Dana Air lays off workers amid govt audit

Dana Air has sacked some of its workers amid an operational audit being conducted and by the Nigerian regulatory authorities.

Dana disclosed this through its head of corporate communications, Kingsley Ezenwa, in a statement on Saturday, May 11.

The audit coming after some incidents is to ensure the airline complies with necessary standards and regulations.

Ezenwa stated, “In light of the ongoing audit, Dana Air has made the decision to temporarily disengage some staff members pending the conclusion of the audit.

“This decision has been made to ensure efficient management of resources and to facilitate a thorough review of operational procedures.”

He said the management appreciated the sacked workers’ resilience and dedication and recognised the difficulties they had faced.

Ezenwa also said that the airline pledged to provide updates and support for its staff members throughout the audit process.

He said the airline had commenced talks with lessors and was engaging stakeholders on the progress made so far.

“Dana Air therefore urges for calm and understanding from our very dedicated staff for their altruism,” he added.

The Nigeria Civil Aviation Authority (NCAA) recently suspended the Air Operator Certificate (AOC) of Dana Air after one of its aircraft skidded off the runway at the Murtala Muhammed Airport, Lagos State.

Naira becomes worst performing currency in one month – Report

As outlined in a recent Bloomberg report, the

The Nigerian currency, naira, has experienced a significant downturn, moving from being the best performing to the worst performing in the last one month.

This contrasts with its commendable performance in the previous month, placing added pressure on the Central Bank of Nigeria (CBN) to consider further interest rate adjustments.

The naira’s depreciation to 1,466.31 against the dollar, its weakest level since March 20, is primarily attributed to the scarcity of US currency in the local market, with only $84 million available on Thursday, representing half of the previous day’s supply.

CBN Governor Yemi Cardoso had previously lauded the Naira as the world’s best-performing currency as of April 2024. However, challenges arose in March, with the Naira plummeting to N1,600/$1 on the official market and N1,800/$1 on the parallel market.

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Cardoso attributed this achievement to foreign exchange market reforms and positive sentiment from leading international investment institutions. Nonetheless, Razia Khan, Chief Economist for Africa and the Middle East at Standard Chartered, estimates that the maturity of $1.3 billion in Naira futures by the end of this month may increase demand for dollars, impacting market sentiment.

This decline in the naira’s performance is anticipated to escalate pressure on the CBN to implement another rate hike following its upcoming policy meeting on May 21.

The CBN had raised rates by 600 basis points in February and March, aiding the Naira’s rebound from its March low.

The weakening of the naira extends to the unofficial market, where it depreciated by 0.9% to 1,468 Naira against the dollar on Friday. According to Abubakar Muhammed, CEO of Forward Marketing Bureau de Change Ltd, this decline is attributed to heightened demand from individuals and small businesses.

Interestingly, two other African currencies, the Zambian kwacha and Ghana’s cedi, rank among the four worst-performing currencies in the last month. The Zambian kwacha reached a record low against the dollar on Friday, while Ghana’s cedi weakened to its lowest level since 2022, reflecting ongoing debt restructuring processes in both countries.

Naira becomes worst performing currency in one month – Report

10th Transport Day event to focus on safety issues

Transport industry experts and other stakeholders from both public and private sectors will x-ray safety issues across all modes of transportation at the 10th edition of the Nigeria Transport Lecture holding in Lagos on May 23, 2024.

The event fixed for Radisson Blu Hotel, Ikeja GRA, Lagos, according to a statement by Transport Day Media, will hold under the theme ‘Transportation Safety in Nigeria: The Way Forward’.

Those expected at the lecture are key industry players such as the Federal Road Safety Corps (FRSC), the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council, and the Nigeria Safety Investigation Bureau (NSIB).

The Editor-in-Chief of Transport Day Media, Mr. Frank Kintum, said the topic had become relevant in contemporary times because many lives and property were being lost to lack of adherence to safety measures in all modes of transportation.

He said, “Irrespective of the level of infrastructural development in the transportation sector, if safety is not promoted, we are going to continue to record loss of lives and valuable property.

“Hence, the lecture is meant to address pertinent issues concerning the industry as it concerns our local Nigerian setting.

“Aside from the lecture, we are also going to use the opportunity to recognise some players, both public and private sectors, who have significantly contributed to the growth of the sector and the economy in general.”