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Agent: Hurdles stalling recovery of Canadian aircraft will hurt Nigeria

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Agents employed by Alberta Aviation Capital Corporation (AAC), a Canadian leasing company, have raised concerns over attempts to obstruct their assignment of dismantling a CRJ 1000 aircraft from the fleet of Arik Air – Merchant Express Cargo Limited. The agents warn that any efforts to frustrate the assignment not only pose a threat to the Nigerian aviation industry but could also result in increased leasing and insurance costs for future aircraft leasing by Nigerian operators. Furthermore, these actions contradict the Cape Town treaty, which the Nigerian government signed to safeguard the assets of foreign investors.

Merchant Express Cargo Limited, in collaboration with Captain Samuel Caulcrik, was jointly contracted by AAC to carry out the dismantling of the aircraft with Manufacturers Serial Number 19037 after the lease agreement with Arik Air was canceled. In a statement issued by the Chief Executive Officer of Merchant Express Cargo Limited, Captain Shina Akinfenwa, it is clarified that the agents were fulfilling their obligations as instructed by the new owners of the CRJ 1000, following significant and persistent payment defaults by Arik Air to the aircraft lessor, JEM.

Akinfenwa dismisses allegations made by Arik Air’s founder, Sir Arumemi Johnson, that the agents are engaging in fraudulent activities. He asserts that such claims lack substance and emphasizes that the agents are lawfully executing their client’s instructions. Akinfenwa highlights that Arik Air’s default on its obligations led to the de-registration of the aircraft by the Nigerian Civil Aviation Authority (NCAA) and the subsequent transfer of ownership to the Export Development Canada (EDC), the mortgagee, with the aircraft currently registered in Canada.

The statement further clarifies that Captain Caulcrick was an authorized agent of the new Canadian owners (AAC) and that the recovery process adhered to all necessary procedures, duly documented. It is emphasized that Merchant Express and Captain Caulcrick were not involved in the terminated lease or the de-registration of the aircraft by the NCAA until they were contracted for the teardown project.

The statement condemns the efforts of Arik Air’s founder and his legal representatives to employ the Economic and Financial Crimes Commission (EFCC) and certain sections of the media to intimidate the authorized agents of the aircraft’s legal owners (AAC) in an attempt to prevent them from reclaiming their aircraft and returning it to Canada. Captain Caulcrick is praised as an exemplary aviator who has dedicated his career to upholding the integrity and sanctity of the aviation industry in Nigeria and beyond. The statement suggests that the attempt to tarnish his reputation is the work of those who lack legal rights over the aircraft and implies that if they did, they would have pursued legal avenues to obtain an injunction against the teardown.

The use of the EFCC is criticized as an inappropriate tactic by those without legal rights, which could harm the aviation industry and lead to increased leasing and insurance costs for Nigerian operators in the future. These actions are also deemed to contravene the Cape Town treaty, which seeks to protect the assets of foreign investors. The statement expresses gratitude for the Canadian government’s involvement in escalating the matter diplomatically to safeguard their interests.

Business

FG Unveils Incentives to Boost Foreign Direct Investments

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– FG offers incentives to attract foreign direct investments
– Incentives include tax breaks, duty waivers, and deferred payments
– NEPZA aims to create a favourable business environment

The Federal Government has announced plans to attract foreign direct investments by offering incentives to businesses operating in Nigeria.

These incentives include customs duty waivers, tax breaks, and deferred payments to alleviate financial burdens.

The Managing Director of Nigeria Export Processing Zones Authority, Olufemi Ogunyemi, stated that the move is in response to challenges posed by foreign exchange constraints and unreliable power supply.

He noted that the incentives aim to reduce production costs and encourage companies to maintain their operations within Nigeria.

Ogunyemi emphasized the importance of corporate social responsibility, requiring investors to contribute to societal development through CSR initiatives.

He believes that economic growth should be coupled with sustainable community impact.

The incentives are expected to support existing businesses and attract new ventures looking to establish and expand their operations in Nigeria.

By providing a favourable business environment, NEPZA aims to drive economic growth and development.

 

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Business

SEC Urges Capital Market Stakeholders To Embrace Innovation For Sustainable Growth

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SEC DG.
– SEC urges capital market operators to embrace innovation
– Regulatory Incubation programme to support fintech businesses
– Risk management frameworks essential for market stability

The Securities and Exchange Commission (SEC) has emphasized the importance of innovation in driving sustainable growth and development in the capital market.

According to the Director General, Emomotimi Agama, innovation is crucial for efficiency, transparency, and resilience in the market.

Agama stressed that the SEC is committed to supporting innovation and growth through its Regulatory Incubation programme, which allows fintech businesses to operate within a controlled regulatory environment.

This programme aims to ensure investor protection and market stability while fostering financial technology advancements.

The SEC’s efforts are guided by the Revised Capital Market Master Plan (CMMP 2021-2025), which prioritizes technology and innovation to expand the depth and breadth of the Nigerian capital market.

Agama warned stakeholders about associated risks, such as cybersecurity threats and regulatory complexities, and emphasized the need for robust risk management frameworks.

“In its efforts to support innovation and growth in the market, the SEC has established a programme of assessment called Regulatory Incubation to help new fintech businesses,” Agama said.

The SEC will ensure appropriate safeguards are in place to protect investors and maintain market stability.

 

 

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