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We’ll Beam Searchlight on Dana Air, Others – FG

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Dana Air
  • We’ll Beam Searchlight on Dana Air, Others – FG

The Federal Government has said that it will beam its searchlight on Dana Air and other airlines operating in the country to ensure that Nigerians travelling by air are safe.

The Minister of State for Aviation, Senator Hadi Sirika, made this known when he visited the scene of the incident involving a Dana Air plane at the Port Harcourt International Airport, Omagwa, Rivers State.

Sirika explained that the Federal Government, had through the Nigerian Civil Aviation Authority, increased oversight on all airlines, with particular attention on Dana.

He explained that the reason for the increased attention on Dana was because the airline had been in the news for bad reasons lately.

Though, the minister did not mention any of the reasons, he maintained that the Federal Government was taking the issues seriously.

“We have increased our oversight on all the airlines in the country with particular attention to Dana Air, having been in the news for bad reasons lately. So, we are taking it seriously; and since the first incident, the NCAA has been on the matter regarding Dana and other airlines,” Sirika stressed.

The minister, however, explained that investigation had begun with a view to ascertaining the cause of Tuesday’s incident, adding that the findings would be made public in accordance with the law.

He pointed out that Nigeria had been observing global best practices in the aviation sector, recalling that the country scored high in its recent rating by the International Civil Aviation Organisation.

Sirika stated, “All the standards and the recommended practices are regulated worldwide the same way; and Nigeria recently has done very well in aviation. We scored 96.4 per cent in security when ICAO did the safety audit of the country.

“For the first two airports were certified by ICAO; the two airports are in Lagos and Abuja. We are doing everything we can to certify all airports. Nigeria scored over 67 per cent last year on safety.

“We are on our way to ensuring that everything is perfect in the aviation industry. We want to assure the general public that whatever it will cost us to maintain this high standards and improve upon them, we will do it.”

The minister expressed dissatisfaction that whenever an accident happened, everybody would become an expert, adding that though people had the right to air their opinions, the best thing to do was to allow statutory agencies to carry out their investigations.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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NESBITT Acquires Peugeot Nigeria, Plans to Invest $150m in the Company

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NESBITT to Invest $150 Million in Peugeot Nigeria

Peugeot Automobile Nigeria (PAN) has been acquired by the NESBITT Investment Nigeria, according to the statement from NESBITT.

The new owner planned to invest $150 million into the company in the next three years to revamp the automobile company.

It said the $150 million would help retool and upgrade PAN’s assembly line and boost working capital.

Speaking on the acquisition, Ahmed Wadada-Aliyu, the new chairman of PAN, said the automobile manufacturer would be introducing new brands into the market to establish brand affordability in Nigeria.

PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.

“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”

“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”

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Pharmaceutical Industry M&A Activity Grew by 17% in H1 2020 amid 56% Drop in Deal Value

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Pharmaceutical Industry M&A Activity Rose by 17% in the First Half of 2020

According to the research data analyzed and published by ComprarAcciones, merger and acquisition (M&A) deal activity in the pharmaceutical sector rose by 17% in H1 2020, disregarding the economic toll of the global pandemic.

It saw a total of 41 deals during the period, but the Q2 2020 deal value total of $3.3 billion was the lowest quarterly total since Q1 2018.

According to PwC, the pharma subsector posted a drop of 56% in deal value from H2 2019 to H1 2020. For the PLS sector as a whole (pharma, biotech and medical devices), the decline in deal value was a massive 87.2% during the same period.

Pharma and Life Sciences (PLS) M&A Total Deal Value Sank from $272.9B to $35B YoY

The total deal value for the pharmaceutical subsector in H1 2019 was $100.1 billion. In contrast, its total deal value in H1 2020 was valued at $7.7 billion.

The PLS sector had a total of 99 deals valued at $35 billion in H1 2020. In H2 2019, the figures were higher, with 129 deals valued at $86.5 billion. H1 2019 was even bigger, with 119 deals valued at a remarkable $272.9 billion.

Meanwhile, for the healthcare industry as a whole, H2 2020 started off with 13 deals valued at $1 billion+ according to S&P Global.

On the other hand, based on a report from Global Data, the global M&A deal value started on a downtrend in Q1 2020. It went from $151.2 billion to $129.9 billion from February to March. Another study from S&P Global shows that the decline carried into Q2 2020, with a 35% drop in deal volume. Similarly, total transaction value dropped by 40%, the highest drop since 2015.

Comparing H1 2020 to H2 2019, the total deal volume sank by 32% year-over-year (YoY) from 10,155 deals to 6,938 according to Merger Market. Deal values sank by 53%, from $1.9 trillion to $901.6 billion during the same period.

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Lagos State to Support Businesses Looted by Hoodlums

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Lagos State to Support Businesses Vandalised and Looted by Hoodlums

Lagos State has announced plans to support businesses looted and vandalised by hoodlums last week.

The Deputy Governor of the stated, Obafemi Hamzat, made this known in a series of tweets put out on Friday.

He directed businesses vandalised in the state to fill a form attached through the link below.

“If you are a Lagos based business and your store got looted/vandalized this week, please fill this form by @LSETF https://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he tweeted.

This was after Governor Babajide Sanwo-Olu said the state had activated the process of healing the destruction and massacre that happened earlier in the week when security operatives in army uniforms opened fire on armless #EndSARS protesters.

Sanwo-Olu said, “My heart bled after I went out today for a first-hand assessment of the destruction of assets of the Government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me on May 29, 2019.

“Moving forward from the destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this, we are committed to bringing lasting peace back to the State.

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