Business
Nigeria Air: FG To Float IPO, Begins Operations With Three Planes
The Federal Government has announced that beginning from this week, it would start sending out Request for Proposals to investors interested in owning shares in the proposed national carrier.
It also expressed hope that the carrier, Nigeria Air, would be quoted on the stock exchange, adding that Nigerians would be allowed to buy shares in the airline that was being planned to commence operations with three leased aircrafts.
The Minister of Aviation, Hadi Sirka, disclosed this at a briefing in Abuja, last Thursday, when he explained that 46 per cent stake in the airline was exclusively for Nigerians, five per cent for government, while 49 per cent was for strategic equity partners, which were assumed to be foreign investors.
Sirika said discussions with prospective investors had been ongoing and that Request for Proposals would be sent out this week.
He said, “We will release what is called Request for Proposals very soon, I believe next week (this week). And this Request for Proposals will describe what and what we are asking for.
“You will now go and send us a document that you are proposing to partner us and this is what you are giving us. Then we will sit down, evaluate, discuss and choose a strategic partner or partners for this airline.
“So Request for Proposals are going out next week and by the grace of God we will continue to pursue that and people will show up”.
Responding to a question on how the 46 per cent stake to be owned by Nigerians would be acquired, Sirika said, “It will be purchased exactly the way you buy shares in every company.
“This is because Nigeria Air is a limited liability company for now, registered under the law of the land and structured in a PPP (public private partnership) manner.
“So you purchase it the same way you purchase shares in any company and later it is our hope that it will be listed and go through IPO (Initial Public Offering) and so on”.
The minister explained that the airline would start operations with three wet-leased aircraft, as it would take about three to five years to take delivery of an aircraft that was ordered for.
“They will start with wet-leased aircraft and that’s how 90 per cent of airlines in the world would have started. So they will start with a wet-lease of three aircraft and then continue to expand, place orders and then get deliveries,” he stated.
Sirika further emphasised that the Federal Government would not have any control in Nigeria Air, rather investors in the carrier would run the business.
He stated that the Maintenance, Repair and Overhaul facility for the carrier and others would begin in Abuja next year.
Sirika said, “On the Maintenance, Repair and Overhaul facility, it will be started in Abuja and government has given 12,000 hectares of land in Abuja for the development of Abuja airport.
“In that 12,000 hectares of land, which all of it is a free zone, there will be the MRO facility, a second runway, new terminal building and various businesses. It is going to be a whole airport city”.
He said partners for the MRO had been approached and once approved by the Federal Executive Council, work would start in April 2022, adding that the facility would save Nigeria millions of dollars when operational.
The Transaction Adviser to the government for the national carrier, Capt. Tilmann Gabriel, said efforts were ongoing to get the airlines certified.
“A lot of work has been done and it did not start today, rather it started three years ago. An AOC (Air Operator Certificate) is to be applied for in the next couple of days from the NCAA, which is the regulatory authority”, he stated.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter