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Aviation Fuel: ‘We Have Three Days Of Operation Left’ – Airline Operators Threaten Strike

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Barring any last-minute change, airline operators across the country may shut down operations in the next three days over the high cost of aviation fuel.

They argued that should the Federal Government refuse to intervene in the cost of aviation fuel, they would be withdrawing their services in the next 72 hours.

The operators hinted at the possible strike action during their resumed meeting with oil marketers, the regulators, and the House of Representatives leadership on Monday.

It was earlier reported that aviation fuel, also known as Jet A1, which sold for N190/liter and later N360/liter in January this year, rose to between N579 and N607/liter last week Tuesday.

Oil marketers, as well as airport officials, said the aviation fuel was sold for different prices across the nation’s airports.

Last week in Lagos, Jet A1 was sold for N579 per liter; Abuja N599, Port-Harcourt N599; and Kano N607. A few weeks ago, aviation fuel marketers had increased Jet A1 to about N450 per liter which forced the carriers to raise airfares by 100 percent.

But, speaking on Monday through the Vice President, Airline Operators of Nigeria, Chief Allen Onyeama, the operators said that with the current cost of fuel, they cannot sustain their operations.

Onyeama also condemned the marketers for refusing to disclose the actual amount they buy aviation fuel per liter.

Onyeama said, “I have the mandate of every airline in this country to announce to you that if they cannot come down from their rooftop, we have only three more days to be able to fly. We are not threatening this country. We have been subsidizing what we are doing.

“I will give you the rate as of today, (at) N630, N640, N650 (per liter). We have an aircraft going to Kano that has about 7000 liters of fuel on it. Multiply it by 630. The unit cost per seat already is about N70,000 per seat. You have not talked about the very static insurance and Nigerians pay a lot of insurance premiums because this country is stigmatized.”

He added, “You have to insure in London and other places abroad. It is a loss. All the insurance companies in Nigeria put together cannot even insure one aircraft. So, you have to go abroad to insure and they slam us with heavy premiums. What we use in ensuring one plane is what the legacy airlines of this world use in insuring about three planes. So, the Nigerian airline is dead on arrival.

“Yet, the fuel cost which was supposed to be about 30 to 40 percent (of operational costs) in every other clime in the world, in Nigeria it is about 70 percent even before this time (of scarcity). So, you can now see the mortality rate of airlines in this country and the causes.”

The Air Peace boss challenged the marketers to disclose the actual price of aviation fuel, saying, “They have refused to answer your simple question. Whether you got money from the CBN or from the black market, how much is the unit cost of your acquisition so that we know if the airlines are cheating you or you are cheating the airlines, or if you have formed a cartel to increase your prices overnight.”

Onyeama stated, “From what is happening if we continue this way, the last ticket you will expect from airlines will be about N120,000 for Economy (Class). And we don’t want to do that because it will not help the ordinary man.

“I have the mandate of airways to inform the House that we are now demanding that we should be given a license to import this fuel. If we can buy jets that cost about $80m, we can afford to import this fuel. Let NNPC give us the right to import fuel and we will not complain to you.”

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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