Business
Air Peace takes delivery of new Embraer aircraft
- Airline boss laments delay, huge cost
Air Peace has increased its fleet of new aircraft with the delivery of Embraer E195-E2 aircraft to the airline at the Nnamdi Azikiwe International Airport, Abuja.
The aircraft 5N-BYG, named Nnenna Onyema, arrived at the airport by 1.55pm on Thursday and was received by the airline officials led by its Chairman of Air Peace, Chief Allen Onyema, and other key stakeholders with the usual water cannon salute.
Onyema however expressed disappointment at what it took to clear aircraft despite government signing into law the removal of Value Added Tax on importation of aircraft and spares.
Onyema, who thanked President Muhammadu Buhari for the gesture, said the Nigeria Customs Service was going contrary to the signed law.
He lamented that the delay and heavy cost on the airline to clear the aircraft, which it said was amassing debt in insurance and other overhead after it arrived.
He said, “I want to thank the minister of aviation for the revolution he has brought into the industry. I want to thank the President for removing VAT from the importation of aircraft; for removing custom duties from the importation of aircraft and removing VAT from ticket fares.
“This President has done very well for the aviation industry by signing into law these demands that we presented to him. He didn’t waste time. It shows that the President is desirous and ready to support indigenous investments in this country. This is something that we are very proud of.
“I plead with the Federal Government to talk to the Customs to try and feel the pulse of the President of this country and his regime. We must always do things that will reduce the name calling or bad-mouthing of a particular regime. The Customs know very well that waivers have been signed into law yet I have aircraft on the ground for over one month; aircraft I pay over one million dollars for insurance, whether it flies or not.
“I pay over N490 million with a staff strength of over 3,000 people; our spare parts and engines will come into this country and the Customs will keep on keeping them and giving us all manner of reasons and bills to pay, even though the President of the country in his wisdom has signed into law these waivers. It does not depend on the whims and caprices of anyone anymore.”
He said an engine which should be cleared in one day had taken over one month to clear, adding, “In the neighboring Republic of Benin, it takes 48 hours to clear goods.”
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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