Tag Archives: Recovery

Recovery Of N30b Debt May Ground Domestic Airlines

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Despite the plummeting fortunes of domestic airlines in the country due to the harsh economy, they will have to pay up their debts worth more than N30 billion or be grounded by regulatory agencies.

The Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA) are going after airlines to recover over N30 billion debts accumulated in the last 16 years.

The Guardian learnt that the renewed debt recovery, following a directive from the Federal Government, will involve the deployment of all means possible to succeed, including grounding some airlines that have not embraced the option of a peaceful resolution.The debts were incurred from sundry services offered to commercial and chartered airlines operating on government-owned and private aerodromes.Sources disclosed that one of the most popular airlines in the country is indebted to FAAN to the tune of N12.5billion, and would soon be shut out of some routes. NAMA confirmed the development, estimating that N8.08 billion debt liabilities are to be reclaimed from airline operators and private and some state-owned airports.

A document shown to The Guardian revealed that domestic operators collectively owe NAMA N3.89 billion between 2001 and 2013. While that is still unpaid, the domestic airlines have also accrued N1.6 billion from January 2014 to June 2016. Some airlines that are already defunct are owing NAMA N1.048 billion, while private and state-owned aerodromes owe N1.54 billion.

A member of NAMA special committee on debt recovery said the agency was under enormous pressure to meet the Federal Government’s revenue target, coupled with an in-house liability burden, which the agency has to meet, especially on pension. Pension outstanding in the agency is in the tune of N18 billion, it was learnt.

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http://guardian.ng/business-services/recovery-of-n30b-debt-may-ground-domestic-airlines/

Court Suspends Okah’s Trial

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A Federal High Court, Abuja, on Monday suspended the trial of alleged mastermind of Abuja 2010 Independent Day bombing, Charles Okah, pending his recovery from surgery in the National Hospital.

 

“In view of the absence of the accused who had undergone a medical surgery in the National Hospital, Abuja, the trial shall be suspended till March 10 at 11:30 a.m,’’ Justice Gabriel Kolawole, ruled.

 

Kolawole said that the suspension would help him to recover and attend his trial.

 

He, however, ordered that Obi Nwabueze, standing trial alongside Okah be remanded in kuje prison and produced at the next adjourned date.

 

At the last sitting, the court ordered the Nigeria Prison Service to provide tight security at hospital during the period Okah was expected to undergo surgery.

 

The court had ordered that after the surgery, Okah would be produced in court on the next adjourned date to face his trial.

 

(NAN)

NNPC Begins Recovery Of $9.6billion Owed Nigeria- Presidency

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The Nigerian National Petroleum Cooperation (NNPC) has begun the process of recovering over $7 billion in over-deducted tax benefits from JV Partners on major capital projects, the Nigerian presidency has said

Quoting a report submitted to President Muhammadu Buhari by the new Group Managing Director of NNPC, Ibe Kachikwu, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the state oil company  had ‘commenced Performance Measurement & Benchmarking as well as Value for Money Review of NNPC and the JV Companies covering the period 2008 – 2013?. 

Mr. Shehu further quoted the report as saying ‘a reputable International Accounting Firm has been engaged by the NNPC to ascertain the exact amount due government on the Strategic Alliance Contracts entered by NPDC, where up to $2.46 billion of government money is to be recovered’.

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Weak Naira, Reserves Threaten Capital Market Recovery

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Sustained pressure on the naira and the country’s diminished foreign reserves as well as declining earnings are the major obstacles to the return of foreign portfolio investors to Nigeria, a development that is hampering the recovery of the capital market recovery following the conclusion of the general elections, experts have said.

A combination of factors, including the declining fortunes of the naira, spurred by the oil slump, and uncertainty about corporate future of the country ahead of the general elections, had caused several foreign portfolio investors to trade cautiously with many others exiting the Nigerian capital market.

In 2014, foreign portfolio investors pulled out over N700bn from the stock market, forcing the Nigerian Stock Exchange All-Share Index to close the year with a negative return of 16.14 per cent. Between January 1 and February 28 this year, they pulled out additional N132.53bn and brought in N100.38bn.

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