Business
Settlement On Course For Redundancy Benefits – Aero Airline
The Aero Contractors Airline has affirmed its commitment to clear the remaining five per cent of redundancy benefits owed its workers.
Managing Director and Chief Executive Officer of the airline, Captain Ado Sanusi, in a press release said the firm was intensifying efforts to address outstanding financial commitments.
He faulted the move by workers union, the National Association of Aircraft Pilots and Engineers (NAAPE), to issue a press statement, despite ongoing efforts to resolve the issue amicably.
“This should not be an opportunity for disharmony, dialogue is a process. There was a letter written, there was a process agreed upon, and all of a sudden they went to the press. We are ready to resolve the issue”, the CEO stated.
NAAPE had recently issued a letter threatening to go on a protest over non-payment of outstanding redundancy benefits to its members.
The group accused the management of Aero Contractors of depriving the affected former workers access to their entitled benefits.
The protest letter, addressed to the management of the airline, read in part: “Consequent upon the avalanche of complaints received from our members who have been deprived of their fundamental entitlements and denied the rightful collection of their redundancy benefits in the last seven years and given the anguish and mental agonies suffered by them, We are compelled, as responsible representatives of these eminent men/women, including the dead, to protest through this letter and express our bitterness over management’s seeming lackadaisical attitude, insincerity and insensitivity to the continued wellbeing of these great Nigerians”.
The Aero CEO, however, clarified that in the last seven years, the company has paid approximately 95 per cent of the redundancy benefits.
“We should be given credit because this management initiated the process of paying off redundancy. We want our prospective investors to understand that we are a very responsible company, and we take our obligations seriously, not only for staff but also in other areas.
“We update them on a day-to-day basis to ensure business continuity. It is a very tough environment in which we are operating”, he said.
Sanusi stressed the importance of maintaining transparency and communication with stakeholders throughout the process.
He said despite challenges posed by fluctuating exchange rates and fuel costs, Aero Contractors remained steadfast in its efforts to uphold its obligations and ensure business continuity.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.