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All you need to know about sack of Mozambique airline board

Not a common scene to find the president of a country stranded at the airport. But this played out in Mozambique, and has now cost the Air Mozambique Board their jobs

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Not a common scene to find the president of a country stranded at the airport. But this played out in Mozambique, and has now cost the Air Mozambique Board their jobs.

The board of Mozambique’s Lam Airlines was sacked after the country’s prime minister and other passengers were left stranded when a plane ran out of fuel.

Reports say Carlos Agostinho do Rosário ended up using an air force plane for his official trip from the capital, Maputo, to the northern Niassa province.

The state-owned airline has been experiencing a cash crunch.

Local media report the “chaos” has been going on for three days.

Sources familiar with the incident said that fuel suppliers had asked for payment to be made before delivery.

Read Also: Procter & Gamble (P&G) shuts Nigerian plant

The airline called the incident “embarrassing” but said it was working to ensure flights resumed on Friday after the government’s intervention, the BBC’s Jose Tembe in Maputo reports.

It apologised to its customers and urged travellers to telephone to get information about their flights.

A six-year ban on the airline operating in the European Union was lifted last year. It had been imposed because of what the EU said was a lack of oversight by aviation authorities.

Mozambique has been facing a financial crisis since 2015 and has been largely cut off from multilateral and foreign donors after the government admitted to $1.4bn (£1bn) of undisclosed borrowing in 2016.

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Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat

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Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s  sale of local offshore shallow water assets to Seplat.

President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.

Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.

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Nigeria climbs to fourth position on World Bank’s list of most indebted nations

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Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.

Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.

The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.

The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.

What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.

The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.

“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.

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