• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Wednesday, February 8, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Beyonce Breaks Grammy Record For Most Wins Ever

    Beyonce Breaks Grammy Record For Most Wins Ever

    Nigerian Singer Tems Bags Her First Grammy Award

    Nigerian Singer Tems Bags Her First Grammy Award

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

    Beyonce Breaks Grammy Record For Most Wins Ever

    Beyonce Breaks Grammy Record For Most Wins Ever

    Nigerian Singer Tems Bags Her First Grammy Award

    Nigerian Singer Tems Bags Her First Grammy Award

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    Tems Meets Beyoncé, Jay-Z At Pre-Grammy Event

    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

FG mulls bank guarantees for Nigeria-Ethiopia deal

by Segun Adewunmi
November 18, 2022
in Business
3 min read
0
0
FG Says Plans Underway to Concession Airport Despite Opposition
Share on FacebookShare on Twitter

The Federal Government is planning to provide bank guarantees for the proposed Nigeria-Ethiopia deal, according to court papers 

The Federal High Court, Lagos Judicial Division, on Tuesday, had issued an order of interim injunction restraining the Federal Government from executing the proposed establishment of the national carrier otherwise dubbed Nigeria Air.

About eight local airlines and their association took FG to court on Friday, listing Nigerian Air, Ethiopian Airlines, Minister of Aviation, Hadi Sirika, and Attorney-General of the Federation, Abubakar Malami, as defendants.

Among other prayers, the indigenous airlines had prayed the court to ask the government to allow all airlines a level-playing ground, stating that FG’s plan to ‘bank-guarantee’ Ethiopian Airlines and, by extension, Nigeria Air was unfair.

They also claimed that the firm serving as transaction adviser was incorporated in March last year, alleging that the company was linked to the aviation minister.

The domestic airlines alleged that the sale of shares of the proposed airline violated the Companies and Allied Matters Act, as well as that of the Securities and Exchange Commission.

The Assistant Secretary  of the Airline Operators of Nigeria, Ewos Iroro, signed an affidavit in support of the originating summons on pages 13 and 14 of the court papers. The court papers seen by The PUNCH  said, “The FGN shall assist the National Carrier in procuring all federal and state tax exemptions, waivers or reliefs and fiscal benefits by such time as shall be reasonably necessary to avoid any delay in the performance of the National Carrier’s Operations and the FGN shall use its best endeavours to expedite the grant of such Additional Approvals.

“In the event that any of the tax exemptions or fiscal benefits referred to in clause 5.2 above is not made available or ceases to be available to the National Carrier (provided that such non-availability is not due to a failure by the National Carrier to apply for such exemption and/or follow up on the such applications), the FGN shall indemnify the National Carrier which would not have been suffered or incurred if the exemptions and fiscal benefits had continue to subsist.”

The court papers further read, “The FGN may provide support to the National Carrier in accessing funding and incentive programmes as may be available to support the Business Objectives and Operations existing prior to the establishment of the National Carrier’s Business Objectives.”

Clause 5.9 of the court papers further said, “Further to clause 5.8 above, the FGN may grant support to the National Carrier to any funding or incentive programmes within Nigeria as may be required for the implementation of the Business Objectives;

“The papers said the government might facilitate the expansion of funding or incentive programmes within Nigeria to accommodate the national carrier where it would not be ordinarily qualified for access to such funding or incentive programmes.

“It may also facilitate and procure the creation of Federal Government funding and incentive programmes with the aim of providing Financial Support to the National Carrier.

“The FGN shall procure with fifteen (15) Days of receipt of written notice from the Strategic Equity Partner and National Carrier, commercial banks and other Relevant Authority shall permit for the period within which the National Carrier shall carry on the Business Objectives:

“The free transfer of all funds and financial settlement by the Strategic Equity Partner and National Carrier outside Nigeria necessary to implement the Business Objectives and/or Operations and any Financial Agreements entered into by the National Carrier with respect to the Business Objectives and/or Operations.”

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Ethiopian AirlinesFederal Government of NigeriaNigeria Air Limited
Previous Post

FG reviews school feeding in Delta, adds N30 per meal

Next Post

Naira redesign: CBN directs banks to open Saturdays

Segun Adewunmi

Segun Adewunmi

Related Posts

Manufacturing Firms Borrowed N570bn From Commercial Banks in 2020 Amid Covid-19 Pandemic

Banks Shut Branches Over Customer Attacks

by Idonosan Debe
February 8, 2023
0

As the naira scarcity persists, some banks are shutting their branches over rising customer attacks. This came a day after...

NASS queries CBN over unremitted $3.3bn

CBN Threatens To Withdraw Licence Of PoS Operators Over High Charges

by Idonosan Debe
February 8, 2023
0

The Central Bank of Nigeria (CBN) says it will withdraw the licenses of Point of Sale (PoS) agents caught inflating...

Next Post
Lagos Entrepreneurs Benefit From N369bn CBN Intervention Fund

Naira redesign: CBN directs banks to open Saturdays

Please login to join discussion

Recommended

Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

2 years ago
FG Says UK Covid-19 Strain Now In Nigeria

COVID-19: Lagos records 21 new cases, with zero fatality

2 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency Academic Staff Union of Universities (ASUU) ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: