₦airaland Forum

The incident occurred in the southbound lanes of Interstate 75 in Collier County, according to the Florida Highway Patrol.

Two people were killed after a private jet carrying five people landed on an interstate in southwest Florida and crashed into a vehicle on Friday afternoon, authorities said.

The incident occurred in the southbound lanes of Interstate 75, near mile marker 107 in Collier County, according to a Friday-afternoon statement from the Florida Highway Patrol.

Footage from the scene showed what looked like wreckage, with smoke billowing from it and dozens of emergency vehicles.

Pilot Edward Daniel Murphy, 50, of Oakland Park, Florida, and second in command Ian Frederick Hofmann, 65, of Pompano Beach, Florida, were killed, authorities said Saturday.

Two passengers and a crew member survived and were taken to the hospital for treatment. Their names are Aaron Baker, 35, of Columbus, Ohio; Audra Green, 23, also of Columbus; and Sydney Ann Bosmans, 23, of Jupiter, Florida.

Two vehicles traveling south on Interstate 75 were involved in the incident and were damaged, Florida Highway Patrol said in an updated statement Saturday. A 48-year-old man from Naples was driving a 2015 Chevrolet Silverado pickup truck and was hospitalized with minor injuries, authorities said.

A 66-year-old woman from Massachusetts driving a 2023 Nissan Armada SUV and two of her passengers were not injured.

Christopher Hofmann, the son of co-pilot Ian Hofmann, said in a statement that the family was “in shock and devastated.”

“We know our father died a hero doing his best to save everyone he could on the plane,” he said. “We ask for prayers during this difficult time.”

The incident occurred at about 3:15 p.m., according to the Federal Aviation Administration, which said the plane is a Bombardier Challenger 600 jet.

Robin King, a spokesperson with the Naples Airport Authority, said three people on board the private plane managed to escape the wreck.

The plane took off from the Ohio State University Airport in Columbus, Ohio, at about 1 p.m. The jet was minutes from landing at Naples Airport when the pilots told air traffic control the aircraft’s two engines malfunctioned, King said.

“The air traffic controllers then lost contact with the aircraft,” King said.

Witness Steve Steelsmith, who took video of the aftermath of the incident, told WBBH he was headed southbound on the interstate when the low-flying plane caught his eye.

“As the plane was coming in, I seen he tried to bank it left, kind of at the last moment and then there was the impact. I didn’t really have a good visual of the impact but I saw the explosion and the smoke coming from the airplane itself,” Steelsmith told the news outlet.

He said that’s when he drove to the scene and began taking video.

“As I was climbing out of my truck, there was an initial explosion, that, at that point, you knew that whoever was still on the plane, it was just a loss,” he said.

The plane hit a truck, and someone in the truck sustained a laceration on his head, Steelsmith said.

The FAA and the National Transportation Safety Board will investigate, authorities said.

…The Economist projects further decline in 2024

Nigeria’s debt service-to-revenue ratio dropped to the lowest in four years for the first nine months of 2023 largely on the back of the federal government reforms, a BusinessDay analysis shows.

BusinessDay analysis of the data from the Budget Office of the Federation shows that debt servicing bill in Africa’s biggest economy gulped 66.9 percent (N5.79 trillion) of total revenue of N8.65 trillion in the first nine months, lower than 99.3 percent (N4.23 trillion) in the same period of 2022.

Experts say the fuel subsidy removal and the unification of all segments of the foreign exchange market, which have increased revenue inflows for the government, have also improved the fiscal space and the allocation of more funds for capital projects to boost economic growth.

“Last year was a reverse from the previous trends because revenue growth was driven by the removal of oil subsidy and the unification of the foreign exchange mark." Adeola Adenikinju, a professor of economics and president of the Nigerian Economic Society, said.

He added that the government will now have more revenue to undertake more activities either in terms of infrastructure or commitments to contractors and workers.

Damilare Asimiyu, macroeconomic strategist and head of investment research at Afrinvest West Africa Limited, said the interest that was meant to be paid on Ways and Means debt was suspended because of the securitisation of loans from the Central Bank of Nigeria (CBN).

“So, there should be more funds for the government to increase the capital budget because that has always been the sacrificial lamb. They will now have good headroom to increase allocation to capital projects,” he said.

Since President Bola Tinubu announced petrol subsidy removal during his inauguration on May 29, pump prices have tripled to N617, while the value of the naira has plunged following the floating of the currency.

In June, the CBN merged all segments of the FX market into the Investors and Exporters window and reintroduced the willing buyer, willing seller model.

