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Rwanda Airlines: Nigerian Customers Account For 44% of Our Total Revenue

Nigerian customers make up about 44 percent of the company’s total revenue of RwandAir

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RwandAir

The Country Manager, RwandAir Nigeria, Muhamud Wayiga has revealed that Nigerian customers make up about 44 percent of the company’s total revenue. This was disclosed at an event organised by the Airline to reward its Nigerian customers and some stakeholders. 

While noting the importance of the Nigerian market, the Airline’s Chief Commercial Officer, Jimmy Musoni appreciated the love and loyalty shown to RwandAir by the Nigerian customers. 

Investors King learnt that several bonus packages which include business class tickets to London were won at the event. Awards of recognition were also presented to outstanding partnering travel agencies of the Airline.

The Country Manager, Muhamud Wayiga said “The reason we are here is to thank our stakeholders for continuous support and update them on new developments in the market to promote business continuity”.

Wayiga also noted that some global events such as the Russian – Ukraine crisis have affected the aviation business. He stated that the high cost of aviation fuel is a global phenomenon and partly an adverse effect of the Russian – Ukraine crisis. He added that high inflation which is currently witnessed all over the world has also affected the industry. 

“There has been a lot of inflation, prices have gone up. If a normal person is affected, so is our business,” he said.

Meanwhile, Investors King had earlier reported that the Nigerian government has promised to help foreign airlines to repatriate $350 million from their trapped fund by the end of the year. This is half of the $700 million claimed to be trapped by the foreign airlines operating in Nigeria.

It will be recalled that the foreign airlines operating in Nigeria under the guise of the International Air Transport Association (IATA) have accused the federal government of frustrating their efforts to repatriate their funds back to their home country. 

This logjam which had hitherto led to a war of words between the association and Nigeria’s Ministry of Aviation was partially resolved at a roundtable meeting organised by the Speaker of the House of Representatives, Femi Gbajabiamila

The Speaker noted that it is paramount for all parties involved to shift ground so that a workable solution can be created around the problem. 

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IBEDC Disconnects UCH Over N500m Debt, Critical Services Affected

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electricity

The University College Hospital (UCH) in Ibadan, Oyo State, experienced a disruption in its power supply after the Ibadan Electricity Distribution Company (IBEDC) disconnected the hospital over a debt amounting to N500 million.

Dr. Jesse Otegbayo, the Chief Medical Director of UCH, confirmed the disconnection but refrained from elaborating on the exact cause.

IBEDC’s spokesperson, Busolami Tunwase, acknowledged the outstanding debt owed by UCH but denied that the disconnection was intentional.

Tunwase stated that while UCH owed the substantial amount, the power outage was due to a technical fault in the area, coinciding with the debt situation.

Despite repeated attempts to engage UCH in discussions to settle the debt, IBEDC had resorted to disconnection as a last resort.

The disconnection poses significant challenges to UCH’s critical services, affecting patient care and hospital operations.

While IBEDC emphasized its understanding of the hospital’s importance and commitment to resolving the issue amicably, the situation underscores the financial strains faced by healthcare institutions and the essential need for reliable power supply.

Efforts to negotiate and find a resolution between UCH and IBEDC are ongoing to restore normal operations and ensure uninterrupted healthcare services.

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Oil and Gas Dealers Threaten Withdrawal as 70% of Downstream Businesses Collapse

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Eternal Oil - Investors King

The downstream oil sector in Nigeria faces a looming crisis as oil and gas dealers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), issue a stern warning of potential service withdrawal.

In a recent resolution following their executive committee meeting in Abuja, NOGASA expressed grave concerns over the collapse of approximately 70% of businesses in the industry due to the harsh operating environment.

President of NOGASA, Benneth Korie, highlighted the dire situation, emphasizing the challenges faced by oil marketers in funding operations amidst soaring bank interest rates.

Korie underscored the overwhelming burden faced by operators who are compelled to acquire funds at exorbitant interest rates upwards of 30%, exacerbating financial strain and hindering business viability.

The primary demand voiced by NOGASA is the pegging of the foreign exchange rate at N750/$ to facilitate refinery operations and stimulate the production of refined products domestically.

Failure to address these pressing issues, Korie warned, could result in the withdrawal of services by NOGASA’s over 200 members starting from the next month.

The downstream oil crisis coincides with heightened anticipation for the release of refined petroleum products from the Dangote and Port Harcourt refineries, seen as critical for alleviating supply shortages nationwide.

However, amidst forex crises and inflationary pressures, operators in the oil and gas sector confront mounting economic challenges, necessitating urgent government intervention.

As Nigeria navigates through turbulent economic waters, stakeholders eagerly await decisive action from authorities to salvage the downstream oil sector from imminent collapse and avert potential disruptions in fuel supply chains.

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Developers Reject Federal Government’s Cement Price Reduction Agreement

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Real estate developers across Nigeria have voiced their strong disapproval of the recent agreement between the Federal Government and cement manufacturers to reduce the price of cement to a range between N7,000 and N8,000 per 50kg bag.

This decision has been met with skepticism and criticism from key players in the built industry.

Dr. Aliyu Wamakko, the President of the Real Estate Developers Association of Nigeria, expressed his concerns, stating that the proposed reduction would not bode well for the economy.

He pointed out that cement is a fundamental component of construction and lowering its price to such levels would not be conducive to addressing the country’s housing deficit, currently estimated at 28 million units.

Wamakko referenced an earlier commitment by the Chief Executive Officer of BUA Cement, who pledged to reduce the price of cement to N3,500 per bag by January 1, 2024.

He questioned why the current negotiation was proposing prices significantly higher than what was promised earlier.

Other stakeholders echoed similar sentiments, emphasizing the need for more affordable building materials to enable the construction of housing units accessible to low-income earners.

They criticized the reliance on imported materials and advocated for the exploration of locally sourced alternatives.

The discontent among developers underscores the challenges posed by rising construction costs and the implications for housing affordability and development in Nigeria.

As discussions continue, stakeholders are urging a reevaluation of the proposed cement prices to better align with the goal of addressing the country’s housing needs.

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