Rani
1st Nov 2003, 06:53
Here we ago again with the "Nigerian" factor. Indecisiveness, incoherence, and millions of dollars spent on "financial advisors".
Won't those people in Abuja ever take charge and come up with an official policy!
Question to everyone: How could the minister of aviation "christen" the new carrier before any of its eventual investors are consulted?
FG Appoints Financial Advisor for National Airline
To be known as Nigerian Eagle Airlines
By Ndubuisi Francis
--------------------------------------------------------------------------------
The Federal Government has appointed a financial advisor to the proposed new national airline, putting the total equity of the carrier at $60 million.
The new carrier is to be known as the Nigerian Eagle Airlines and the advisor, Financial Derivatives Company Limited is headed by Mr. Bismarck J. Rewane who is described as a reputable economist and financial adviser.
By the configuration of the ownership structure of the new airline, it is clear that South African Airways and others jostling to be named core investors may have lost out.
The appointment of a financial advisor, the Aviation Minister, Mallam Isa Yuguda said, is the first step towards realising the dream of a new viable flag carrier that will be the pride of Nigerians and its customers across the world.
A statement issued by Mrs Ngozi Okwuogu, Chief Press Secretary to Yuguda said "this major appointment" was in line with the earlier pronouncement by the minister that the flag carrier would take off this year.
The financial advisor is to lead a consortium of co-advisors and other technical advisors to facilitate the take off of the airline expected to commence operations in December.
The main task of the financial advisor includes developing criteria for the selection of a technical partner for the airline in a professional and transparent manner. It will also develop criteria for the selection of core investor groups which must be Nigerian institutional investors, including leading insurance companies and pension funds.
The financial advisor is also to evaluate the various responses and recommend to the Federal Government for approval, a technical partner for the airline.
Financial Derivatives Com-pany Limited is also given the task of providing the necessary framework for an initial public offer(IPO) for 40 per cent equity for the new airline.
The total equity of the airline is put at $60 million and structured as 30 per cent, 30 per cent and 40 per cent for the technical partner, Nigerian core investors and the Nigerian public respectively.
Yuguda noted that in the spirit of transparency and accountability, biddings for participation from credible investors would soon be advertised in local and international media.
And to ensure an early take off of the new carrier, Yuguda has appointed a three-member technical committee to liaise and assist the financial advisor.
The committee members of the Mr. Adam Madu, Deputy Director (International Relat-ions); Mrs M. A. Lashman, Legal Adviser, Ministry of Aviation and Group Capt. A. Mamu of the Nigerian Air Force.
The Aviation Minister who spoke on the new airline said: "We are determined to succeed in this national assignment and we urge the aviation community to support this priority project".
Following the parlous state of Nigeria Airways, the floating of a new airline in the past one year has been enmeshed in controversies. First was an attempt by former Aviation Minister, Dr (Mrs) Kema Chikwe to set up Air Nigeria through a joint venture with a British company, Airwing Aerospace Limited (AAL).
The deal was aborted following public outrage against its content and manner of coming into existence.
Following the AAL failure was another called Nigerian Global purportedly promoted by Triaton AG of Switzerland which claimed it was to hold 40 per cent equity while the Federal Government and other investors would hold 60 per cent.
The Nigerian Global project was not realised until the second term of President Olusegun Obasanjo's administration eventually liquidated Nigeria Airways and said a new national airline would be floated.
Won't those people in Abuja ever take charge and come up with an official policy!
Question to everyone: How could the minister of aviation "christen" the new carrier before any of its eventual investors are consulted?
FG Appoints Financial Advisor for National Airline
To be known as Nigerian Eagle Airlines
By Ndubuisi Francis
--------------------------------------------------------------------------------
The Federal Government has appointed a financial advisor to the proposed new national airline, putting the total equity of the carrier at $60 million.
The new carrier is to be known as the Nigerian Eagle Airlines and the advisor, Financial Derivatives Company Limited is headed by Mr. Bismarck J. Rewane who is described as a reputable economist and financial adviser.
By the configuration of the ownership structure of the new airline, it is clear that South African Airways and others jostling to be named core investors may have lost out.
The appointment of a financial advisor, the Aviation Minister, Mallam Isa Yuguda said, is the first step towards realising the dream of a new viable flag carrier that will be the pride of Nigerians and its customers across the world.
A statement issued by Mrs Ngozi Okwuogu, Chief Press Secretary to Yuguda said "this major appointment" was in line with the earlier pronouncement by the minister that the flag carrier would take off this year.
The financial advisor is to lead a consortium of co-advisors and other technical advisors to facilitate the take off of the airline expected to commence operations in December.
The main task of the financial advisor includes developing criteria for the selection of a technical partner for the airline in a professional and transparent manner. It will also develop criteria for the selection of core investor groups which must be Nigerian institutional investors, including leading insurance companies and pension funds.
The financial advisor is also to evaluate the various responses and recommend to the Federal Government for approval, a technical partner for the airline.
Financial Derivatives Com-pany Limited is also given the task of providing the necessary framework for an initial public offer(IPO) for 40 per cent equity for the new airline.
The total equity of the airline is put at $60 million and structured as 30 per cent, 30 per cent and 40 per cent for the technical partner, Nigerian core investors and the Nigerian public respectively.
Yuguda noted that in the spirit of transparency and accountability, biddings for participation from credible investors would soon be advertised in local and international media.
And to ensure an early take off of the new carrier, Yuguda has appointed a three-member technical committee to liaise and assist the financial advisor.
The committee members of the Mr. Adam Madu, Deputy Director (International Relat-ions); Mrs M. A. Lashman, Legal Adviser, Ministry of Aviation and Group Capt. A. Mamu of the Nigerian Air Force.
The Aviation Minister who spoke on the new airline said: "We are determined to succeed in this national assignment and we urge the aviation community to support this priority project".
Following the parlous state of Nigeria Airways, the floating of a new airline in the past one year has been enmeshed in controversies. First was an attempt by former Aviation Minister, Dr (Mrs) Kema Chikwe to set up Air Nigeria through a joint venture with a British company, Airwing Aerospace Limited (AAL).
The deal was aborted following public outrage against its content and manner of coming into existence.
Following the AAL failure was another called Nigerian Global purportedly promoted by Triaton AG of Switzerland which claimed it was to hold 40 per cent equity while the Federal Government and other investors would hold 60 per cent.
The Nigerian Global project was not realised until the second term of President Olusegun Obasanjo's administration eventually liquidated Nigeria Airways and said a new national airline would be floated.