Connect with us

Business

Aviation ground handlers lift suspension on Max Air after debt negotiations, partial payment

info

Published

on

Max Air 1.jpg

MTN ADVERT

The Aviation Ground Handlers Association of Nigeria (AGHAN) has lifted its suspension on services to Max Air, less than 24 hours after halting operations over unpaid debts.

The association said the decision followed progress in discussions with the airline, including the payment of a “substantial amount” of money out of its outstanding obligations to handling companies.

In a statement issued on Friday, AGHAN said the suspension was lifted after Max Air re-engaged with its members and committed to resolving its debt profile.

“We have to lift the handling suspension on Max Air after it commenced negotiations with our members and paid a substantial amount of money out of its debts,” the association said.

Ground handling companies provide critical airport services, including aircraft marshalling, baggage handling and ramp operations, which are essential to airline turnaround and safety compliance.

PT WHATSAPP CHANNEL

The development is coming just a day after the group withdrew handling services to the airline, citing prolonged unpaid debts it said have reached unsustainable levels and strained operations within the aviation support sector.

PREMIUM TIMES earlier reported that AGHAN withdrew its services from Max Air on Thursday over the debts estimated at N1 billion.

The association had accused the airline of failing to engage meaningfully in repayment discussions at the time, while other indebted carriers were said to be making settlement plans.

AGHAN noted that the action was necessary after repeated efforts to recover the debt failed, warning that the issue, if not addressed, could undermine safety and operational efficiency at airports.

Despite lifting the suspension, the association said the underlying financial pressure facing ground handling companies remains unresolved.

ALSO READ: Aviation Ground Handlers withdraw services from Max Air over alleged N1 billion debt

AGHAN said its members continue to operate under rising costs arising from equipment procurement, foreign exchange exposure and operational overheads, while awaiting payments from airlines.

“We agree that the operating environment is tough for all operators, but we are not equally exempted from the challenge,” the statement disclosed.

It added that aviation services operate as an interconnected chain, warning that financial distress affecting any segment could have wider implications for safety and service delivery.

“The aviation industry is a chain and not about the airlines alone. Others too play major roles in the ecosystem and they need to survive,” the association said.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

info

Published

on

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

Continue Reading

Business

Airline refunds aggrieved passenger’s fare, adds perks

info

Published

on

105305137 104854627949893 6745310715136595637 n.jpg

Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

PT WHATSAPP CHANNEL
Dangote Refinery AD

Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending