- AIB Blames 2012 Police Helicopter Crash on Pilot Error
A new report released by the Accident Investigation Bureau has blamed the 2012 helicopter crash involving a Deputy Inspector-General of Police in charge of operations, Mr. John Haruna, and three others in the Kabong area of Jos, Plateau State, on pilot error.
The report released on Wednesday stated that the medical certificate of the pilot of the Bell 427 Helicopter, with registration number 5NPAL, had expired as of the time of the accident, while the co-pilot was not type-rated on the helicopter.
Although the AIB Commissioner, Mr. Akin Olateru, said the cause of the accident could not be conclusively decided, the investigation discovered a series of discrepancies and non-compliance with the Nigerian Civil Aviation Regulations.
For instance, he said that the simulator had expired as of the time of the accident and that the engineer who released the aircraft prior to the flight had no type training and rating on the aircraft model.
He said the flight originated from Abuja airport to the Jos Prison Service football fields conveying the DIG to Abuja.
The AIB commissioner said the pilot had initial contact with Jos Control Tower at 1.50pm the previous day, adding that the following day, which was March 14, at 09.30am, a police fuel bowser that had arrived in Jos from Abuja the previous day, fuelled the aircraft, which had been parked overnight at the Jos Prison football field.
The report read in part, “At 09.58am, two-way communication was established between the helicopter and air traffic controller and the pilot reported endurance of two hours, five persons on board, maintaining an altitude of 4000ft, and that it was a patrol flight around Jos city.
“The pilot also reported that he would be landing at the Police Headquarters, Jos and would call the control tower when rejoining for another patrol. The helicopter landed at the Nigerian Prisons Service football field, Jos, customarily used as a landing site for the Police Headquarters, Jos at 10. 58am.
“At about 11.50am, the helicopter lifted up with four persons on board including the DIG. The control tower was notified at about 11.55am of the helicopter’s crash at Landir village, Kabong area, near Jos metropolis, and that all four persons on board were fatally injured.”
Olateru said three safety recommendations were made, after investigations, to the Nigeria Police Force, the Nigerian Civil Aviation Authority and the Department of Petroleum Resources.
He said the NPF Air-Wing was advised to provide the proper funding, conducive working environment, develop and implement a robust training programme for its technical/operational personnel, with adequate supervision and approved equipment to enhance safety while the NCAA should ensure that the NPF Air-Wing complied with its approved maintenance organisation requirements.
The DPR, on the other hand, was advised to launch an independent inquiry into the aviation fuel quality in the country and the resulting report should focus on the vulnerability and risk of each step in the distribution process.
“The NCAA has since recertified the NPF Air-Wing in accordance with the Part 6 of the Nigerian Civil Aviation Regulations (Nig. CARs) in 2014 as an approved maintenance organisation and its certificate was subsequently renewed in July 2016 and is presently valid up until May 26, 2018,” he said.
Other reports released by the AIB included a 2008 Nigerian College of Aviation Technology plane crash involving a student pilot, which caused the pilot’s inability to maintain a directional control of the aircraft after touchdown; and the ground collision incident involving two aircraft belonging to Air Peace at the Murtala Muhammed Airport, Lagos in April.
“This is not an accident or a serious incident in accordance with Annex 13 ICAO. But in accordance with the Civil Aviation (Investigation of Air Accidents and Incidents) Regulations 2016 of the bureau, we decided to investigate this incident because of the safety lessons to be learnt,” he said.
Olateru said the agency had 22 pending accident reports to be released and that about 14 would be released within one year of his tenure in office which began January this year.
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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