Insolvent Virgin Australia to Be Sold to US Equity Firm Bain Capital

BusinessWorld NewsInsolvent Virgin Australia to Be Sold to US Equity Firm Bain Capital

PilotnewsJune 26, 2020

Bain Capital, a U.S. private investment firm, has been announced as the winning bidder for insolvent Virgin Australia after the rival bidder withdrew its offer. The bankrupt Brisbane-based company’s administrators agreed on Friday to sell the ailing airline to the Boston-based private equity firm. Private equity firm, Cyrus Capital Partners, withdrew its offer in the morning, citing a lack of engagement from Deloitte, an accounting firm responsible for the administration, which was set to name a preferred bidder on...

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NCAA Relocates Corporate Headquarters to Abuja

BusinessNewsNigeriaNCAA Relocates Corporate Headquarters to Abuja

Adeola Oladipupo (Correspondent)June 25, 2020

The Nigerian Civil Aviation Authority (NCAA), says it has relocated its Corporate Headquarters to the nation’s Federal Capital, Abuja, in compliance with the directive of the Federal Government. The General Manager, Public Affairs, Mr. Sam Adurogboye, made this known in a statement on Thursday in Lagos. The News Agency of Nigeria (NAN) reports that the Minister of Aviation, Hadi Sirika, had on May 4, in a memo to all the agencies, given an ultimatum for the relocation....

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Impending Domestic Flight Resumption: Air Peace Begins Shakedown Flights

BusinessCoronavirusNigeriaImpending Domestic Flight Resumption: Air Peace Begins Shakedown Flights

PilotnewsJune 25, 2020

Air Peace says it has begun shakedown flights of several of its fleets of aircraft, as the resumption of domestic flight operations drew closer. Spokesperson of the airline, Stanley Olisa said in a statement on Thursday in Lagos,  that the shakedown flights were part of measures the airline had developed to guarantee safety of both passengers and crew when operations resumed. Olisa said the aircraft had been in storage mode for a couple of months...

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Port Harcourt DisCo Begins New Electricity Tariff July 1

BusinessNigeriaPowerPort Harcourt DisCo Begins New Electricity Tariff July 1

PilotnewsJune 25, 2020

Port Harcourt Distribution Company (PHED) will on July 1 begin implementation of a new electricity tariff to customers in four states, says an official of the company. The states are Akwa Ibom, Bayelsa, Cross River, and Rivers. The PHED Manager of Corporate Communications, John Onyi, said in a statement in Port Harcourt on Thursday that the tariff would be reviewed upward. He said: “PHED wishes to notify customers in Akwa Ibom, Bayelsa, Cross River and...

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AfDB ranked 4th in Transparency Among Global Development Institutions

AfricaMoneyAfDB ranked 4th in Transparency Among Global Development Institutions

PilotnewsJune 24, 2020

Publish What You Fund has ranked the African Development Bank (AfDB) fourth out of 47 global development institutions on its Aid Transparency Index. The bank’s Communications and External Relations Department made this known in a statement on Wednesday. The Index is the only independent measure of aid transparency among the World’s major development agencies. It places AfDB in the highest category of transparency along with other world class institutions such as the World Bank, Asian Development...

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Adamawa Govt. Earmarks N550 Million of Fertilizer for Farming

BusinessNewsNigeriaAdamawa Govt. Earmarks N550 Million of Fertilizer for Farming

PilotnewsJune 24, 2020

The Adamawa Government has earmarked the sum of N550 million  to buy  fertilizer for the  2020 farming season. The Commissioner for Information and Strategy, Mr Umar Pella, disclosed this shortly after the State Executive Council’s meeting held on Wednesday in Yola. The News Agency of Nigeria (NAN) reports that the meeting was presided over by Gov. Ahmadu Fintiri. “The Council equally approved N160 million for the purchase of 52,000  litres of agrochemicals and hybrid seeds for disbursement to farmers ” Pella said. He...

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FEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

CoronavirusEconomyNewsNigeriaFEC Approves N2.3trn to Address Disruption of Economy by COVID-19 Pandemic

PilotnewsJune 24, 2020

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N2.3 trillion stimulus package to support the Nigerian economy in the face of the disruptions and challenges of the COVID-19 pandemic. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this to State House correspondents at the end of the Council meeting in Abuja, said the package was part of the Nigeria Economic Sustainability Plan (NESP) as...

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IMF Forecasts Deeper Recession for Sub-Saharan Africa

AfricaBusinessNewsIMF Forecasts Deeper Recession for Sub-Saharan Africa

PilotnewsJune 24, 2020

JOHANNESBURG – Sub-Saharan Africa’s gross domestic product is expected to shrink by 3.2% this year due to the impact of the COVID-19 pandemic, the International Monetary Fund said on Wednesday, more than a previous estimated contraction of 1.6%. In its World Economic Outlook update, the IMF projected that GDP in South Africa, the continent’s most advanced economy, would shrink by 8% in 2020, a bigger contraction than the 5.8% forecast in April. South Africa’s strict...

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Enugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

EconomyNewsNigeriaEnugu State Internal Revenue Services Grants Tax Relief and Incentives to Tax Payers

Ije Ulasi (Regional Correspondent)June 24, 2020

To cushion the impact of COVID-19 pandemic and lockdown on taxpayers in Enugu State, the Enugu State Internal Revenue Services, ESIRS, with approval of Governor Ifeanyi Ugwuanyi grants tax relief and incentives to taxpayers. This was contained in a press statement by the Chairman of the Enugu State Internal Revenue Services, Emeka Odo on Tuesday. The new tax packages are in addition to the already existing tax waivers for traders in the state; the personal...

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2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

CoronavirusEconomyNews2,000 Persons Benefit From CBN COVID-19 Loan in S’East, S’South, Says Facilitator

PilotnewsJune 23, 2020

Mr Isaac Nkole, the National Chairman, Isun Multipurpose Cooperative Society, Umuahia, which facilitates the disbursement of CBN COVID-19 loan in the South-East and South-South, said at least 2,000 persons had so far benefited from the facility. Nkole stated this in a statement made available to the News Agency of Nigeria (NAN) in Umuahia on Tuesday. He further stated that the facility had provided succour to benefiting small and medium enterprises (SMEs) and households in the...

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