The General Manager, Public Affairs, AIB, Mr Tunji Oketunbi, made the disclosure in a statement signed in Lagos on Monday, NAN reports.
Oketunbi recalled that on Wednesday, the bureau received notification from a passenger onboard about a serious incident involving a Boeing 737-300 aircraft with Registration Mark 5N-BUK, belonging to Air Peace.
“It was reported that the said incident occurred on May 15, while the aircraft was on approach to the Murtala Muhammed International Airport, Lagos from Port Harcourt.
“The aircraft was said to have experienced a hard landing as it touched down on the runway (18R).
“Upon receipt of the notification, AIB visited the airline office and confirmed the said occurrence. The Bureau further conducted a damage assessment on the aircraft, which revealed that the aircraft made contact on the runway with the starboard engine cowling, as obvious from various scrapes.
“Others are the scratches and dents, an evidence of tyre scouring on the sidewalls of the No. 4 tyre, as well as bottoming of the main landing gear oleo struts. There was also visible damage to the right-hand engine compressor blades,’’ he said.
Oketunbi noted that the aircraft had since been on ground, awaiting implementation of the hard landing inspections recommended by the aircraft manufacturer, the Boeing company.
According to him, this includes an inspection of the right-hand engine pylons and the wing root, due to the heavy impact concerns.
He said further discussions with the airline’s Maintenance Personnel revealed that CFM International, the engine manufacturer, had also been contacted with regard to necessary inspections, to ascertain the serviceability of the starboard engine.
Oketunbi said the nature of the damage suggests that there was a high probability of an accident, as captured in the definition of Serious Incidents in the bureau’s Civil Aviation (Investigation of Air Accidents and Incidents) Regulations, 2016.
According to him, an incident involving circumstances indicating that there was a high probability of an accident, and is associated with the operation of an aircraft.
He said of utmost concern was the fact that till date, the bureau had not received any notification of the incident: three weeks after the date of occurrence, contrary to the International Civil Aviation Organisation (ICAO) Annex 13 which guides the operations of aircraft accident investigation procedures.
Oketunbi said: “Rather, AIB further to the occurrence, received a submission of a Mandatory Occurrence Report (MOR) subsequently filed at the Nigerian Civil Aviation Authority (NCAA) on Friday, which filing was as a direct result of the bureau’s visit to the airline’s office on Thursday.
“An MOR is a Mandatory Occurrence Report that an Operator files after an occurrence to NCAA and it is not a notification to AIB as required by its Regulations.
“Similarly, and in recent times, an aircraft belonging to Air Peace was also involved in a serious incident and the airline willfully failed to comply with the provisions of the bureau’s regulations which provide that:
“Subject to paragraph (2) below and regulation 14 where an accident or a serious incident which results in the withdrawal from service of an aircraft occurs in or over Nigeria.
“No person, other than an authorised person, shall have access to the aircraft involved and neither the aircraft nor its contents shall, except under the authority of the AIB Commissioner, be removed or otherwise interfered with.
“Where it is necessary to move aircraft wreckage, mail or cargo, sketches, descriptive notes, and photographs shall be made if possible, of the original positions and condition of the wreckage and any significant impact marks.’’
He noted that precisely, on Dec. 14, 2018, a Boeing 737-300 belonging to the airline, with registration marks 5N-BUO, enroute Akanu Ibiam International Airport, Enugu from Lagos was involved in a serious incident at about 10:44hrs, saying that the information only got to AIB through the social media.
Oketunbi said the airline’s Accountable Manager and Chief Pilot at the material time, were duly warned by the Bureau for non-compliance with the Regulations.
The general manager said based on all the foregoing, it was obvious that Air Peace Management lacks the full understanding of the statutory mandates, functions and procedures of the bureau.
Oketunbi noted that air accidents and serious incidents’ investigations were carried out in accordance with the relevant Laws and Regulations in force, in the interest of safety and with the aim of forestalling similar occurrences in the future.
“Section 29 of the Civil Aviation Act 2006, which is the Act establishing the bureau, confers the prerogative to determine the classification of an accident or serious incidents on AIB.
“All airlines are therefore enjoined to report these occurrences at all times,’’ he said.
But reacting to the allegation, the Chairman of Air Peace, Allen Onyema said that when the incident happened, the airline reported to the regulatory agency, NCAA and also wrote to Boeing and the manufacturer of the aircraft’s engine, CPM International.
“When the incident occurred, we reported it to NCAA. We followed the aircraft manual, which guided us on what to do when such incidents occurred.
“We wrote to Boeing, the aircraft manufacturer and also wrote to the engine manufacturer, CPM International. We also grounded the aircraft.
“We always report any incident to the NCAA and sometimes, you may not know what to report to AIB because the NCAA is the regulatory authority and the Bureau is in charge of accident investigation.
“So when incidents like hard landing happen and you inform NCAA, we feel we have followed the procedure.
“Boeing has written back to us and told us what to do. According to the procedure, some inspection is currently being carried out on the aircraft,” Onyema said.
Otedola confirms sale of Forte Oil
Otedola, who was chairman of the oil firm, had announced plans to sell off his 75 per cent stake in the company to “maximise the opportunities in refining”.
In a message he posted on Instagram on Wednesday, he confirmed that the process is now complete.
According to Otedola, he is now prepared to focus on his investment in the power sector.
“A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders.
“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964,” he wrote.
Topmost Rating Agency, Moody’s, Says Nigeria Banking Outlook Stable
Moody’s is keeping its outlook on the Nigerian banking system stable to reflect its resilient capital buffers and stable deposit bases, with high risks likely to subside as the economy is expected to strengthen.
