FG Plans to Suspend Travellers for Six Months if They Failed to Comply
Ahead of international flight resumption, the Federal Government has warned that passengers who failed to comply with the COVID-19 protocol put in place to curb the spread of the virus will be suspended from travelling for six months.
This was disclosed by Sani Aliyu, the National Coordinator, PTF, during a briefing of the Presidential Task Force on Covid-19 (PTF) in Abuja on Monday.
It would be recalled that in March, the country’s airlines and airports were shut down to curb the spread of coronavirus disease which as of Monday 31, August has killed over 1,000 people in Nigeria.
In July, the federal government reopened Domestic flights in the country, adding that the Murtala Muhammed International Airport in Lagos and the Nnamdi Azikwe International Airport in Abuja, would start operation on August 29 which was later shifted to Sept. 5.
Aliyu said there would be penalties for airlines and passengers who fail to comply with the guidelines.
Aliyu said, “There will definitely be sanctions if they do not comply. Sanctions to the airlines if they allow passengers without a Covid-19 PCR result to board, they will be sanctioned on arrival in Nigeria. That is the airline. For passengers that decline to do the test, at Day 7, we will still allow them after Day 14 to have a test done after which their details will be forwarded to Port Health, Immigration, and part of the security services.
“It is very likely we will put in place measures to enforce this by suspending travel up to six months or deny foreign travels altogether.
“But beyond the sanctions, because as responsible citizens, we all want our country to continue to be Covid-19-free once we get on top of the pandemic, so, we expect the vast number of travellers to continue to comply with these simple, straightforward measures we are putting in place for the benefit of our country and for the health of our citizens.”
Aliyu added that airlines that failed to comply with the Covid-19 protocol for the resumption of international flights would pay a fine of $3,500 per passenger.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions