Connect with us

BIG STORY

Foreign Airlines Plan Meeting With FG Over Trapped Funds

Published

on

International Air Transport Association (IATA), the Switzerland-based global airline body, on Sunday warned that rapidly rising levels of blocked funds were a threat to airline connectivity in Nigeria and some affected countries.

IATA disclosed that the industry’s blocked funds had increased by 47 percent to $2.27bon in April 2023 from $1.55bn in April 2022.

“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation,” IATA’s Director General, Willie Walsh, said.

According to the global airline body, the top five countries account for 68 per cent of blocked funds. These comprise Nigeria ($812.2m), Bangladesh ($214.1m), Algeria ($196.3m), Pakistan ($188.2m), and Lebanon ($141.2m).

IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate these funds arising from the sale of tickets, cargo space, and other activities.

Speaking at the 79th Annual General Meeting and World Air Transport Summit in Istanbul on Sunday, the Regional Vice President, Africa and Middle East, IATA, Kamil Alawadhi, had risen to $812m as of April 2023.

He said IATA was making headway with the Nigerian government on the repatriation of blocked funds until December last year when preparations for the general polls stalled the process. This, he said had led to a significant increase in blocked funds in the country.

He said with the inauguration of the Bola Tinubu-led government, the global airline body will meet with representatives of the new administration with a view to clearing the backlog of blocked funds.

Alawadhi said he expects the new government to clear 50 per cent of the trapped funds immediately and then put in place machinery to clear the remaining 50 percent in a couple of months.

According to the IATA VP, airlines blocked funds have led to a negative perception of Nigeria in the global investment community, a situation that has made many investors shun the country.

The sad development, he said, had also led to high ticket prices in Nigeria.

“Every penny counts, airlines have been affected by the pandemic. Airlines need their funds to run their operations smoothly. We will engage the new government in Nigeria to get the blocked funds repatriated as quickly as possible,” he said.

“This situation means that airlines are increasingly unable to repatriate their commercial revenues from the affected markets, thereby making it challenging for them to continue providing the critical connectivity that drives economic activity and job creation worldwide,”

According to Alawadhi, Africa accounts for 18 per cent of the global population, but just 2.1 per cent of air transport. As such, he said IATA was focusing on closing this gap.

IATA intends to achieve this by improving on air safety, aviation infrastructure, air connectivity, finance and distribution, sustainability, and future skills.

Meanwhile, Walsh reiterated the point and urged governments to collaborate with industry players to address this unfolding crisis over trapped funds.

The IATA DG said, “Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.”

BIG STORY

Italian Bags 24 Years Jail Term For Beating Physically Challenged Nigerian To Death

Published

on

Filippo Ferlazzo, the Italian who beat Italy-based Nigerian man Alika Ogorchukwu to death in July 2022, has been sentenced to 24 years in prison.

The 39-year-old Nigerian who was beaten to death in the Italian city of Civitanova Marche in the Marche Region in the Province of Macerata has finally received justice.

Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NIDCOM), made the announcement in a statement signed by NIDCOM spokesperson Gabriel Odu on Thursday.

Dabiri-Erewa who expressed satisfaction over the justice meted out to Ferlazzo commended the Nigerian Mission in Rome for following through with the case and other cases involving Nigerians.

“I am glad that this case finally got justice. Like I always say, there has to be consequences for actions”.

The NIDCOM boss also urged Nigerians in the diaspora to remain law-abiding, excel in what they do, and never forget home by giving back to their homeland.

She also exhorted Nigerians living abroad to uphold the law, be the best at what they do, and never forget their roots by supporting their home country.

According to the Italian police, Ogorchukwu was assaulted while strolling in broad daylight, after the Nigerian asked Ferlazzo’s fiancée to buy him a handkerchief.

With the use of Ogorchukwu’s crutches, the attacker battered the victim to death in front of multiple witnesses, some of whom made videos on their smartphones.

On July 30, 2022, Ferlazzo was detained and arrested on charges of having murdered Ogorchukwu and having stolen Ogorchukwu’s phone.

Continue Reading

BIG STORY

Lagos Government Implements Total Ban On Street Trading, Hawking To Improve Safety And Sanitation

Published

on

In a bid to create a cleaner, safer, and healthier environment, the Lagos State government, under the auspices of the Ministry of Environment and Water Resources, has implemented a comprehensive ban on street trading, hawking, and related illegal activities.

This landmark decision aims to address the rising concerns over public safety, traffic congestion, and the preservation of vital infrastructure.

Led by the dynamic Commissioner for Environment, Mr. Tokunbo Wahab, the state government has assigned the Lagos State Environmental Sanitation Corps (commonly known as KAI) with the responsibility of ensuring strict compliance with the newly enforced environmental sanitation laws.

One of the primary reasons driving this ban is the need to curb the nefarious activities of hawkers who have increasingly resorted to disguising themselves as vendors while preying on unsuspecting motorists. These incidents of theft and robbery have not only threatened the safety of commuters but have also contributed to the disruption of traffic flow on major highways and streets.

Governor Babajide Sanwo-Olu’s administration, with its T.H.E.M.E Plus Agenda, is exhibiting a zero-tolerance approach towards street trading, hawking, and other illicit practices. By intensifying efforts to enforce these regulations, the government aims to foster a more conducive and orderly business environment while addressing the concerns of the general public.

The ban extends to the construction of illegal structures on drainage systems, as they pose significant risks to the local water management infrastructure. Additionally, the prohibition encompasses the display of wares on walkways, a practice that not only obstructs pedestrian movement but also contributes to unsightly and cluttered public spaces.

Citizens and traders are urged to cooperate fully with the Lagos State Environmental Sanitation Corps, adhering to the newly implemented regulations in order to promote a more organized and hygienic society. The government’s commitment to ensuring the health and safety of its residents remains resolute, and these measures signify a significant step towards achieving that goal.

As the Lagos State government takes proactive steps towards creating a cleaner, safer, and more sustainable urban environment, the hope is that this ban will not only elevate the quality of life for all residents but also serve as a model for other regions to follow suit.

Continue Reading

BIG STORY

Marketers Urge Federal Government To Address Rising Gas Prices

Published

on

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has urged the Federal Government to develop measures to keep gas prices stable and make it available to ordinary Nigerians.

The NALPGAM National President, Abideen Olatunbosun, made this plea during the association’s 36th annual general meeting/conference on Tuesday in Ibadan, Oyo State, with the theme “Expanding gas utilisation beyond imagination.”

He added that if nothing was done to stop the price growth, petrol will soon become a commodity for the few wealthy.

Olatunbosun said, “It is very vital for me to say that the galloping hike in the price of gas in recent times stands as a big challenge to LPG marketers. The government need to find ways to ensure the stability of gas price as well as make gas available to the common Nigerians. If nothing is done to the increase in price, gas will soon be a commodity for the few rich in our society.”

“As a country, we need to improve on our gas utilisation level. If we adopt gas, it will save our forest, improve quality of our lifestyle and the economy will grow. The hike in price of gas is a concern to all.”

In his lecture, the Guest Speaker, Prof Sunday Isehunwa of the Department of Petroluem Engineering, Faculty of Technology, University of Ibadan, identified changes in demand, changes in supply, natural gas production and consumption, changes in price and electricity pricing as some challenges facing LPG market in the country.

Continue Reading

Most Popular