The rating agency stated this in its new report on the African country’s financial institutions.
“Nigerian banks’ asset risk and profitability will remain key rating challenges, but we expect these challenges to gradually decline in 2020 as the economy picks up,” said Peter Mushangwe, Analyst at Moody’s.
“Banks’ funding and liquidity profiles will remain stable thanks to solid deposit bases.”
The key highlights of its report include the fact that non-performing loans (NPLs) will decline to 7% – 8% over the outlook period from 11.7% at year-end 2018 – but still at a high level; and that system-wide tangible common equity will be stable at 16% of risk-weighted assets at year-end 2018, thereby sufficient to bear losses.
The report also pointed out that “banks revenue will be restrained by subdued loan growth while cost pressures, due to IT investments, an AMCON levy2 and higher staff costs, will slow pre-provision profitability.
“Loan quality pressures will ease but remain banks’ main weakness. Nonperforming loans (NPLs) will decline to 7%-8% in the next 12-18 months from 11.7% at the end of 2018 – still a high level. Higher oil prices will constrain new NPL formation while high loan-loss reserves will allow banks to write off some of their bad debts. These credit positives will be moderated by lingering risks from high loan concentrations and high delinquency levels.
“Moody’s expects Nigeria’s real GDP to expand 2.3% in 2019 and 2.8% in 2020, up from 1.9% last year, but well below the level required to improve living standards. Lending growth will recover in the second half of the year following a contraction in 2018, but it will remain subdued and will not appreciably boost banking revenue,” Moody’s Investors Service said in a report published on Tuesday.
Petrol Sells At Average Of N145 Across Nigeria -NBS
Nigerians bought a litre of Premium Motor Spirit (PMS) or petrol, at the exact government regulated price of N145.0 nationwide data released Monday by the Nigerian Bureau of Statistics shows.
According to the statistical authority in the country, Ebonyi State was the most expensive place to fuel your car in Nigeria with a liter of gasoline going for N146.25.
The data Bureau said the average price for diesel around the country was N228.02 in May, while a liter of kerosene was sold for N315.91, a gallon was bought at the cost of N1,210.56.
In the same period, a 5kg refill liquefied Petrol Gas (LPG cylinder cost N2,028.04 while a 12.5kg cooking gas was sold for N4,220.44. Generally, all the data sets released by the NBS shows a decrease in the prices of the commodities measured.
For petrol, there was a 3.4 percent decrease in the price of the product year-on-year. There was also a 0.6% decrease from N145.9 in April to N145.0 in May 2019. Kwara- N146.14 and Niger- N146.11, were the second and third most expensive places to buy petrol.
The cheapest places to operate a car-guzzling engine are Enugu- N143.55, Katsina- N142.50 and Gombe N141.08. There was also a decrease in the price of diesel nationwide between April and May.
In April, a liter of diesel was sold for N230.67 which is 1.15% more than the price of N228.02 for May 2019.
However, there was a 10.87 percent increase when the price in May 2018 is compared with the corresponding month in 2019.
The most expensive places to operate a high diesel consuming generator or bus, in May, were the Boko Haram ravaged states of Borno- N266.67, Adamawa- N245.63 as well as Cross River- N245.28.
The cheapest states to fire your industrial generators and commuter-sized buses in May were, Nasarawa- N206.91, Ekiti- 206.65 and the epicenter of herder/farmer clashes, Benue- N203.33. There was an increase in the price of a gallon of kerosene year-on-year, just as there was in the price of diesel.
Between May 2018 and May 2019, there was a 23.07 percent surge in the price of a gallon of kerosene.
In April however, the price of the cooking fuel was N1211.99 in April- making a 0.12 percent decrease to N1,210.56 in the month under view. Gombe- N1,415.38, Taraba, N1,397.00 and Jigawa- N1,378.57, are the most expensive states where you can re-fill your gallon of kerosene. The product was cheapest in Bayelsa- N1,040.90, Akwa Ibom- N1,031.25 and Abuja- N1,012.50. The price of a 12.5kg LPG decreased in both month-on-month and year-on-year comparisons- a similarity it shares with PMS. There was a 0.79 percent drop from 4,253.91 in April to N4,220.44 in May.
When May 2019 is juxtaposed with the preceding May, there is a 1.82 percent in the price of a 12.5kg cooking gas. The states where it was most expensive to cook with a 12.5kg gas cylinder in Nigeria were, the hydrocarbon producing states of Bayelsa- N4,690.00, Akwa Ibom- (N4,611.67) as well as Enugu (N4,608.33).
The cheapest places to cook meals that require much heat in may with a 12.5kg cylinder were Katsina- N3,842.86, Kano- N3,825.00 and Ekiti- N3,806.25. The price of a 5kg cooking gas reduced by 0.90 percent month-on=month and 2.13 percent year-on-year.
While the federal government keeps the price of petrol at N145 through subsidies it intends to put in the budget for the first time since the 2015 appropriation document, Nigerians pay for that prince to be uniform across the country.
Through payment mechanisms such as the Marine Transport average, the National Transport Allowance/average, Bridging fund and interdistrict scheme which are embedded into the cost of a liter of petrol, Nigerians ensure that their kin in far-flung parts of the country get the product at the same cost as those near functioning ports and depots.
Since the price of the product is arbitrarily fixed at N145, the federal government invariably subsidizes the actual price of PMS which is above N145 while factoring in the equalization cost as well.
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