CHC Helicopter which acquired a 40 per cent holding in Aero while the 60 per cent majority share remained within the Ibru family. By July 2010, CHC sold its interests in Aero and the airline became wholly owned by the lbru family,” he added.

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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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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