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NCAA Grants Nigerian Air Transport License

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Nigerian Air Traffic Controllers

The Nigerian Civil Aviation Authority (NCAA) has granted the country’s airline carrier, Nigerian Air a transport license, which will be presented on Monday.

This was revealed on the Ministry of Aviation’s Instagram handle @fmaviationng which reads, “The @NigerianCAA will on Monday, June 6th, 2022 present the Air Transport License (ATL) to the interim management of the #NigeriaAir, Nigeria’s national carrier at the NCAA’s Corporate headquarters, Nnamdi Azikiwe International Airport, Abuja”.

The license will be delivered to the airline’s temporary management at the office of the aviation regulatory agency in Abuja.

Airlines are granted an Air Transport License (ATL) that allows them to provide scheduled and non-scheduled services. It is one of the licenses that airlines must obtain before they can begin operations, while they wait for the Flying Operator Certificate (AOC), which fully ensures their right to launch air services.

Investors King learned that Nigeria Air Limited, the country’s projected national carrier, applied for a license to fly scheduled and non-scheduled passenger and cargo services with the Nigerian Civil Aviation Authority (NCAA) in March 2022.

As part of the conditions for granting an Air Operating Licence, the corporation stated this in a public notice. The notice specified that anyone or any organization with an objection should express it before the 28-day deadline.

Prior to that, the federal government had asked private sector partners to submit proposals for the takeover of the national carrier.

“To this end, the FGN, through the federal ministry of aviation, is inviting interested private parties to submit proposals for the take-over and further development of the National Carrier, the recently launched ‘Nigeria Air’ to take advantage of the opportunities of the largest market in Africa,” according to a statement from the ministry.
“This is to inform the general public that Messrs Nigeria Air Limited has applied to the Nigerian Civil Aviation Authority (NCAA) for the grant of an Air Transport License (ATL) to operate scheduled and non-scheduled passenger and cargo services within and outside Nigeria,” the notice reads.

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Nintendo to See 8% Increase in Revenue Despite Recent Decline

Nintendo saw a 5% decline in its Q2 results

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Nintendo

Video game sales have recently declined in revenue. It is suspected that this downturn comes as a result of people spending less time on gaming and more time going out. This fall in quarterly revenue also comes just after many lockdown restrictions have been lifted.

As the industry begins to falter this causes many to wonder, will gaming continue with its downward trajectory?

Mr.Gamble took a closer look at the most recent quarterly earnings for video game giants, Microsoft, Sony and Nintendo to determine the next quarter’s revenue predictions. Research took into account the Q2 and total 2021 earnings as well as the most recent quarterly earnings of 2022 and its decline in percentage.

Company

2021 total year earnings

2021 Q2

quarter earnings

Most recent 2022

quarterly earnings

% decline in 2022 Q2

Next quarter’s revenue predictions

(average)

Microsoft

£10.5 billion

£3.9 billion

£3.8 billion

7%

£3.85 billion

Sony

£14.9 billion

£8.8 billion

£3.7 billion

2%

£6.25 billion

Nintendo

£6.6 billion

£2.2 billion

£1.9 billion

5%

£2.05 billion

According to the recent financial statement published by Microsoft, its revenues saw a huge depreciation of 7%. This is largely due to the company’s sales of Xbox consoles declining. The company also saw a 2 billion decrease compared to its Q2 revenue of £3.9 billion last year.

Despite the loss in revenue, our study predicts that Microsoft could see a slight increase from the £3.8 billion it received this quarter to £3.85 billion by its next quarterly review.

Although Sony witnessed just a 2% decline in sales for its most recent quarter, its operating profits saw a more disastrous downturn, plunging to almost 37%. However, in spite of this gloomy outlook the company could still see a healthy turnover of £6.25 billion next quarter, almost a 2.6 billion increase from its current financial state.

Nintendo saw a 5% decline in its Q2 results. According to the Japanese company, this weak performance comes as a result of not being able to sell as many Switch consoles as it wanted due to a global semiconductor shortage. Though this may have been the case, it is still possible for Nintendo to see a decent 7.8% increase in revenue in its next quarter to £2.05 billion.

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Oil Spill: Shell Spills 5 Barrels of Oil in Bodo Community Rivers State

Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state

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One of the world’s leading energy companies, Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state.

The oil spillage was reported by Joint Investigation Visit (JIV) approved by the host community, Rivers state Ministry of Environment, the National Oil Spill Detection and Response Agency (NOSDRA) and Shell Petroleum Development Company (SPDC).

JIV is an organisation that investigates oil spills, pipeline leakages, causes and their impact on the community.

Shell’s Trans Nigeria Pipeline spilled about 98% of water and 2% of crude oil into the Bodo community due to the ongoing flushing of the TNP with 5 barrels of leftover crude oil.

The spokesperson for Shell Petroleum Development Company (SDPC), Michael Adande, however, explained that the effect of the oil spill on the community was minimal since the TNP has not transported crude oil since June 2022.

According to him, the JIV will release an up-to-date report on the situation. 

Micheal said, “The spill from the Bomu-Bonny section of the Shell petroleum development company JV’s TNP in Bodo community, in the local government area of Gokana, Rivers State was largely water (98 per cent) from the ongoing flushing of the TNP, with the leftover crude oil of about five barrels as established and signed by the JIV led by regulators and involving representatives of the Rivers State Ministry of Environment and the community.

“Owing to the high level of theft, Shell petroleum Development Council has not processed crude oil through the TNP since mid-June 2022.

“Cleanup of the affected area and repair work on the pipeline are underway.”

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Cement Manufacturers on NGX Pays N115.782 Billion Income Tax in H1 2022

Cement manufacturing companies paid N115.782 billion in income tax in the first half (H1) of 2022

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Lafarge, Bua Cement and Dangote Cement

Cement manufacturing companies listed on the Nigerian Exchange Limited (NGX) paid N115.782 billion in income tax in the first half (H1) of 2022.

Their unaudited financial statements obtained by Investors King revealed.

Dangote Cement Plc, Nigeria’s most capitalised company and the largest cement manufacturing company in sub-Saharan Africa, paid N92.786 billion in income tax in H1 2022, up from N89.624 billion paid in the same period of 2021.

The company reported a 10.2% decline in profit after tax to N172.104 billion, down from N185.692 billion reported in the corresponding period of 2021. Dangote Cement realised N808.037 billion in revenue during the period.

BUA Cement Plc, Nigeria’s second-largest cement manufacturer, remitted N13.527 billion in income and deferred taxes to the Federal Inland Revenue Service in the first 6 months of the year.

The cement manufacturing company generated N188.562 billion in revenue and reported a 41.40% increase in profit after tax to N61.364 billion.

Lafarge Africa, another key player in the cement industry, reported revenue of N186.587 billion in the first half of the year. The company then paid N9.468 billion in income tax before declaring a profit after tax of N37.410 billion for the period under review.

Therefore, the firms paid (Dangote Cement – N92.786 billion; BUA Cement – N13.527 billion and Lafarge Africa remitted N9.468 billion) a combined N115.782 billion in income tax to the federal government in H1 2022.

Together, the three cement manufacturing companies realised N1.183 trillion in combined revenue and reported a total profit after tax of N172.202 billion.

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