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Why Flights After COVID-19 Will Be ‘Expensive’ – PTF

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The Presidential Task Force on COVID-19 says high transport cost will characterise the Nigerian economy as the lockdown occasioned by the coronavirus pandemic becomes eased across the country.

PTF Chairman, Boss Mustapha, who stated this during a briefing in Abuja on Thursday, explained that air travel will particularly be expensive due to the need to maintain social distancing onboard.

He said, “For the transport sector, because the passenger load has been reduced now, as a result, there is a hike in the prices. That is part of the problem that the entire world will be confronted with.

“Because of COVID-19, everything is in turmoil. Flying after COVID-19 will be one of the most expensive ventures because if you are going to maintain social distancing, what happens to the capacity of the aircraft as built in such a way to accommodate about 100 passengers?

“If you maintain social distancing, the capacity might reduce to about 50%. It (the aircraft) will burn the same fuel. It will operate with the same crew. It will consume the same consumables. Who pays for the extra? So, there is going to be turmoil in the economy of the whole world, Nigeria not an exception.

“I am not urging transporters to hike their prices but it is going to be the reality of the time. And what government will have to do is what it is doing now: creating stimulus for the commerce, manufacturing, agriculture (industries) to soften the effect of this turmoil that is being brought in the management of the economy of our nation.”

The PTF had on Monday asked the aviation sector to begin to develop protocols that will lead to the resumption of domestic flights any time from June 21.

PTF National Coordinator, Sani Aliyu, said, “The aviation industry is requested to start developing protocols to allow for domestic flights to resume anytime from the 21st of June onwards.

“Airlines must ensure physical distancing by reducing passenger capacity and ensure the provision of sanitisers and personal protective equipment as well as carrying out temperature checks at the point of entry and departure and ensuring that airports are not congested by either travellers or airports staff.”

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Nigeria Set To Host AIO Confab, As Tope Smart Emerges President

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By Sola Alabadan

All arrangements have been concluded for the forthcoming 47th Conference and Annual General Assembly of the African Insurance Organisation (AIO) holding in Lagos from September 4 to 8.
Chairman, Local Organising Committee Of AIO 2021, Mrs. Ebelechukwu Nwachukwu, who addressed journalists in Lagos on Tuesday, said since the conference could not hold last year due to the covid-19 pandemic, the AIO Secretariat LOC decided to hold it this year as a hybrid event to cater for those who will not be able to attend physically.
She emphasised that in planning the conference at this time, the organisers  have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event.
To give further impetus to this decision, she pointed out that “we are limiting the number of physical attendees, while others are being encouraged to take advantage of the virtual conference to participate from their different locations. For physical attendees, all covid-19 protocols will be observed and implemented to the letter.”

She also commended the Commissioner for Insurance, Mr. Olorundare Thomas for working assiduously and liaising with the various ministries and agencies to ensure that the organisers get the full support from the government.
She equally informed that of the major highlights of the 47th Conference is that the immediate past chairman of the Nigerian Insurers Association and Group Managing Director of NEM Insurance Plc, Mr. Tope Smart will assume office as the next president of the pan African organisation for the next one year.
As Covid-19 pandemic had left very debilitating effects on many economies and there are efforts at addressing these challenges, participants at the 47th AIO conference would be contributing to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic.
The theme of this year’s conference is: Rebuilding Africa’s Economy: An Insurance Perspective.

The four other subtopics to address other contemporary issues affecting the insurance industry are:
The new normal: How leaders can reset for growth beyond covid-19
Regulation, innovation and the future of insurance

Harnessing the potential for growth and development in the Nigerian insurance market

AfCFTA and the African Insurer: Prospects and Opportunities

She added that the AIO Secretariat has assembled a strong faculty to deliver the different papers.
The resource persons are: Mr. Jakkie Cilliers, Institute of Security Studies, South Africa, Mr. Belhassen Tanat of Munich re, Mr. Yinka Sanni of Standard Bank Group, Mr. Tawiah Ben- Ahmed of Metropolitan Life Insurance, Ghana.
The AIO conference will also include the Life Seminar and all related activities.
The LOC chairman further stated that hosting the conference is significant to Nigeria, as it will enable her to showcase hee rich culture and hospitality, as well as provide a great opportunity to correct some of the misconceptions about Nigeria and her people.

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Banks’ CEOs Hold Emergency Meeting Over BDCs’ Forex Ban 

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Bank Chief Executive Officers on Thursday, held an emergency meeting on how to ensure compliance with the new forex directive of the Central Bank of Nigeria.

After the meeting, they spoke during a webinar organised to give an update on the banks’ preparedness to be the main channel of forex distribution, following the recent discontinuity of forex supply to the BDC operators by the CBN.

The executives assured the public that banks would make forex available to customers in accordance with the CBN’s directives.

After the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emefiele, had ordered all Deposit Money Banks to set up teller points at designated branches across the country to fulfil legitimate FX request for personal travel allowance, business travel allowance, tuition fees, medical payments and SMEs transactions, among others.

Speaking at the webinar, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said, “The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this.”

He said if the banks saw any compliance issues, or people attempting to do things cunning, they would be reported to the CBN because the banks would ensure full compliance with the order.

The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, while speaking on the capacity of the banks to meet the customers demand, said, “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”

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NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

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