NIPOST Plans Smart Offices Across Nigeria
Dr. Ismail Adewusi, the Postmaster General of the Federation, has said the Nigeria Postal Service will start opening smart offices across the country in line with the new digital economy policy of the Federal Government.
Adewusi disclosed this in an interview with journalists in Ibadan, Oyo State, on Friday while inspecting NIPOST’s facilities in the state.
He explained that with the advancement in technology across the globe, letter writing was out of vogue. He, however, said NIPOST had adopted a creative strategy to remain relevant.
He said, “We want to be a one-stop outfit where you can do many transactions like collection of your international passport, driving licence, capture your National Identity Card images; all these are the e-governance platforms that we are developing.
“We want to run a smart outlet post office services. It would not be big but you will be able to do all your transactions.”
Adewusi said, “We are going to use the new technology platform. Presently, we have the licence to do international cash transfer.
“The citizens will be able to do their online transactions at our smart outlets in pursuit of the digital economy policy of the Federal Government.”
With about 13,000 staff in the 3,000 outlets across the country, he said, “If need be, we will hire more staff for our operations. We will start with what we have and later expand the frontiers of employment.
“After the pandemic, things have been very difficult for the postal services sector. It is not only the sector alone that is affected; it is a global problem.
“During the lockdown, we could not move our mails. That impacted negatively on our revenue. The Nigerian airspace had not been open. These impacted negatively on our operations.
“Mails are reducing as people no longer send letters. The reform is in place to ensure that NIPOST is commercially run as a viable business entity.
“NIPOST Properties and Development Company Limited as well as NIPOST Transport Company and Logistics Limited are already registered.
“We have NIPOST bank being run like a microfinance bank with branches across Nigeria. All of these are new initiatives that we are pursuing.”
He added, “Now, we don’t have enough postal outlets. The ones that we have now were designed several years ago. In Ibadan, we have about eight post offices.
“Ibadan is so large that we need to take our services down to the grassroots where they are needed. Definitely, when we set up those smart offices, working with the private sector of course, we are going to have more than 10,000 outlets all over Nigeria. We have about 3,000 outlets all over Nigeria.”
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.
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