The naira has continued to depreciate against the dollar and other major foreign currencies since then.

The official exchange rate fell from N463.38/$ to N1,348.6/$ as of Monday. At the parallel market, the naira is now pushing above N1,500/$ from 762/$.

“The reforms have had a major impact on revenue even though they are creating hardship for people. But it has improved the fiscal space and it is likely to improve more by the time we begin to see the impact of the reforms around tax and independent revenue,” Muda Yusuf, chief operating officer of the Centre for the Promotion of Private Enterprise, said.

Nigerian businessman and philanthropist, Femi Otedola has emerged the Chairman of First Bank.

FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors.

This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi.

Mr. Otedola, a renowned business mogul with significant contributions in various sectors, is expected to bring his extensive experience and strategic insight to FBN Holdings. His leadership is anticipated to drive growth, innovation, and enhanced performance in the company.

The outgoing Chairman, Alhaji Ahmad Abdullahi, is commended for his tenure, during which he guided FBN Holdings through numerous challenges, maintaining its stature in the Nigerian financial landscape. The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship.

As the Nigerian financial sector continues to evolve, FBN Holdings, under Mr. Otedola’s leadership, is poised to strengthen its position in the market and deliver increased value to shareholders and customers.

The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method.

This was disclosed in a circular to all banks, titled ‘Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks’ jointly signed by Hassan Mahmud, director trade and exchange department of the CBN and Rita Ijeoma Sike, for director, banking supervision department.

The circular mandates that banks must adhere to a NOP limit, ensuring it does not surpass 20 percent short (holding more foreign currency assets than liabilities) or 0% long (not holding more foreign currency assets than the bank’s shareholder funds unimpaired by losses).

It said banks currently exceeding these prescribed NOP limits are obligated to make adjustments to their positions to align with the new regulations by February 1, 2024.

This move is aimed at mitigating risks associated with excessive foreign currency exposure and fostering a more resilient banking sector.

NOP refers to the difference between a bank’s foreign currency assets and liabilities. This includes both on-balance sheet and off-balance sheet items.

Regulatory bodies often impose NOP limits on banks to prevent excessive exposure to foreign currency fluctuations and potential financial instability.

These measures aim to enhance risk management within the banking sector, fostering stability and safeguarding against potential vulnerabilities associated with excessive foreign currency exposure.

In addition to the NOP limits, banks are required to diligently calculate their daily and monthly NOP, along with their Foreign Currency Trading Position (FCT), using specific templates provided by the Central Bank. This meticulous approach aims to enhance transparency in reporting and ensure that banks adhere to the regulatory framework.

These measures underscore the Central Bank’s commitment to fortifying the financial system against potential vulnerabilities, promoting responsible risk management practices within the banking sector.

Banks are urged to promptly adhere to these directives to maintain regulatory compliance and uphold the integrity of the financial system.

According to the circular, banks are also required to have adequate stock of high-quality liquid foreign assets, i.e. cash and government securities in each significant currency to cover their maturing foreign currency obligations. In addition, banks should have in place a foreign exchange contingency funding arrangement with other financial institutions.

The CBN emphasized the importance of strategic financial practices for banks to mitigate foreign currency risks effectively. The key recommendations include borrowing and lending in the same currency, known as natural hedging, to avoid potential mismatches associated with foreign currency exposure.

The circular underscored that the interest rate basis for borrowing should align with that of lending, stressing the importance of eliminating discrepancies in floating and fixed interest rates. This approach aims to mitigate basis risk linked to foreign borrowing interest rate fluctuations, fostering stability in financial operations.

The circular highlighted specific guidelines regarding Eurobonds. It stated that any clause related to early redemption should be initiated by the issuer, and approval must be sought from the CBN. This holds true even if the bond does not qualify as tier 2 capital. The CBN emphasizes the need for timely reporting in this regard.

lawani:
The punishment for rape is too harsh. Something given freely to others if taken by force is not a big offence to warrant life imprisonment by any means. It is totally uncalled for.

ceejayluv:
Oh, alright... It's clear now. I nearly wrote a protest email to the ranking officials sef.

CommonSense1967:
Even the US doesn't lock up people forever unless it can be proven that you have killed someone before.
Even some murderers are paroled after some years.

How many thousands of people can you lock up forever?
What they cannot do is release their leaders, Boko Haram leaders and other terrorist leaders like Kanu should never be released but the foot soldiers can be released after so many years as long as they have no record of killing anyone.