(Bloomberg) -- An airline established by Ethiopian Airlines Group in partnership with institutional investors and the Nigerian government plans to start operations in the West African nation as early as October.
The airline, named Nigeria Air, will start with a combination of two wide-bodied planes and six narrow-bodied aircraft, Mesfin Tasew, chief executive officer of Ethiopian Airlines said in an interview with Bloomberg TV.
The proposed carrier will give Ethiopian Airlines, the continent’s biggest, a foothold in Africa’s most populous country, where about 23 domestic airlines compete for influence. Previous government attempts to start a flag carrier have failed.
The Nigerian government will own 5% in Nigeria Air. Ethiopian Airlines will control 49% stake of the new company, while the remaining will be held by Nigerian institutional investors including MRS Oil Nigeria Plc, two companies in the aviation sector, “a big financial institution” among others, said Zemedeneh Negatu, global chairman of Fairfax Africa Fund LLC, which is helping the investors raise funds.
Negatu declined to name the investors. Nigeria’s government won’t pay cash for its stake, he said.
Carriers in the nation have struggled to stay viable. They have been plagued by lack of access to foreign exchange, high cost of aviation fuel and multiple taxation regimes. Only Air Peace, the nation’s biggest carrier, flies overseas.
Erstwhile flag carrier Nigeria Airways stopped operations in 2003 and was liquidated. A partnership with Virgin Atlantic Airways Ltd. to start an airline a year later collapsed after the UK-based company withdrew from the partnership over disagreements with the Nigerian government.
Operating an airline in Nigeria is “not a simple task. It will be a big challenge,” Tasew said, adding that it has $82 million of funds it needs to repatriate from the country. “We have people who know the business culture of Nigeria. We believe we can manage and develop the airline.”
Ethiopian Airlines won a bid to start Nigeria Air’s operations in September 2022, but has faced resistance including a legal challenge from local rivals, which claim that it has been handed an undue advantage by the government, which could cripple their businesses.
Ethiopian, with the largest aircraft fleet in Africa, will leverage its 60 years of operational experience to help Nigeria Air lease planes at cheaper rates, Fairfax’s Negatu said. The airline will also provide $400 million in guarantees to lessors for the acquisition of aircraft for Nigeria Air, he said.
Nigeria Air will start flying 15 domestic routes and then expand to West African cities as well as international routes including London, New York, and Shanghai.
Washington DC-based Fairfax has raised $250 million in equity financing for the airline and is considering whether to accept another $50 million from “two large institutional investors,” he said.
C2Ok: Hello my people, I have this Tablet, Galaxy Tab E 9.6 (SM-T561), the problem I have with the tablet is the android version, it’s currently running on Android 4.4.4 KitKat, can an official custom rom of android 7.0 Nougat from Samsung be flashed into the tablet?
A custom ROM is your best bet.
DotOS running on Android 7.1.2 is highly recommended.
Ebubu3: please this is the reason why we’re grappling with high cost of living in Nigeria. This was only in few states and how many states have we?
There should be AT LEAST, if e too small, one CNG conversion centre in each state of the federation by now before fuel subsidy’s removal is implemented.
But here we are.
PMS subsidy was partly responsible for investor and stakeholder apathy.
Petroleum marketers are currently jostling for access to the N250 billion intervention fund for the National Gas Expansion Programme (NGEP) following recent petroleum subsidy removal.
To this end, industry operators are looking forward to a pleasant operating environment which subsidy on petrol had not allowed over the decades.
Key investors are considering major investment decisions in the Compressed Natural Gas(CNG) space which they see as viable alternative to petrol. following exit of subsidy regime by President Bola Tinubu.
According to LEADERSHIP findings, some companies are about making fresh investments, specifically keying into the federal government’s gas expansion initiative.
LEADERSHIP gathered that NIPCO Plc has spent well over $100 million in gas infrastructure development which has resulted in key projects like pipeline construction, inauguration of over 12 CNG stations providing gas to motorists.
Ebubu3: Why were these policies and modalities not set into motion by Buhari since 2021 so that by 2022 or early 2023, we will be reliant on CNG then fuel subsidy can be removed.
December 1 2020 The Federal Government has rolled out an autogas programme called the National Gas Expansion Programme.
The programme involves the conversion of fuel-powered cars, generators from petrol to gas. It is aimed at deepening domestic usage of netural gas in its various forms.
The programme is expected to extend operations to all states of the Federation.
It is also in line with the Federal Government’s plan to make gas the first choice source of cheaper and cleaner energy.
While the event is holding in Lugbe, Abuja, President Muhammadu Buhari is attending virtually from the presidential villa.
Other dignitaries at the event include the Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari; the Minister of State for Petroleum, Timipre Sylva.
The Minister of State for Petroleum at the event handed over CNG-powered mass transport buses to the Nigeria Labour (NLC).
The Federal Government Autogas program is expected to deliver at least one million vehicle conversions by the end of 2021.
Vixlot: Philip Shaibu, Edo Deputy Gov Wants Court to Halt Impeachment Against Him
Edo State Deputy Governor, Philip Shaibu, has approached the Federal High Court in Abuja seeking protection from possible impeachment and removal from office by his principal, Governor Godwin Obaseki.
