News
NCAA Suspends Dana Air Operations Indefinitely
The Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines’ Air Transport Licence (ATL) and Air Operator Certificate (AOC), indefinitely.
Captain Musa Nuhu, director-general, NCAA, who announced this in a statement on Wednesday, stated that the suspension of the operations of the airlines would take effect from midnight of July 20.
“The suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015,” Nuhu said.
According to him, the suspension order has since been communicated to the management of Dana Airlines.
The NCAA chief explained that the decision was the outcome of a financial and economic health audit carried out on the airline by the Authority, and the findings of an investigation conducted on the airline’s flight operations recently, which revealed that Dana Airlines was no longer in a position to meet its financial obligations and to conduct safe flight operations.
“The NCAA acknowledges the negative effect this pre-emptive decision will have on the airline’s passengers and the travelling public and seeks their understanding, as the safety of flight operations takes priority over all other considerations,” the statement added.
Dwindling Options For Passengers
The suspension of Dana Air operations adds to the woes and challenges bedevilling the aviation industry.
On Monday, Aero Contractors announced the temporary suspension of its “scheduled passenger services operations”.
The conditions of Aero’s decision, however, had nothing to do with regulatory action by the NCAA.
Aero contractors explained in a statement that its decision was “due to the impact of the challenging operating environment” on the airline’s daily operations. The suspension took effect on Wednesday.
“This does not in any way affect the Maintenance activities of the Approved Maintenance Organisation (AMO) otherwise known as AeroMRO, the Approved Training Organisation (ATO) also known as Aero Training School, the Helicopter and Charter Services operations,” the airline said.
The airline acknowledged the inconvenience the move might cause.
“We sincerely apologise for any inconvenience caused to our esteemed customers and promise to return to service as soon as possible,” it said.
Airlines in the country have battled challenges in recent times, mainly as a result of the upsurge in the price of aviation fuel and other issues. The challenges which had led airlines to threaten to shut down operations and interventions by the government have remained in place leading to the latest announcement by Aero.
The management reflected this in its statement, stressing that the suspension of passenger operations was a tough decision.
It said, “This decision was carefully considered and taken due to the fact that most of our aircraft are currently undergoing Maintenance, resulting in our inability to offer a seamless and efficient service to our esteemed customers.
“We are working to bring these aircraft back to service in the next few weeks, so we can continue to offer our passengers the safe, efficient, and reliable services that Aero Contractors is known for, which is the hallmark of Aero Contractors Company of Nig. Ltd.”
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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