The Directorate of Consumer Protection (DCP) of the Nigerian Civil Aviation Authority (NCAA) has resolved 55,000 complaints in almost two years. But some of the complaints were roll over cases from the previous years which were eventually resolved alongside subsequent ones. Fan Ndubuoke general manager public affairs of the agency in a statement in Lagos said in 2013, a total number of 15,839 complaints were received from 13,954 International airlines operations and from the Domestic airlines 382 from 65,368 operations. While, between January and September 2014 there was a drastic reduction in complaints as the Authority received 5,578 from 11,683…
Author: orientalnewsng
The Naira fell to an all time low against the dollar at the interbank and parallel exchange markets despite measures announced by the Central Bank of Nigeria (CBN). At the interbank market, the Naira lost another 160 kobo against the dollar as the interbank rate rose to an all time high of N178.70 per dollar. Consequently, the naira depreciated by N13.05 or 7.87 percent against the dollar in November. Mr. Godwin Emefiele, CBN governor Similarly at the parallel market, the Naira lost N17 against the British Pounds Sterling, as N190 exchanged for one pound as at the end of Friday…
By Stephen Gerard-Abuja The federal government has disclosed that It spent N500 billion to pay off workers of defunct Power Holding Company of Nigeria (PHCN) so as to allow the electricity sector privatisation run its full course. The Minister of Power, Chinedu Nebo, who gave details on how proceeds from the power privatisation exercise was spent, explained that the money was utilised in debt settlement and severance benefits of workers in the power sector to ensure that the privatisation took place last year. Government in 2013 earned about $2.6 billion (N442, 000,000,000) from the privatisation of PHCN successor companies. The…
By Yemisi Izuora-Lagos France-based AXA has signed an agreement to acquire 100 percent stake in Assur Africa Holdings (AAH), for around EUR198m. AAH owns 77 percent interest in the Nigeria-based composite insurance company Mansard Insurance, which carries out operations in both property and casualty and Life & Savings sectors. AXA deputy chief executive officer (CEO) Denis Duverne said: “This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market. “AXA will benefit locally from the knowledge of an experienced…
Some developments in the domestic and global economy are causing bank stocks to lose their attraction, it has been gathered. Weighed down by issues such as the previous hike in Cash Reserve Ratio of public and private sector deposits, the recent devaluation of the naira and increase of the Monetary Policy Rate, the ability of banks to make impressive returns is increasingly being questioned. As of Friday, the Nigerian Stock Exchange Banking Index, which comprises the 10 most capitalised and liquid companies in the banking sector, had a year-to-date return of -18.24. It has been engaged in a tussle with…
By Yemisi Izuora-Lagos Our ATR 72 aircraft with registration mark 5N-BPG and flight number OLA 1186 departed Nnamdi Azikiwe Airport Abuja to llorin Airport at 1543hrs with 59 passengers and 4 crew on board. It was a normal flight to Ilorin and standard procedures of flight were followed. The aircraft landed safely at Ilorin Airport at 1645hrs as scheduled and decelerated to a low speed, and in turning off the active runway, veered off the pavement. At the directive of the Pilot In Command, our cabin crew calmly evacuated all the 59 passengers safely and they were moved to the…
The Association of Registered Insurance Agents of Nigeria (ARIAN) has said it will focus on growing micro insurance in Nigeria. ARIAN noted it will also partner with other industry experts on the development of micro-insurance in the country. The micro insurance market in Nigeria is valued in excess of N500 billion. The President (ARIAN) Mr. Gbadebo Olamerun, said this is the reason its forth coming annual conference is focusing on micro insurance in Nigeria. The conference has the theme, ‘Micro-insurance in Nigeria: the role of an agent as the primeval distribution channel’. He stated that the renewed focus on micro-insurance…
French insurer AXA Group has completed the acquisition of Assur Africa Holding, a company that holds a 77 percent stake in Nigeria’s fourth largest insurer, Mansard Insurance. The acquisition automatically grants AXA access into Africa’s largest economy and one of the continent’s biggest insurance markets. Nigeria’s insurance market is the third largest in Africa with Gross Written Premium (GWP) of N313 billion ($1.76 billion) as at 2013. It is made up of 75 percent Property and Casualty insurance, and 25 percent Life premiums. “This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions…
The Nigeria Civil Aviation Authority (NCAA) has confirmed a near accident involving an Overland flight 1186, an ATR 72 aircraft with Registration number 5N-BPG from Abuja airport to Ilorin. The Aircraft was carrying fifty nine (59) passengers and four crews and veered off the runway at low speed after a normal landing at the Ilorin Airport. According to Frank Ndubuoke general manager public affairs of NCAA the incident which occurred yesterday (Saturday) 29th November at 4.45pm recorded no casualty. He said, the Accident Investigation and Prevention Bureau (AIPB) have launched an investigation into the cause of the incident. The authority…