In the motion of notice filed before the court, Shaibu requested an interlocutory injunction to stop harassment, intimidation, or embarrassment, and to allow him to carry out his duties as the deputy governor, including attending State Executive Council meetings.
The situation between Governor Obaseki and his deputy has reportedly been tense in recent months. According to multiple online reports, the conflict began when a video of Shaibu with Obaseki’s predecessor, Senator Adams Oshiomhole, during the National Assembly inauguration in Abuja went viral. Since then, according to reports, the deputy governor has faced alleged dehumanization and humiliation by the governor.
The reports cited sources who stated that Governor Obaseki summoned all Edo State House of Assembly PDP members to his mansion but excluded his deputy, a move that was seen as unusual and further strained their relationship. The deputy governor’s attempt to attend the meeting was thwarted by DSS personnel who claimed he was not on the guest list.
The situation escalated with nocturnal meetings held in the PDP leader’s residence, during which local government chairmen were briefed on developments. Efforts to reconcile the governor and deputy governor were made by former deputy governor Chief Mike Ogiadomhe and a former Chief Judge, but tensions persist.
The reports cited unconfirmed allegations claiming that Governor Obaseki accused Shaibu of associating with adversaries like Senator Adams Oshiomhole and Lawrence Oka. Additionally, the deputy governor was accused of mentioning the Oba of Benin to the Italian Embassy without the governor’s permission and visiting the relatives of a deceased renowned Chief of the Benin Kingdom without clearance.
Shaibu had in a June 2023 report stated that he was not in conflict with Obaseki, but the court case points to the opposite as it seeks to protect Shaibu from potential political backlash and preserve his role as the Deputy Governor of Edo State.
Whois: i recently bought mtn 5G router but am yet to register the sim that came with the router cus i don't need the bonus 100gig that came with it yet BTW 4G is boldly written on the sim. Wanted to ask if there is a special 5G sim? thanks
There is no special SIM card. Any 4G compliant SIM will receive 5G signals on phone or modem.
BadMaster: At the time you subscribed, the bonus was still being given. The policy has since changed.
Wow.
GoodBoi1: I guess mtn stopped the 100% bonus on yearly plans last year with the 4G routers. I got the same bonus too on my hynetflex router but with the new 5G router SIMs, yearly plans are not eligible for double data. To me the main bonus they now give is 100GB for new device and 100GB for each of the first two subscriptions above 100GB
Very strange. Their website needs to be updated to reflect the change.
DigitalMallam: But what is other W/A countries doing differently from Nigeria. Few years back 1k Naira is about 2.5k CFA Franc. Today 1CFRA Franc = N1.29 Yet Benin Republic economy depends largely on what happens in Nigeria, they also import virtually everything they consume just like Nigeria. Why is FX pressure not felt as much as we have in Nigeria? I honestly need to know what they are doing right which Nigeria don't do.
Be fair.
The countries you refer to do not have independent "Central Banks" as their reserves are managed using Operations Accounts domiciled in the French Treasury.
Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) Benin Burkina Faso Guinea Bissau Ivory Coast Mali Niger Senegal Togo
Banque des États de l'Afrique centrale (BEAC) Cameroon Central African Republic Chad Congo Republic Gabon Equatorial Guinea
johnson4nosa: Good day, has anyone called Glo customer service of recent? I am finding it difficult to reach them with 121. Please if there is any number other than this I need it, I really want to speak with them because my 3G and 4G network is failing badly. This is not because of my location because every other person's own is working fine around me
Codes have been harmonised for all mobile networks.
Harbeymilan: Please i want to change the Atf of my kia rio 2009, There's no specification on the dip stick. Which Atf can you recommend for the kia rio 2009?
Wetpuxy: Good day, someone sent me a package from the US and I used my home address, I would like to know if it’s possible to deliver it to my address or I will have to look out for somewhere else to receive it?
The package will be handled by NIPOST and delivered to the Post Office closest to your address.
BlueRayDick: Well, I don’t have details of the man’s marriage to his first wife but I know if the first wife and the man did traditional marriage and not court marriage , he is free to have as many wives as possible under the Yoruba customary law (Customary laws recognizes polygamy )
The ugly thing about this mess is that the side chic used to be a classmate to T.Ayeni's only child. She was also his bosom friend's side piece. No marriage has been done.
Houseontherock1: Are you an academic/researcher? Did you google the grant link to confirm authenticity? Did you get it through an academic platform? In other words, are you sure you didn't apply through a cloned link?
Smartonyeka: thanks i will try this cos i have tried different technique but it keep going to EVA
I just tried it now and was assigned to a customer service representative.
aieromon: Go to Account > Services > Help Centre > Online Service
1) type "Pay" in EVA 2) choose "Incorrect payment value" 3) choose "extra money was asked by seller" 4) click "YES" on cancel order. 5) click "chat with an agent now"
Smartonyeka: pls can someone guide me on how to make a live chat with an alliexpress agent and not EVA
Go to Account > Services > Help Centre > Online Service
1) type "Pay" in EVA 2) choose "Incorrect payment value" 3) choose "extra money was asked by seller" 4) click "YES" on cancel order. If Yes doesn't work, start all over and select NO. 5) click "chat with an agent now"
Phones › Re: Help!!! Can Samsung Galaxy Tab E 9.6 Be Upgraded? by aieromon(m): 2:05pm On Aug 04, 2023
