Category: West Africa

The Asset Management Corporation of Nigeria, AMCON, on Sunday said it had discovered deep-rooted rot at embattled airline, Arik Air. AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond. The asset…

Niger Delta stakeholders, including oil-producing communities, regulators, and civil society groups, yesterday warned against the open destruction of illegal refineries by the security forces operating in the region. In a communique released at the end of the quarterly meeting of the Multi-stakeholder Platform (MSP) on Oil Spill in the Niger Delta, the concerned groups said…

The Nigerian Senate will on Monday hold a public hearing to enable citizen-participation in the approval of the N7.28 trillion proposed 2017 budget – presented by President Muhammadu Buhari last year. Described as “a first-of-its-kind”, the convocation of the public hearing on the budget proposal was disclosed by the spokesperson for the Senate, Aliyu Abdullahi,…

Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014,…

As part of the strategy to rid the nation of maritime crimes, the Nigerian Navy yesterday rescued an oil tanker hijacked by pirates around Bonny Island According to officials, the rescue is another major feat in its ongoing operations against piracy and other criminalities in Nigerian waters. The Director of Information, Naval Headquarters, Navy Captain…

The management of Arik Air on Thursday said it would challenge the taking over of the airline by the Assets Management Company of Nigeria (AMCON) in court. Ado Sanusi, Senior Vice President, Arik Air made the disclosure at a joint news conference with the newly appointed receiver manager, Oluseye Opasanya, and the airline’s technical consultant,…

From all indications, respite may have come the way of Arik Airlines currently immersed in heavy financial debt burden that is threatening to permanently ground the airline. For some time now, the airline, which carries about 55% of the load in the country, has been going through difficult times that are attributable to its bad…