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Economy

FAAN’s N100m debt leaves airport workers without salaries

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FAAN suspends officer over $600 theft at Yola Airport

…As UN report says Nigeria lost $2.8bn to piracy, others in 2018***

Workers, who clean the Nnamdi Azikiwe International Airport, Abuja, complained again on Wednesday of not being paid their salaries despite promises by the concessionaire they work for and the Federal Airports Authority of Nigeria.

After an exclusive report by The PUNCH on December 26, 2018, it was learnt that the workers, who were owed salaries for about five months at that time, got payments for two months by the concessionaire in charge of cleaning services at the NAIA – Lakewood Nigeria Limited.

Officials at Lakewood, however, told our correspondent that the part payment was done in order to ameliorate the plights of the workers, adding that the salaries were not paid completely because FAAN had failed to clear its over N100m debt to the concessionaire.

One of the affected employees said, “They (concessionaire) only paid for two months. Three months’ salaries have not been paid. We’ve not been paid October, November and December salaries. What they paid was for August and September and I want you to remember that the outstanding for the month of July has not been paid as well.

“We were told that the payment for July will come but we didn’t see it when we got payments for August and September. Right now, many of us have nothing to feed with. This is one of the busiest international airports in Nigeria and it is unfair for FAAN and Lakewood to be exposing us to unnecessary risks through the non-payment of salaries.”

But the concessionaire argued that FAAN had not been forthcoming in terms of payment for the services rendered to it at the airport by Lakewood.

A senior official of the firm stated that the airport authority owed Lakewood about N120m and that this had impacted negatively on the finances of the concessionaire and its ability to pay salaries, despite efforts being made.

The official, who pleaded not to be named in order not to be victimised, said, “We’ve been very calm with FAAN because they are our client but they’ve been owing us for several months and when they want to pay they will pay for just one or two months and say that they have paid us.

“When we complain, they will say they don’t have money, that they want to pay pensioners and come up with other excuses. They always come up with different stories. We’ve written to them, asking them to do what is right because they owe us over N100m.”

The official added, “We manage their four different airports and we’ve been delivering professional services. When they argue that they’ve paid, how much did they pay and how much do they owe? FAAN owes us over N120m. For out of about N140m, they paid N20m; is that enough to say that you’ve paid us?”

When contacted, the General Manager, Corporate Affairs, FAAN, Henrietta Yakubu, earlier told our correspondent that the authority had paid the concessionaire.

But when told that the concessionaire said Lakewood was only paid about N20m by FAAN out of about N140m owed by the authority, Yakubu replied, “I don’t have that information now. I’ll have to speak with the accounts department on this, for as I initially told you, we’ve been able to pay some money to the concessionaire.”

Last month, The PUNCH exclusively reported that the workers stated that the Federal Airports Authority of Nigeria ought to intervene in the matter as the concessionaire in question works for FAAN at the Abuja airport.

In the meantime, a report released by the United Nations Secretary-General’s office in New York has shown that Nigeria lost estimated revenue of $2.8bn in 2018, as a result of crude oil and maritime crimes.

The report revealed that maritime crime, including piracy, dominated in the coast of West Africa and posed a big threat to peace and development in the region.

The report also noted a rise in the drug trade in the region.

Part of the report read, “Maritime crime and piracy off the coast of West Africa continued to pose a threat to peace, security and development in the region.

“Oil-related crimes resulted in the loss of nearly $2.8bn dollars in revenues last year in Nigeria, according to government figures.”

The report noted that between January 1 and November 23, there were 82 reported incidents of maritime crime and piracy in the Gulf of Guinea.

It added that in the Republic of Benin, the Gambia and Nigeria, more than 50 kilogrammes of cocaine were seized between July and October by joint airport interdiction task forces.

“During the same period, joint airport interdiction task forces seized more than six kilogrammes of methamphetamines, eight kilogrammes of heroin (double the amount in the first half of 2018) and 2.6 tonnes of cannabis.

“Drug production across the region was also reportedly on the rise, with more than 100 kilogrammes of ephedrine and phenacetin seized by competent authorities.’’

The report is coming on the heels of concerns raised in April by the International Chamber of Commerce’s International Maritime Bureau that warned of the surge in armed attacks against ships around West Africa, and said that the attacks were pushing up global levels of piracy and armed robbery at sea.

The IMB’s Piracy Reporting Centre recorded 66 incidents in the first quarter of 2018, up from 43 for the same period in 2017, and 37 in Q1 2016.

The Bureau noted that in the first three months of 2018, 100 crew were taken a hostage and 14 kidnapped from their vessels. A total of 39 vessels were boarded, 11 fired upon and four vessels hijacked. IMB received a further 12 reports of attempted attacks.

The Gulf of Guinea accounts for 29 incidents in the first quarter of 2018, more than 40 per cent of the global total. Of the 114 seafarers captured worldwide, all but one was in this region, the report noted.

The Bureau also reported that in the first nine months of 2018, a total of 156 incidents of piracy and armed robbery against ships were reported,  compared to 121 for the same period in 2017.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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