27 May

Daily Watch – Lagos to Houston flights end, States agree to weed out ghost workers

  • United Airlines will stop flying to Nigeria next month, ending the carrier’s only route to the African continent because of weakness in the energy sector and difficulties in collecting money from tickets sold in Nigeria. According to Bloomberg, the daily route from Houston to Lagos had underachieved for years but was kept alive because of its importance to Texas-based customers. The last flight will be June 30, after which Delta Airlines. will be the only major American carrier flying to Africa.
  • The governments of all 36 states have agreed to a 22-point Fiscal Reform Action Plan designed to weed out ghost workers. This will be done with a view to reforming the finances of states and local governments in the country. The Federal Ministry of Finance said that under the programme, which will mirror the ongoing public financial management reforms by the Federal Government, there will be changes including, biometric capture of all civil servants, establishment of an efficiency unit, implementation of continuous audit, improvement in Independently Generated Revenue and measures to achieve sustainable debt management.
  • Following ‎the announcement of a new monetary policy by the CBN, equity investors smiled home after the midweek trading with gains of N358 billion. Market capitalisation appreciated to close at N9.706 trillion as against the N69 billion gain recorded previously. The profit, representing a 3.83 percent growth in total stock value, was considered the highest daily profit ever made in recent times in the equity market. ‎Statistical details of the trading session released by the Stock Exchange showed an additional 1,042.37 basis points to the market All-Share Index, as the market capitalisation closed positively at 28,260.61 basis points.