Aviation
Etihad to Buy 49% Stake in troubled Alitalia
DUBAI — Etihad Airways on Wednesday confirmed it will buy 49% of Italy’s troubled Alitalia in what is likely to be the Abu Dhabi airline’s biggest investment in a foreign carrier to date.
Earlier this month, Etihad said it would invest in Alitalia if a number of conditions were met, ending months of negotiations over the future of the near-bankrupt Italian carrier.
In a joint statement on Wednesday, the airlines said they would complete the transaction as soon as possible. No details were given about the conditions or the size of the investment being made by Etihad.
Italian Infrastructure Minister Maurizio Lupi said earlier this month that Etihad was looking to invest €560 million ($761.6 million) and had pledged to invest a further €690 million in the airline over the next four years in various guises. Etihad was also planning to cut Alitalia’s workforce by 2,251 to 11,470, Mr. Lupi said.
Etihad was launched 10 years ago with state backing and has since embarked on a major expansion around the globe that has included a strategy of taking minority stakes in other airlines. This will be Etihad’s eighth investment in an airline, having already taken stakes in seven airlines from Australia to Ireland.
The investment will give Etihad access to the Italian market, and potentially deepen its foothold in Europe, where the airline already has a stake in Air Berlin AB1.XE +3.72% PLC and a revenue-sharing partnership with Air France-KLM SA, AF.FR +0.12% which holds a 7% stake in Alitalia.
Alitalia has been unprofitable for some time and only managed to stay in business in December after it received a €300 million cash injection from shareholders and €200 million in credit lines from its bankers.
The deal is likely to be scrutinized by the European Union, which is reviewing whether foreign carriers are gaining undue power over European airlines through minority holdings, effectively controlling the carriers.
– WALLSTREET JOURNAL
Aviation
Accra Bound Aircraft Loses Engine Mid-Air After Departing NAIA, Abuja
An Abuja-Accra flight experienced technical difficulties mid-air on Friday, forcing it to return to Abuja, shortly after departure.
The Nigerian Safety Investigation Board (NSIB) made the disclosure in a statement, adding that it has launched investigation into what it described as a serious accident.
Director, Public Affairs and Family Assistance, NSIB, Bimbo Olawumi Oladeji stated that preliminary investigations revealed the aircraft experienced an engine number two indication issue.
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It was gathered that the aircraft, with registration number 5NKAL which was operating a flight from the Nnamdi Azikiwe Airport, Abuja (DNAA), to Kotoka International Airport, Accra (DGAA).
She explained that four persons were onboard when the incident occurred. The crew immediately requested for a diversion back to Abuja due to the engine indication.
Oladeji added that the crew managed to safely land the aircraft at Abuja Airport at 18:16 UTC.
There were no injuries reported, and all individuals on board are safe.
Aviation
FG Secures 12 Pre-Owned Alpha Jets to Bolster Nigeria’s Air Power
Nigeria has acquired 12 pre-owned Alpha Jets from the French Air Force as part of efforts to enhance the operational capacity of the Nigerian Air Force (NAF).
The deal, facilitated through SOFEMA, a French military and aeronautics company, was announced by Olusegun Dada, Special Assistant to President Bola Tinubu on via X on Thursday.
He said, “All the 12 aircraft are ready for shipping.”
The Alpha Jet, a product of Franco-German collaboration, is a versatile military aircraft designed for light attack and advanced training missions.
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Equipped to carry bombs, rockets, and missiles, the aircraft also features a gun pod for close air support.
The NAF already operates 11 Alpha Jets, but this latest procurement signals a significant boost to its fleet.
Dada also confirmed that the Air Force is expecting 24 M-346FA light attack aircraft, ordered during the administration of former President Muhammadu Buhari.
The first batch of these Italian-made aircraft is expected to arrive early next year.
Air Chief Marshal Hasan Abubakar, the Chief of Air Staff, described the acquisitions as a testament to President Tinubu’s commitment to bolstering the armed forces.
“This renewal of our aircraft fleet reflects the government’s commitment to ensuring the safety and security of Nigerians,” Abubakar said.
The announcement comes on the heels of President Tinubu’s three-day state visit to France, where he met with French President Emmanuel Macron.
The visit, which took place from November 27 to November 30, highlighted deepening ties between the two nations.
To ensure the sustainability of its expanding fleet, the Air Force has proposed establishing a local maintenance hub.
Speaking in October, Abubakar noted that six units of the M-346FA aircraft were already in production, with the initial batch of three expected to be delivered in early 2025. The full fleet is projected to arrive by 2026.
“These developments underscore the importance of creating a domestic support system for the long-term upkeep of our aircraft,” Abubakar added.
Aviation
Festive Season: Aero Contractors Slashes Ticket Prices To N80,000
As the holiday season draws near, Aero Contractors has introduced a minimum ticket price of N80,000 for all local flights.
The move, which will last until January 2024, aims to ease the financial burden on Nigerians amid the high cost of living.
Ado Sanusi, Managing Director of Aero Contractors, made the announcement on Tuesday during a press briefing, describing the fare reduction as a gesture to help Nigerians celebrate Christmas and the New Year without the stress of steep ticket prices.
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Sanusi said, “We understand the economic hardship Nigerians are facing, especially with high ticket prices, and we know the holiday season is nearby.
“In the spirit of Christmas, Aero Contractors has introduced what we call pocket-friendly Christmas prices. These fares, starting at N80,000, will apply to all our destinations, allowing Nigerians to travel without excessive costs.”
As of Tuesday afternoon, an economy class ticket from Lagos to Abuja was priced at N99,643, while business class tickets were being sold for N189,167.
Sanusi further explained that the initiative was designed to make it easier for families to reunite during the holidays.
“This is a way for us, as an organization with a long history of serving Nigerians, to give back to our loyal customers. We want to make it possible for families to meet their loved ones during this festive season without worrying about exorbitant travel costs,” he added.