Norwegian Air’s cash crisis could force the debt-laden budget airline to halt operations early next year, the company warned as it issued another plea for rescue funding after reporting quarterly results on Tuesday. The rapid expansion of the pioneer in low-fare transatlantic flights has left it with heavy debts and problems that have been compounded by the COVID-19 pandemic. It is now serving domestic routes only, with just six of its 140 aircraft flying. “Norwegian is dependent on additional working capital in order to continue operating through the first quarter of 2021 and beyond,” the carrier said. The company held cash and cash equivalents of 3.4 billion kroner ($380m) at the end of September, down from 4.98 billion kroner ($550m) three months earlier. Its latest plea comes after Nor...
The Nigerian Railway Corporation (NRC) on Friday said its Internally Generated Revenue (IGR) as at Sept. 30 stood at N1.4billion as against N4.4billion projection for 2020. Mr Fidets Okhiria, Managing Director of NRC, in a statement said the sum of N245million was remitted to the TSA as at Oct.31. Okhiria said this at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja. He said that the Coronavirus (Covid-19) pandemic affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year. “The Joint Committee should also note that for the year 2020, the Corporation presented a separate Internally Generated Revenue & Expenditure Budget. “The sum of N1.4billion has been generated as ...
Liberian President George Weah on Friday inaugurated a new national carrier for the West African country, named Lone Star Air, about 30 years after the country’s previous airline went bust. Speaking at a ceremony at Liberia’s international airport, near the capital Monrovia, Weah said the new airline would “connect our country to our region and to the world”. “It is my dream, my hope and my ambition that we will very soon see Lone Star Air, the wings of Liberia, flying our flag in international skies, shining so brightly,” said the footballer-turned-president. Liberia’s flag bears resemblance to the flag of the United States but features one star instead of 50. The country was founded in the 19th century with US support as a home for freed American slaves, whose descendants have a long his...
The maritime sector has the capacity to generate more than 1.6 trillion dollars annually if properly harnessed, Mr Bashir Jamoh, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), has said. Jamoh stated this on Wedneday while delivering a lecture on Maritime Security and National Development in Nigeria at the National Defence College, Abuja. “The maritime sector can generate not less than 1.6trillion dollars if we can properly harness all the investment opportunities and have foreign investors come and assist in the development. “Development in the shipping sector requires good planning. This is the right time we have to start planning. “With the estimated revenue per annum in the maritime sector, it can provide 30 times what the oil industry can provide. “That ...
The Accident Investigation Bureau (AIB) has signed a Memorandum of Understanding (MoU) with France and Saudi Arabia on airspace safety. AIB however said that research and other investigative activities on the agreement could not be implemented due to the COVID-19 pandemic. The agency is also working in collaboration with the National Transport Safety Board in the U.S. and Singapore as well as Republic of Benin, the ECOWAS Commission and its member states. The AIB Commissioner and Chief Executive Officer, Akin Olateru, who made this known while addressing newsmen during the ongoing Regional Enlightenment Symposium in Kano, said the recommendations were made from 2007 till date. Olateru revealed that AIB has so far recommended over 100 standard safety and accident prevention to avert air spa...
Few hours to the commencement of the nationwide strike over the increase in pump price and hike in electricity tariff, Airline Operators of Nigeria (AON) has disassociated themselves from the action. Alhaji Abdulmunaf Yunusa, the President of the Airline Operators of Nigeria (AON) in a statement said that the association would not join the strike called by the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC). Abdulmunaf noted that airlines had suffered huge losses for over three months during the COVID-19 lockdown and were forced due to no fault of theirs to even lay off staff and significantly reduce the salaries of those that were retained. He said: “It would be very insensitive therefore and a show of lack of understanding and compassion for Nigerian aviation workers who ha...
The Federal Government has concluded plans to distribute 2, 000 buses to cushion the effects of transportation on Nigerians, especially those living in rural dwellers. Newsmen report that Dr George Akume, Minister of Special Duties and Intergovernmental Affairs, made this known on Friday at the interactive he had with stakeholders of cooperative societies in Nigeria at his office in Abuja. Akume explained that the initiative was a collaboration between his ministry, the Ministry of Agriculture and Rural Development and other agencies in the government. He said the ministry took the decision to pass through the cooperative bodies to ensure the materialisation of the project, rather than giving out loans to individuals, which might delay quick execution of the project. “Basically we do recog...
The United Nations has condemned the repurposing of schools for use as markets, military bases, isolation centres and camps for internally displaced persons, IDPs, saying schools must remain safe places free of conflict and violence. It also warned against further attacks on educational institutions and students, lamenting that between 2009 and December 2018, about 611 teachers were killed in the Northeast due to the wave of insurgency in the region. In a statement marking the first International Day to Protect Education from Attack, the UN urged Nigeria to prioritise school safety as well as learners’ protection. It said while 910 schools were destroyed in the region within the period, 1, 500 schools were forcefully closed, with 4.2 million children at the risk of missing out on an educat...
The Minister of Aviation, Mr Hadi Sirika, says the Akanu Ibiam International Airport, Enugu is ready for resumption of flights. Sirika said this on Saturday in Enugu after the final round of inspection of rehabilitation works in the airport prior to the official reopening of the complex. The Federal Government had in August 2019 shut down Akanu Ibiam International Airport over security reasons. Some of the reasons include its bad runway and landing aids, the presence of market close to the airport attracting birds, leading to constant bird strikes. Others are also included the wrong placement of the state radio station mast directly facing the runways. However, the minister, who landed at the airport on Saturday evening with a private jet, No.5N-PAZ said that he was delighted to have been ...