Yemisi Izuora The International Air Transport Association (IATA), has revealed that African airlines posted largest year-on-year increase in demand for air cargo as global industry sees double-digit rise in air freight demand in July. Director-General of IATA, Alexandre de Junaic stated that there are signs that the cyclical growth period may be nearing a peak. He made the disclosure in an IATA released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), increased by 11.4 per cent in July 2017 compared to the same period a year ago. This was the fourth time in five…
Author: Orientalnews Staff
Yemisi Izuora Dana Air has recruited and trained more Nigerian Pilots in Johannesburg, South Africa and Madrid –Spain, as part of efforts towards contributing to the growth and development of the Nigerian aviation industry. The airline also introduced a Special Services Unit which consist of well-trained males and females to among other functions, attend to passengers with special needs, urgent complaints, update passengers on current promos and benefits of Dana Miles at the airports in Lagos, Abuja, Port Harcourt, Uyo and Owerri. According to the Accountable Manager of Dana Air, Mr. Obi Mbanuzuo, ‘Dana Air is committed to the growth…
Yemisi Izuora Ecobank Transnational Incorporated (ETI) said it has secured a $250 million loan which it intends to use to refinance maturing facilities. ETI said in a statement to the Nigerian Stock Exchange (NSE), that the loan deal has been completed. According to Ecobank, the facility is a five-year senior unsecured loan obtained from Deutsche Bank AG, a German global banking and financial services company. The statement by a member of ETI’s Group Communications, Mireille Bokpe-Anoumou, the Public Investment Company (PIC) of South Africa, one of the major institutional shareholders of ETI, is providing full credit support to Deutsche…
…As Naira Shows Further Appreciation Yemisi Izuora The Central Bank of Nigeria, in a more desperate move to stabilse the Naira has injected $250m into the various segments of the inter-bank foreign exchange market. In the latest intervention, the Retail Secondary Market Sales segment of the market received the highest intervention with a total of $100m, the Small and Medium Enterprises window received a boost of $80m while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, among others was allocated the sum of $70m to meet the demands of customers. Isaac Okorafor, spokesperson of the apex bank noted…
Yemisi Izuora The Securities and Exchange Commission has accepted request by Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017. This came after the Special Task Team constituted by SEC to review petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando, submitted an interim report, which cleared the oil major of the allegations. This was contained in a letter to the Group Chief Executive of Oando, Mr. Wale Tinubu dated August 31, 2017. In its interim report, SEC confirmed that it was unable to identify any material findings that would warrant the postponement…
Yemisi Izuora Experts in the oil sector have reacted to the news which indicated that Nigeria has finally crawled out of economic recession. Acting CEO of Proxima energy, Adedayo Ojo, said the relative stability in the exchange rate has improved investors confidence in the economy. Ojo told Oriental News Nigeria, that Nigeria’s oil and gas sector contributed immensely toward stabilizing the national economy. “First, the exemption by OPEC is a major factor, more importantly the deal made by government with government Joint Venture Partners on paying arrears of money owed has restored confidence and the International Oil Companies have…
Yemisi Izuora Global payments company Visa Inc., has appointed Oluwakemi Okunsanya as the new General Manager for West Africa. Oluwakemi joined Visa from MoneyGram International, where she was Head of Anglophone Africa. In her role, Oluwakemi will lead the team based in Lagos to drive core business growth in Nigeria, Gambia, Ghana, Liberia and Sierra Leone. She will be responsible for overall strategy in the region, including building long-term relationships with clients, regulators and other key stakeholders to drive the adoption of cashless payments. Speaking about the appointment, Andrew Torre, President, Visa Sub Saharan Africa said, “We are excited to welcome Oluwakemi to…
..As Nigeria Ranks Ranks 55 Of 89 In Industry Governance Management Yemisi Izuora A new international statistics has identified the oil, gas, and mining industry as the most corrupt sector on the planet According to Global Witness, The extractive sector has the most bribery cases, with 19 per cent of the total. The group has therefore challenged the sector to be transparent in its dealings especially in terms of revenues and awarding of contracts instead of money being siphoned into pockets of few. “The extractives sector has the most bribery cases, with 19% of the total. For Global Witness, this…
The Co-founder, Sustainability School Lagos and associate lecturer, Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, Dr. Olufemi Olarewaju, said the country did not have a future in oil anymore. According to him, one of the direct consequences is that there would be drastic reduction in the demand for crude oil. “We were worried that oil was going to finish, now we are sure that oil is going to remain in the ground. With the new aggressiveness of automobile manufacturers, there is going to be a sharp demand in battery storage. We will have sharp demand for…
….Says Banning Petrol Cars Not Feasible Now Yemisi Izuora Experts in environment issues are considering the potential of Nigeria to follow the pace at which other countries are advancing in addressing greenhouse gases emissions. They argued that though as part of measures to battle global warming, Nigeria, a signatory to the Paris treaty, may could consider a ban on petrol and diesel vehicles within the next decade, but doubted its switching capacity to other technologies being adopted by proponents of the initiative, like green vehicles that are not powered by petrol. President Muhammadu Buhari had signed the Paris agreement earlier…