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General News

Demonstration Flight Hours Cost Airlines N36m for AOC Acquisition

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Osita Chidoka,  Minister of Aviation
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Aviation experts in Finum Aviation Services have decried the estimated sum of N36 million spent by airlines in sponsorship for the fifty demonstration flight hours in the course of Air Operators Certificate (AOC) acquisition.

Aside that, experts at Finum believe that the process of (AOC) acquisition has and is perhaps still been seen as a task by those in the industry and by greenhorn investors from outside the sector.

Speaking at the 2nd memorial lecture in honour of Engr. Zakari Musa Haruna held at the NCAA annex, Lagos, Sheri Ayuba Kyari, managing director of Finum Aviation Services, said that the cost of fuel worked out by them shows that an average of Thirty Five or Thirty Six Million Naira is being expended by airline sponsors for the fifty demonstration flight hours in the course of AOC acquisition.

He said that FAS feel such sum can be reduced drastically to only five hours without passengers while ninety five hours can be done while carrying passengers.

According to him, this will reduce cost and the airlines can be made to use a large amount for the training of crew and engineers, et cetera.

To lead us in this task will be no other person than our amiable Guest Speaker, Mr. Gbenga Olowo, President, Sabre (WA), a man with a wealth of experience in airline management, marketing and economy.

He said, “This year, we are looking at the complex processes of acquiring the Nigerian Civil Aviation Authority (NCAA)’s Air Operators Certificate (AOC). The process has and is perhaps still been seen as a task by those in the industry and by greenhorn investors from outside the sector. Today we will all try to contribute to finding a middle of the road approach and open our industry for expansion in order to absorb the teaming young population dotting our airports in search of jobs.

“We at Finum will like to start by congratulating the Federal Government for proceeding with the award of contract for the construction of the second runway at the Nnamdi Azikiwe International Airport; Abuja almost thirty five years after the only run was commissioned. With the incident of the Saudi airline last year which caused the runway to be close for eighteen hours and the closing of the runway for maintenance this year clearly shows the need for that facility – second runway.

“The next facility that is of dire need today is a maintenance centre capable of handling all the commercial airliners in the country that require heavy maintenance. The absence of this asset is encouraging capital flight and this song has been sung for too long to the stage that the music is losing its flavor.

“We will however continue till sing it till the tune actually loses it meaning, if it will. This is a facility that can be taken up by private investors but the fear of policy inconsistency is the order of the day. Government therefore, must provide guarantee and assurances to investors either by getting involved or providing a conducive environment for investors.

“Our airports need to raise the level of security in view of the sporadic bombing of public places in the country. And since airports are also public places, we have a duty to use technology for surveillance of secured environments around the airports.

“Undoubtedly, we need to increase the level of security awareness and employ latest technology to scan the airports to keep air travelers, workers and infrastructures safe and secure.

“Unemployment of pilots, engineers and other cadre of aviation workers is still an issue and last year we were told over two hundred young pilots were without work and similar situation is befalling others. We need to open up the industry for more investors and give these young ones an opportunity to achieve their aspirations.

“All bottle necks for investors should be removed and allow serious investors whether domestic or foreign to buy into aviation. This will also pave way for more jobs and even consultants to thrive.

“Aviation professionals have indeed failed the industry by the continuous bickering without coming together to find a way for a smooth management of the industry. Whether those in employment or the retired ones. There is no document forwarded to any minster of aviation by the totality of industry professionals.

“A document that has the input of Air Traffic Controllers, Meteorologists, Cabin Crew, Engineers, etc., itemizing priority areas, rather it is individuals that send proposals and use polarizing sentiments such as ethnicity, religion or regionalism to direct whoever happens to be Minister or chief executive. We are Finum, pray that we will find a cause to unite and present a common position for the benefit of the industry and the nation.

“The last thing on our mind is the protracted case of the Nigeria Airways ex-workers. The professionals and the other highly placed persons in the industry have failed to support in the fight for them to have their pensions paid.

“This is unfair and we believe that it is time for all groups to act and assist these ex-workers to secure what belongs to them, not as a gift, but as a constitutionally and legally endowed right for being government workers”.


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General News

NCS to Launch Electronic System for Cash Declarations at Airports

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Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.

NCS to Launch Electronic System for Cash Declarations at Airports

Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.

“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.

Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”

He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.

Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.

To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.

The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.

 

 


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General News

Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria

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Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.

Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.

The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.

Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.

The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.

Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.

This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”

Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.

By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”

The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.

George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.

This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”

 


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General News

FG Halts Controversial FRC Dues amid Industry Outcry

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Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.

FG Halts Controversial FRC Dues amid Industry Outcry

Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.

The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.

The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.

At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.

Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”

She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.


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