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IATA hails Nigeria for clearing 98% of airlines’ trapped funds
The International Air Transport Association (IATA) has hailed the Nigerian government for clearing 98 per cent of airlines trapped funds in the country, which the carriers had hitherto been able to repatriate.
The Director-General of IATA, Mr Willie Walsh, gave the commendation in a statement on Sunday.
According to Walsh, as of June 2023, Nigeria’s blocked funds amounted to 850 million dollars, which significantly affected airline operations and finances in the country.
He said the 98 per cent amounted to 831 million dollars paid, while the remaining two per cent amounted to 19 million dollars.
“At its peak in June 2023, Nigeria’s blocked funds amounted to 850 million dollars, significantly affecting airline operations and finances in the country.
“Carriers faced difficulties in repatriating revenues in U.S. dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.
“However, as of April 2024, 98 per cent of these funds have been cleared. The remaining 19 million dollars is due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by the commercial banks.
“We commend the new Nigerian government and the CBN for their efforts to resolve this issue.
“Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical,” Walsh said.
The IATA boss, therefore, urged the government to clear the residual 19 million dollars and continue prioritising aviation.
Walsh also said there was a 28 per cent decrease in the amount of airline funds blocked from repatriation by governments.
According to him, the total blocked funds at the end of April stood at approximately 1.8 billion, a reduction of 708 million dollars (28 per cent) since December 2023.
“The reduction in blocked funds is a positive development. The remaining 1.8 billion dollars, however, is significant and must be urgently addressed.
“The efficient repatriation of airline revenues is guaranteed in bilateral agreements.
“Even more importantly, it is a pre-requisite for airlines, who operate on thin margins, to be able to provide economically critical connectivity.
“No business can operate long-term without access to rightfully earned revenues,” Walsh said.
He added that the main driver of the reduction was a significant clearance of funds blocked in Nigeria.
Walsh said that Egypt also approved clearance of its significant accumulation of blocked funds.
He said, however, that in both cases, airlines were adversely affected by the devaluation of the Egyptian Pound and the Nigerian Naira.
Specifically, eight countries accounted for 87 per cent of the total blocked funds, amounting to 1.6 billion dollars.
The countries are; Pakistan, 411 million dollars for 40 months; Bangladesh, 320 million dollars for 40 months; Algeria, 286 million dollars for 37 months; XAF Zone, 151 million dollars for 50 months.
Also, Ethiopia, 149 million dollars for 58 months; Lebanon, 129 million dollars for 52 months; Eritrea, 75 million dollars for 116 months and Zimbabwe, 69 million dollars for 84 months.
IATA, still, urged governments to remove all barriers to airlines repatriating their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations. (NAN)
News
Two brothers Launch Sardaunan Ikulu Fans Foundation, Sponsor WAEC Registration For 50 vulnerable Students
By Israel Bulus, Kaduna
In a significant effort to promote education, two brothers have launched the Sardaunan Ikulu Fans Foundation, sponsoring the West African Examinations Council (WAEC) registration for 50 vulnerable students in Kamaru Ikulu Ward, Zango-Kataf Local Government Area of Kaduna State.
Speaking at the launch on Tuesday, Yusuf Ismail Ashafa, popularly known as Sardaunan Ikulu, urged the beneficiaries to remain dedicated to their studies and strive for academic excellence. He assured them that the foundation would continue to support outstanding students by facilitating their admission into higher institutions.
Ashafa also called on parents to play an active role in motivating their children to focus on education, emphasizing that their success would contribute to a brighter future for the community.
Meanwhile, Ashafa, who played a crucial role in the emergence of Engr. Bege Gaiya Joseph as the Executive Chairman of Zango-Kataf Local Government Area, expressed deep appreciation for Joseph and his brother, Reuben Richman Bissla, for sponsoring the students’ WAEC registration in his honor.
He pledged to build on these efforts, ensuring continued support for students’ education as a means of fostering societal development.
In his remarks, the co-sponsor, Engr. Joseph Bege Gaiya, popularly known as Lordbeckson, disclosed that the initiative was aimed at improving the education of the most vulnerable students for the betterment of society.
“I am one of the beneficiaries of the goodwill of Sardaunan Ikulu. If he had wanted to become the Council Chairman, he would have been, but he decided to push me forward, and today I am the Council Chairman through his mentorship,” he stated.
He urged the beneficiaries to consider themselves fortunate and to take full advantage of the opportunity by studying hard to achieve excellent results.
“With the establishment of the Federal University of Applied Sciences in Kachia, we must ensure that our students pursue science courses. We cannot afford to have a Federal University in our region and yet have our children unable to gain admission to study science-related fields,” he added.
The initiative has been widely commended as a timely intervention, helping underprivileged students overcome financial barriers to education.
Amid the recall process initiated against Senator Natasha Akpoti-Uduaghan, the Arewa Youths Progressives Assembly has told both the Independent National Electoral Commission, INEC, and the police that Nigerians are keenly watching their actions.
