OCTOBER 4, 2018
TOPIC
Short Lifespan of Nigerian Airlines: The Importance of Corporate Governance.
At the end of the meeting, participants resolved that:
- Airlines in Nigeria should be managed in compliance with the four pillars of corporate governance (Accountability, Fairness, Transparency, & Independence).
- ART recommends the enactment of the code of corporate governance for operators in the Nigerian aviation sector to complement extant corporate governance laws.
- Government should direct immediate recapitalization of the aviation sector to enhance good corporate governance and fleet expansion.
- Nigerian government should concentrate on providing conducive environment for airlines’ establishment and safe operations rather than attempting to establish or run an airline.
- The boards of airlines should consist of knowledgeable and independent directors while management change should be guided by laws.
- The NCAA should assert its regulatory position as provided for by the constitution and ensure compliance with rules by airlines and other service providers.
- The government should provide enablement for corporate government to drive development and growth of the aviation sector.
- Nigerian airline operators must strike a balance between quest for profit and good ethical conduct in the provision of airline services.
- Nigeria’s political leadership should embrace good corporate governance to build foreign and local investor’s confidence, attract better credit rating and tourism in the interest of the nation’s overall economic development.
- There is need to respect and encourage Nigeria’s local airlines considering the difficult environment in which they operate but the airlines have to earn the respect by complying with corporate governance expectations.
- Corporate governance alone cannot achieve the desired success in airline business but essential to the success of any airline.
- Nigerian airlines should be established based on well thought out plan involving the choice of right aircraft and compliance with maintenance schedules.
- The ASRTI/ART and Airline Operators of Nigeria (AON) should collaborate to push a bill that will ensure passage and implementation of the Fly-Nigeria-Act to drive passenger and charter traffic for our flag carriers.
Dr. Gabriel O. Olowo Fnim, Fitp
President
