Federal Competition and Consumer Protection Commission, FCCPC has rejected the recent hike in flight fares by domestic airlines operating under the aegis of the Airline Operators of Nigeria, AON.
The Chief Executive Officer of the Commission, Mr Babatunde Irukera said in a statement in Abuja that the Airline Operators of Nigeria had held series of meetings over a period of three weeks to discuss multiple industry-wide issues; particularly challenges experienced by its members.
According to Irukera, “the commission’s preliminary investigation discloses the meeting dates of AON to have been on or about February 8, February 17 and February 23, 2022.
“The investigation also confirms that one of the items of discussion during at least one of those meetings was to set base or minimum air fares.”
“Specifically, Air Peace, Azman Air and United Nigeria Airlines immediately proceeded with the increase. Arik followed.” He stated.
“However, on Friday, February 18, 2022 at 6:31 p.m. Aero Contractors informed its trade partners (travel agents) and its commercial executive team by email that ticket fares were reviewed effective February 18, 2022 with the least fare being N50,000 across all routes”.
Irukera further, said the Federal Competition and Consumer Protection Act, FCCPA prohibits conduct or any coordination between competitors including on the platform of trade associations.
“Specifically, section 107 (1)(a) forbids competitors from fixing prices, and section 108 prohibits any conspiracy, combination, agreement or arrangement between competitors in any manner that unduly restrains or injures competition.
“Further, the current and prevailing Nigerian Civil Aviation Regulations (Air Transport Economic Regulations) in Regulation 18.15.2 (i) and (iii) expressly prohibits airlines from engaging in any contract, arrangement, understanding, conspiracy or combination in restraint of competition which includes directly or indirectly fixing a charge, fee, rate, fare or tariff and any collusive action” The FCCPC boss stated.
“Prevailing law expressly prohibits coordination, agreement or cooperation between competitors in setting fares, as such, the Commission with the collaboration of the Nigerian Civil Aviation Authority has commenced an investigation with respect to this subject,” Irukera, said.
Irukera therefore, called on scheduled domestic airline operators to ensure strict and prompt compliance with the interim order pending outcome of the Commission’s investigation.
Nigeria to begin processing of raw gold, others — Minister
Nigeria has begun the process of refining gold, gemstones and other mineral resources in the six geo-political regions of Nigeria.
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja.
According to him, adding value to the country’s mineral resources will go a long way in creating jobs and wealth for Nigerians.
He said six plants were being set up in the various regions to process mineral resources deposited in those regions.
“We have set out to do six regional projects and one of them is the gold souk in Kano, the North West region.
“Before now, our gold was being exported in its raw form for close to nothing to foreign counter for processing and we end up buying them expensively.
“We have trained people who will make jewellery and they will be resident in the plant,” he said.
He said similar plants had been set up in the North East, Bauchi for processing kaolin, while in the North Central Kogi State was chosen for establishment of a gold smelting plant .
Adegbite also said in the South West, in Ibadan, gemstone plant had been established while in the South East, lead processing plant was established in Ebonyi.
The minister said in the South South region, baryte processing plant had been established, adding that “Nigeria imports baryte to the tune of 300 million dollars every year.
He said the six regional projects were at advanced stage of completion and would be commissioned soon.
Dangote plans 300,000 fresh jobs for Nigerians
Africa’s foremost industrialist, Aliko Dangote, is optimistic that the new multibillion Naira investment in the sugar sub-sector would help provide no fewer than 300,000 jobs in Nigeria.
A statement from the Corporate Communication Department of the company, said that the Group’s President, Dangote said the company was providing fresh funds for expanding its operations in the sugar sub-sector.
Dangote, who was speaking at the Flag-off Ceremony of the 2022/2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa, said the opportunities would include both direct and indirect jobs.
He said: “We are making massive investment in Adamawa State through expansion of DSR Numan’s sugar refining capacity from 3000tcd to 6000tcd, 9800tcd, and to 15,000tcd.
”DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide.”
The Dangote Group is the biggest employer of labour in Nigeria outside the government.
Dangote was appointed Chairman, National Job Creation Committee in 2010 to assist the Federal Government in providing more employment opportunities for Nigerians.
The Dangote President had also announced that his company was doubling its spending on CSR schemes in host communities in Adamawa State, the location of its 32,000 hectares integrated sugar complex.
Speaking in Numan, Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, described the Dangote Sugar Refinery as the biggest contributor to the development of the sugar development effort of the Federal Government.
The Minister also commended Dangote for the massive support through his Corporate Social Responsibility scheme.
In the same vein, the Dangote Refinery and Petrochemicals is expected to create some 250,000 job opportunities when completed next year.
Already Dangote Cement Plc is one of Africa’s biggest job providers in the manufacturing sector.
Federal Allocation: FG, States, LGs Shared N736.8bn In October – FAAC
The Federation Account Allocation Committee (FAAC) has distributed a total of N736.782 billion to the three tiers of government as federation allocation for the month of October 2022.
The funds are inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from Non-Oil Revenue.
Of the sum, the Federal Government received N293.955 billion, the states got N239.512 billion, and the Local Government Councils got N177.086 billion, while the oil-producing states received N26.228 billion as Derivation (13 per cent Mineral Revenue).
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicates that the Gross Revenue available from the VAT for October 2022 was N213.283 billion, which is an increase compared to what was distributed in the preceding month.
It also shows that the Federal Government got N31.992 billion, the states received N106.642 billion, Local Government Councils (LGCs) got N74.649 billion.
The Gross Statutory Revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion, states got N104.778 billion, LGCs got N80.779 billion, and Oil Derivation (13 per cent Mineral Revenue) got N25.591 billion.
The communiqué stated that N70 billion augmentation was distributed to the three tiers of government, including the Federal Government (N36.876 billion), states (N18.704 billion), LGCs (N14.420 billion).
In addition, another extra N30 billion augmentation from non-oil revenue was distributed with N15.804 billion allocated to the Federal Government, N8.016 billion to the states, and N6.180 billion to LGCs.
According to the FAAC, N5.775 billion from Exchange Gain was shared to the Federal Government (N2.707 billion), states (N1.373 billion), and LGCs (N1.058 billion), while Derivation (13 per cent of Mineral Revenue) got N0.637 billion.
It also revealed that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases, while VAT, and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.
The total revenue distributable for the current month of October was reportedly drawn from Statutory Revenue of N417.724 billion, VAT of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion augmentation from Non-Oil Revenue, bringing the total distributable for the month to N736.782 billion.
However, the balance in the Excess Crude Account (ECA) as of November 23, 2022 is said to stand at $472,513.64.
Yobe North: Appeal Court Affirms Bashir Machina As APC Candidate
ShareThe Court of Appeal in Abuja has affirmed Bashir Sheriff Machina as the authentic All Progressives Congress (APC) candidate for...
I’ll be back as governor soon – Oyetola
ShareThe immediate Past Governor of Osun State Gboyega Oyetola has vowed that he shall be back as governor of the...
Pastor Kumuyi inaugurates global academy to mentor youths
ShareThe General Superintendent of the Deeper Life Bible Church, Pastor William Kumuyi, has inaugurated a global youth empowerment partnership programme...
Osun: Adeleke makes first appointments
ShareOsun State Governor, Senator Ademola Adeleke, has made his first appointments after his inauguration as governor on Sunday. Adeleke appointed...
Nigeria to begin processing of raw gold, others — Minister
ShareNigeria has begun the process of refining gold, gemstones and other mineral resources in the six geo-political regions of Nigeria....