This came amid viral video of some politicians in the Kogi State mass-signing signatures purported to be that of the Senator’s constituents.
It was gathered that the Senator has already petitioned the police over the development.
However, addressing journalists on Tuesday, the National President of Arewa Youths Progressives Assembly, Shuaibu Usman, accused the INEC of always compromising the electoral process in Kogi State.
Usman, who recalled how results of the last governorship election in the state emerged even before the exercise commenced, urged the commission to redeem itself.
He said, “Kogi parades as a worst example when it comes to INEC conduct of election in Nigeria. We have not forgotten how many credible organisations, including Yiaga Africa, raised the alarm of the electoral heist that went on during the last guber election in that state.
“So, INEC has been notorious for providing a thriving ground for politicians in Kogi State to mess up the country’s electoral system.
“The same people are at it again, this time hiding under the guise of a recall process against Senator Natasha Akpoti-Uduaghan. With their Kogi magic, they quickly manufactured over 250,000 signatures, whereas the entire voters during the main election stood at 120,000.
“One need not be a suitsayer to know that these are the same elements who are known to be chronic election riggers, with INEC as their enablers.
“However, we must caution the INEC that this should not be business as usual; this is beyond Kogi State, so Nigerians are watching.
“We were taken aback when the INEC after announcing that the petition did not meet its requirements, returned a day after to tell Nigerians that the same petitioners have met the requirements- what a quick fix!
“The INEC must not kowtow to the whims and caprices of desperate political elements in Kogi State, as this will be resisted by Nigerians.”
Similarly, the apex Igbo group also urged the police to ensure that all those in forging the signatures of Senator Natasha’s constituents were brought to book.
According to the group, the viral videos showed known faces in Kogi State, wondering why the police were yet to effect any arrest.
“By now, we had expected that some of the perpetrators should be cooling their heels in custody or having their days in court, but it is yet to happen.
“There should be no room for compromise, the culprits, no matter how highly placed, should be identified, arrested and prosecuted.
“We urge that the police should engage forensic experts to analyze those signatures before the INEC takes any further step in the said petition,” Usman further stated.
Apex Igbo socio-cultural organisation Ohanaeze Ndigbo Youth Council Worldwide has called on the Economic and Financial Crimes Commission, (EFCC), to halt what it called unjust persecution of socialite, Aisha Sulaiman Achimugu, OFR
This is also as the group faulted the manner of the raid carried out by the commission on the socialite’s residential house in Abuja.
It could be recalled that a video went viral, which showed officials of the commission, reportedly in the family home of the Achimugus.
This came after she was declared wanted by the EFCC.
Her 80-year-old mother was also said to have been forced to sit on the bare floor, tortured and refused to give her water when she pleaded for it
In a statement made available to journalists on Sunday, the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, described the action of the EFCC for declaring the national honour’s recipient wanted barely some days after she was invited by the commission as gross
Okwu said enquiry by the Igbo group showed that some days after Achimugu was informed of the invitation by her lawyer, the commission rushed to the media declaring her wanted even when their letter in the public domain stated that everything accused her of is ALLEGEDLY and she is presently not in the country
“This development clearly smarks of a premeditated agenda to embarrass and discredit her personality. What else could justify the haste for an alleged crime to warrant being declared wanted just some days after she was invited by the commission?
“Mrs Achimugu is a global figure, not a politician and a national honours recipient, as well as a recipient of the US President’s award. This calibre of a person can never go under hiding.
“The fact that she is currently out of the country when the EFCC extended an invitation to her does not warrant their hasty declaration on alleged case without a competent court sanctioning such action.
“This is utterly reprehensible, and we urge that the EFCC should not continue to be used as a tool for political witch-hunting.
“Mrs Achimugu is an established, decent, and well to do businesswoman who respects the laws and humanity and from a respected family. Her source of wealth has never been a source of controversy or hidden.
“We want to declare that her rights should be respected; her contributions to the growth of citizens and the nation should not be ignored. The EFCC should withdraw the wanted tag on her.
While quoting Section 7 of the Administration of Criminal Justice Act and Section 36 of the Nigerian Police Act, the Youth President said the relevant laws prohibit arrest by proxy.
He said, “the reported invitation and declaration of Mrs. Achimugu is unlawful and a gross violation of the provisions of Nigeria’s relevant laws. We had waited to see whether the commission would make a turn, but its silence means that they are bent on tarnishing her image for someone who is private and law abiding.
“This is worrisome and should be condemned in all totality. There is no justification for their actions. This is a gross illegality.
“We recall that the EFCC did announce that it would stop this kind of raid, but it appears that nothing has changed. This crude method of arrest defies all logic and legality.
“All these go to show that there is more to this than meets the eye. It is albeit political is pure harassment to satisfy certain interests.
“Having said this, we urge the Chairman of the EFCC, who pledged before now to reform the commission, to direct the operatives to act right and let the law take it due course without further delay or embarrassment”