NTM Stirs Aviation Stakeholders on the Need for Corporate Governance

As part of its contributions to deepening conversations on the challenges and development of the aviation sector, NigeriaTravelsMart, an online aviation and travel publication held yet another edition of her annual colloquium at Eko Hotels and Suites, Victoria Island, Lagos.

A collection of stakeholders and experts gathered to examine the theme: “Corporate Governance and Airline industry development in Nigeria.” with Ahmed Lawan Kuru, the Managing Director of Asset Management Corporation of Nigeria (AMCON) as the guest speaker.

Delivering his welcome speech, Mr Simon Tumba, the CEO / Publisher of NigeriaTravelsmart.com said, “Generally corporate governance in most private enterprise in Nigeria is weak, but the airline industry in Nigeria is worse.

“We believe it is a major contributory factor to the dwindling fortunes of the industry or its stunted growth, or lack of it.

“I strongly believe that we have the potential to have a very vibrant airline industry.

“ All we need amongst others is to be consistent in our policies, be more innovative and creative, with strong regards to corporate governance.”

Ahmed Kuru, Managing Director, AMCON, Speaking at the Colloquium, stressed that for any change to be effected in the corporate governance of the Airline, it must be regulatory-driven as self-regulation has not worked so far

“The aviation sector is a catalyst for the economic development of nations. It is a wheel that drives economic activities.

“It facilitates trade, tourism, boosts productivity in the economy, improves efficiency in the supply chain; it is an enabler for investments and can spur innovation.

“Critically, it is a source of quality employment. For these reasons, it is a strategic sector deserving of a careful plot to greatness if Nigeria is to occupy its rightful place in the comity of nations.”

In his presentation, the Vice President, pricing an revenue management Copa Airlines, Panama, Mr. Chris Amenechi examined the need for the airlines to hire the right executive management teams, best executives to remain in business.

Amenechi in his words said, “The industry needs investors, to hire the right management with a good compensation structure and a good financial plan that factors in growth strategy, deployment of information technology strategy, regulatory strategy as well as approved capital strategy.”

Other discussants at the event who shared their opinions on the issue facing the aviation industry includes Captain Dapo Olumide, Chief Executive Officer, Ropeways Transport Limited ; Lawrence Fubara Anga (SAN) , Partner , AELEX and Kolawole Ayeye, Chief Executive Officer , Growth and Development Asset Management (GDL).