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LADOL Part Ways With SHI, Alleges Serial Contract Breaches By Korean-Based Ship Building Yard

The Lagos Deep Offshore Logistics (LADOL) has terminated its sublease contract agreement with Samsung Heavy Industries (SHI) following alleged “repeated uncautionable negative activities” and breaches of due processes by the multinational ship builders. The foremost Nigerian indigenous oil and gas service provider based in Apapa, Lagos, was local content partner …

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Airbus, Boeing Make Annual Workforce Predictions

Workforce projections by Boeing and Airbus see greatest growth—and need—in Asia-Pacific and North America.  754,000: That is the number of new maintenance technicians The Boeing Co. predicts will be required to maintain the commercial, business aviation and helicopter fleets over the next 20 years. The Asia-Pacific region will have the …

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NSE: Trading Resumes on Downward Trend, Index Depreciates By 0.03%

….As Nigeria automotive signs MOU with Volkswagen Group to boost industry*** Equity transactions on the Nigerian Stock Exchange (NSE) resumed on Monday on a negative note with market indices dropping marginally by 0.03 per cent. Reports say that the market capitalisation shed N4 billion or 0.03 per cent to close …

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Basil Agboarumi, is now SAHCOL MD

SKYWAY Aviation Handling Company Limited (SAHCOL) has appointed Mr. Basil Agboarumi as the company’s new Managing Director (MD) and Chief Executive Officer (CEO). His appointment as substantive MD/CEO was announced in a letter to him having served in an Acting capacity for the past six months. Similarly, the company has …

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TSC: NCAA Rakes in $16.98m, N9.16bn from Int’l, Domestic Airlines in 8 Months

The Nigeria Civil Aviation Authority (NCAA), has recorded over $16.98 million as Ticket Sales Charge (TSC) from international and over N9.16 billion from local airlines between the months of January to August this year through its automation system. It is expected that the amount to be collected by the NCAA …

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MTN Denies Claim on Illegal Repatriation of $8.1B by CBN

MTN Nigeria has refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors. The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and …

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CBN Sanctions 4 Banks, Standard Chartered, Stanbic, Citibank, Diamond Bank Affected

…writes MTN to refund $8 billion ABUJA The Central Bank of Nigeria (CBN) says it has imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview and asked same to refund the sum of $8,134,312,397.63 for what it described as flagrant violation of extant laws and regulations …

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IATA: Moderate Freight growth continues in July 2018, Up by 2.1%

The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), rose 2.1% in July 2018, compared to the same period the year before. This was the slowest pace of growth seen since May 2016 and well below the …

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Fraudulent Ticketing: NCAA Cautions Travelers Against Unregistered Travel Agencies

In a bid to curb the incessant trend of fraudulent ticketing practices by unregistered travel agencies, the Nigerian Civil Aviation Authority (NCAA) has drawn the attention of the traveling public and advised all intending travelers to stop patronizing perpetrators of the unlawful operations in the industry. NCAA gave the warning …

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CBN Queries UBA Over 1.5Billion Anchor Borrowers Loan Disbursement

The United Bank of Africa, UBA has been queried by the Central Bank of Nigeria (CBN) over the disbursement of N1.5 billion to 6000 farmers in Sokoto state under the Anchor Borrowers Programme of the apex bank meant to assist in rice production. In a letter dated August 2, 2018, …

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