News
N1Bn Ticket Money Develops Wings @ Aero Contractors
Management of Aero Contractors and officials of Asset Management Corporation of Nigeria (AMCON) which currently holds 60 per cent shares of the airlines have uncovered ticket fraud in excess of N1 billion perpetuated by some staff of the airlines.
This is coming on the heels of accusations late last year by some passengers that the airlines has devised a novel system of airlifting passengers one hour before its advertised take-off time, thereby denying hundreds of Nigerians flight seats every week.
Aero Contractors has been embroiled in labour crisis but the NigerianAviationNews reported yesterday that some of the airlines staff in charge of ticket sales were pocketing the proceeds of sales for several months.
NigerianAviationNews quoted an inside sources at the airlines who said that the staff in collusion with some station managers of the airlines are operating separate bank accounts in Lagos and Benin stations.
The discovery was made after the new majority owners (AMCON) came on board and thereafter men of the Nigeria Police Force were invited to assist in investigation.
Already, a senior staff (name withheld) of the airline at the Benin Airport station in the custody of the Police for questioning for alleged role in the fraud.
During the initial investigations by the police what was earlier thought to be common fraud which involved just one or two officials was found out to have assumed wider dimension with more than 15 ground staff (from ticketing, reservation and cargo units) in the web.
Aside from the non-remittance of passenger tickets sales to the official account of the airline, it was also discovered that that over 70 per cent of proceeds from cargo freighting were diverted to private bank accounts.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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