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Domestic Airlines Increase Fares Ahead of Flight Resumption

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Dana Air

Domestic Airlines Raise Ticket Fares Ahead of Flight Resumption

The nation’s airline companies raised ticket fares to compensate for lack of bailout from the Federal Government and about 100 percent increase in service charges.

Last month, the Federal Government directed all domestic airlines to begin flight operations on July 8th following the March 30th suspension of all operations.

However, checks by our correspondent showed that domestic airlines have increased fares on all classes of tickets from Lagos to Abuja.

For a Dana Air flight from Lagos to Abuja, Economy Discount tickets are sold for N30,000 for a one-way ticket while the Economy Flexible ticket goes for N70,500.

Similarly, Air Peace Economy-Flexi Domestic Plan ticket goes for N33,001 for a one-way flight from Lagos to Abuja. The company sold its business class ticket for N80,000.

While potential passengers of Azman Air would need to part with N33,000 for an economy ticket from Lagos-Abuja. For a business class ticket, the company charges N60,000.

Arik Air, however, charges the lowest for economy plan. Passengers are required to pay just N29,189 for economy tickets and N71,532 for business tickets for a one-way trip from Lagos to Abuja.

Allen Onyema, the Chief Executive Officer, Air Peace, who was present at the simulation exercise conducted two weeks ago, had called for a bailout to help the sector protect jobs.

He said “Palliatives, bailout, rollout, intervention funds or whatever we call it is necessary. All over the world, the government is giving palliatives, bailout funds to their airlines.

“Even the strongest of airlines all over the world asked for this. What bothers us more in Air Peace is the retention of the workforce.

“COVID-19 has brought about immense loss of jobs worldwide. We must begin to think of ways of curbing the losses in Nigeria.”

However, it doesn’t seem like the Federal Government that is presently battling possible recession is willing to bail out airlines whose services are mainly required by high net worth individuals.  This further highlighted why the service charges on flight tickets were raised by 100 percent.

The average cost of one way air flight from Lagos to Abuja was between N15,000 to N40,000 before the lockdown.

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.

Business

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

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Ardova

Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

Ardova Plc, Nigeria’s leading integrated energy company, has commenced discussions to acquire Enyo Retail and Supply Limited.

According to the statement issued and signed by Oladehinde Nelson-Cole, Ag. Company Secretary/General Counsel, Ardova Plc, Enyo is one of the newest and fastest-growing retail and supply companies in the downstream sector.

It stated, “This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”

“This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Speaking on the yet to be completed deal, Mr. Olumide Adeosun, CEO, Ardova Plc, said upon completion, Ardova will retain the Enyo branded stations which will operate side by side with the Ardova brand while simultaneously leveraging on the strengths of Ardova and its group companies.

He added that the two companies are determined to conclude the deal by the end of Q1 2021.

Enyo presently operates over 90 stations across the nation and attends to over 100,000 retail customers on a daily basis.

Ardova Plc and Enyo Retail & Supply Limited promised to furnish stakeholders with more information on the progress of the deal.

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

Patricia Obozuwa on Monday resumed as the Vice President, Public Affairs, Communications & Sustainability, Africa at The Coca-Cola Company.

Obozuwa was appointed in December 2020.

Prior to joining coca-cola, Obozuwa worked as the Chief Communications & Public Affairs Officer for General Electric, GE Africa for six years.

At GE Africa, Obozuwa established a corporate social responsibility platform, GE Kujenga, to better empower people by building valuable skills, equipping communities with new tools and technology and elevating innovative ideas that are solving Africa’s challenges.

Obozuwa’s unique commitment to Africa did not start with GE Africa, prior to joining GE, she led Procter & Gambler as the Head, External Relations, Nigeria and Corporate Communication Leader, Sub-Saharan Africa.

She was also the Arts and Sponsorship Manager for the British Council in Nigeria in 2005 before joining P&G.

Obozuwa is a non-Executive Director of The Water Trust (US-Headquartered Non-Profit Organisation).

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