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Why some airlines are avoiding Nigeria’s airspace – NAMA

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Many airlines are avoiding Nigeria’s airspace because of difficulties encountered in communication with air traffic controllers, the Nigerian Airspace Management Agency (NAMA) confirmed on Sunday in Lagos.

Its Managing Director, Mr Farouk Umar, told newsmen at Ikeja that the agency was consequently eyeing more investments to rejuvenate the communication systems to match emerging air traffic trends.

He explained that there was the need to improve the weak communication system, which had been demand-saturated as the industry grew and more routes were opened.

He said huge investments were required of the Federal Government as more routes opened needing more stations to have signals to cover the entire country.

He added that the presidency recently budgeted N40 billion to address some of the issues at the airports, but the money had not been accessed.

Umar assured that as soon as money was made available, the agency would tackle critical safety challenges at the various airports.

“The entire communication network has been re-designed to ensure that every blind spot is covered because if one system fails today, air traffic controllers would not notice.

“We realised also that our radios are working well and well-positioned and we have addressed the challenges we met on ground, but then, we are still having issues.

“The issues have nothing to do with our radios, but with electricity supply which had been a national challenge that government had been working assiduously to fix.

“We have decided to deploy solar energy to some of our facilities to complement electricity supply from the national grid and from generators so that they can function well,’’ he said.

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Umar noted that the International Civil Aviation Organisation frowned at even a second’s blackout at any airport and Nigeria could not afford to flout the regulation.

“For an average electronic system, the lifespan is about 10 years. Most of the communications electronics at the airports have been working for the past 15 years to 20 years. Their performance would be below standard, expectedly.

“We are replacing some of the equipment and we have done almost 80 per cent. The contractors are still working, however,’’ he assured.

Umar also told newsmen that Terminal Control Centres (TRACON) were still having challenges because since 2014, there had not been enough spare parts to fix the obsolete equipment there.

“The Federal Government has approved the modernisation of the TRACON system. 15 per cent of the fund has been paid and we are hopeful that more installations will start soon.

“We are also hopeful that at the end of it all, the system will go back to optimal performance,’’ he said.

Umar lamented that NAMA had been charging airlines N11,000 as navigation fee per flight since 2008 when fares for local flights were N16,000, whereas airfares had risen to N150,000. (NAN)

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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NGX transacts 733.05m shares worth N35.29bn

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The Nigerian Exchange Ltd. (NGX) on Tuesday transacted 733.05 million shares worth N35.288 billion in 16,619 transactions.

This is in contrast with 500.59 million shares worth N12.110 billion that was traded in 17,637 deals earlier.

Meanwhile, transactions in the shares of Fidelity Bank topped the activity chart with 285.15 million shares worth N5.774 billion.

MTN Nigeria followed with 86.850 million shares valued at N20.931 billion while Access Corporation transacted 35.56 million shares worth N851.27 million.

Universal Insurance traded 29.810 million shares valued at N15.188 million and Guaranty Trust Holding Company sold 28.510 million shares worth N1.935 billion.

Meanwhile, the stock market on Tuesday witnessed a downturn as investors lost N1.116 billion with mixed performance indices.

Market capitalisation dropped by N1.116 billion or 0.70 per cent to close at N65.577 trillion, compared with N66.693 trillion posted on Monday.

Similarly, the All-Share Index (ASI) fell by 185 points or 1.17 per cent, to settle at 105,931.18 from N106,116.18 earlier recorded.

The negative trend was driven by profit taking in MTN Nigeria, Africa Prudential, PZ, First Bank Holding Company and others.

However, the market breadth closed positive with 33 gainers and 19 losers, suggesting positive sentiment.

On the gainers’ chart, Legend Internet Plc rose by 10 per cent, closing at N8.25 while ABC Transport gained by 9.94 per cent, to settle at N1.88 per share.

Cadbury Nigeria rose by 9.91 per cent, ending the session at N32.15 and Champion increased by 9.79 per cent to close at N4.71 per share.

Similarly, Eterna soared by 9.46 per cent, closing at N48.00 per share.

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On the losers’ chart, Livestock Feeds declined by 9. 71 per cent, settling at N7.22 while Multiverse Mining fell by 9.62 per cent, closing at N7.05 per share.

McNichols Plc dropped by 9.47 per cent to close at N1.72 and Omatek lost by 9.23 per cent, closing at 59k per share.

Also, MTN Nigeria shed by 6.07 per cent to finish at N240.00 per share. (NAN)

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CAC Gives Unregistered Businesses 6 Weeks to Register or Face Prosecution

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The Corporate Affairs Commission (CAC) has directed companies, limited liability partnerships, and business owners operating under unregistered business names to register within six weeks.

In a statement on Tuesday, the CAC warned that failure to register will result in enforcement action, including prosecution.

“The commission wishes to inform the general public that its a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act,” the statement reads.

“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business.

“In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.

“In particular, the General Public should note the provisions of Section 862 (1) of the Act which provides that any person who, in any document required by, or for the purpose of any of the provisions of the Act (including the aforementioned official publications of a Company), makes a statement which is false in any material particular knowing it to be false, commits an offence and is liable on conviction to imprisonment for a term of two years in addition to a daily fine against the Company for every day during which the offence continues.

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“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six (6) weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”

In April 2024, Mahmud Bello, the commission’s registrar-general, said business owners in Nigeria can conveniently register their businesses online within 48 hours.

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