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Trapped Funds CBN Announces Release Of $265m To Airlines

Trapped Funds: CBN Announces Release Of $265m To Airlines

August 27, 2022 5:04 am

The Central Bank of Nigeria (CBN) has announced the release of about sum of $265 million to airlines operating in the country to settle outstanding ticket sales in an apparent move to check a brewing crisis in the country’s aviation sector.

According to details obtained by Africa Daily News, New York, the breakdown of the figure released on Friday indicates that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said …

Nigeria Withholding $450m Belonging To Foreign Airlines -IATA

Nigeria Withholding $450m Belonging To Foreign Airlines -IATA

June 21, 2022 5:40 am

The International Air Transport Association (IATA) has revealed that Nigeria is holding back about $450 million in revenue earned by foreign airlines operating in the country.

Vice President for Africa and the Middle East, IATA, Kamil Al Awadhi, made the remark yesterday at the opening of its 78th annual general meeting and world air transport summit in Doha, Qatar.

‘A financially viable air transport sector supports jobs and must be a driving force for Africa and the Middle East economic recovery from COVID-19,’ Al Awadhi said.

Read Also: Federal Govt Moves To Sanction Airlines Over Flight Delays

‘A priority …

Nigerian Airlines May Shut Down In 3 Days, Onyema Warns

Nigerian Airlines May Shut Down In 3 Days, Onyema Warns

March 14, 2022 1:46 pm

Nigerian Airline operators have called on the federal government to grant them an operational license to enable them begin the importation of fuel, following the recent fuel scarcity across the country.

Speaking on Monday, the Chairman of Airpeace, Allen Onyema warned that Airlines in the country would shut down operations over the non-availability of Aviation fuel to run their operations.

‘We have only three more days, all airlines in Nigeria will shut down. We are not threatening this country, it is a fact’, Onyema said.

The Airpeace boss on Monday held spoke at a meeting of oil marketers and …

Airlines Give Reason For Increase In Flight Tickets

Airlines Give Reason For Increase In Flight Tickets

December 7, 2020 3:54 pm

Some local airlines in Nigerian at the Nnamdi Azikiwe International Airport (NAIA), Abuja have given reasons for the upsurge in fares to the current exchange rate.

The airlines, speaking with Newsmen said the current exchange rate is to blame for the increase adding that a dollar that was ₦365 recently had gone up to ₦480/₦500.

Max Air Station Manager, Mr Kehinde Ogunyale, said the impute to aviation industry was mostly based on dollar as parts of the craft could only be obtained from abroad.

‘The fare actually went up. From Abuja to Lagos last week, highest fare was 35,300 (Economy

…
Rolls Royce Set To Trim Staff

Rolls Royce Set To Trim Staff

May 2, 2020 6:27 am

British aero-engine maker Rolls Royce Holdings is considering cutting up to 15% of its workforce, as customers cut production and airlines park planes due to the coronavirus pandemic.

The size of layoffs has been mentioned internally by senior management, but is by no means finalised and there is a lot of negotiation still to be done, the source added.

Read Also: Rolls-Royce Completes Black Badge Family With Cullinan

The company’s engines power Airbus SE and Boeing Co’s wide-body jets and Rolls-Royce is paid by airlines based on how many hours its engines fly.

The Financial Times earlier reported Rolls-Royce was …

Ethiopian Airlines To Fly Directly To Houston From Nigeria

January 5, 2020 2:17 pm

Firiehiwot Mekonnen is the General Manager of Ethiopian Airlines in Nigeria. The airline made history recently when it launched its direct flight from Africa to Houston, Texas, United States. Mekonneh in this interview tells Funke Olaode about the airline’s vision and mission as it continues to break more boundaries

Congratulations on Ethiopian Airline’s recent achievement. What are the strategies deployed to keep this route alive as some airlines open a route and after some time shut it down?

As a company, the management is working tirelessly to continue to consolidate on its service of excellence that we are known for. …

Boeing To Compensate Turkish Airlines

January 3, 2020 8:51 am

Turkish Airlines has reached an agreement with Boeing over compensation for the financial impact relating to the grounding of the 737 Max. Flight Global reported that the carrier was intending to introduce 75 Max jets to its fleet, comprising 65 Max 8s and 10 of the larger Max 9. But while it has received 12 of the re-engined aircraft, deliveries had been held up by the worldwide grounding of the type in March.

Turkish Airlines has revealed that it, “came to an agreement” with Boeing concerning, “compensation for certain losses” caused by the grounding as well as the non-delivery of …

Foreign Airlines Impose Heavy Charges On Excess Luggage

December 27, 2019 8:12 am

In-bound Nigerian air travelers returning home to celebrate the yuletide with their loved ones are having difficulty in travelling with their luggage, as foreign airline now imposes outrageous charges on excess luggage and also delay connecting flight time with passengers that have many bags.

THISDAY learnt that passengers with many bags above the accepted kilogrammes by airlines are asked to delay their connecting flights to between three to four hours so that the airlines would be able to transfer the luggage to the flights that would bring them to the airlines’ operational hubs where they would connect their last flight …

Lawyer Sues Dana Airlines Over 11-Hour Flight Delay

December 19, 2019 10:10 am

 

A legal practitioner, Babajide Idowu, has filed a lawsuit at the Federal High Court in Lagos against Dana Airlines Limited for allegedly delaying his flight for over 11 hours without adequate notification.

Idowu, in a writ of summons dated November 28, 2019, accused the defendant of breaching the contract of carriage between it and the plaintiff “when it failed to convey the plaintiff on the time scheduled for Flight No. 9J-356 on the 5th July, 2018 and delayed the flight for about 12 hours.”

Read Also: District Head Kidnapped In Kaduna

Idowu is urging the court to compel

…
American Airlines Earnings Rise Despite Boeing MAX Hit

American Airlines Earnings Rise Despite Boeing MAX Hit

October 24, 2019 10:38 am

American Airlines rode strong demand for flying in the travelling public to higher earnings Thursday despite mounting costs connected to the prolonged grounding of the Boeing 737 MAX.

Fuller flights amid a good consumer environment enabled American’s profits to soar 14.2 percent higher in third-quarter to $425 million. Revenues increased three percent to $11.9 billion.

Chief Executive Doug Parker said he was pleased with the earnings growth, but conceded that “our results should have been better.”

Parker cited the hit from the MAX grounding — in the wake of two tragic crashes — as well as ongoing operational challenges tied …

Travelstart Launches Cabo Verde Airlines to Nigeria Market

Travelstart Launches Cabo Verde Airlines to Nigeria Market

October 14, 2019 3:03 pm

A new airline, Cabo Verde Airlines, is set to arrive on the tarmac of Nigeria. The airline, which is the national carrier of Cape Verde, will fly from Praia and land in Lagos as from December 10, 2019.

Cape Verde is a visa-free destination but had previously proven difficult for Nigerians to fly too. A four-hour distance from Lagos, flight times before the entrant of the new airline, could be as long as 20+ hours.

A statement by Travelstart Nigeria quoted its Country Manager, Philip Akesson, as saying: “We are so excited to facilitate the launch of the Airlines …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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