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South African Airways discusses with Banks, National Treasury for an open credit line

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South African Airways (SAA) urgently needs a new capital injection to stay afloat and is in discussions with banks and the National Treasury for “an open credit line”, its chief executive said on Tuesday.

State-owned SAA, which has not generated a profit since 2011, is regularly cited by ratings agencies as a drain on the government purse and has already received state guarantees totaling nearly 20 billion rand ($1.6 billion).

“We do need access to capital to sustain the operations and we are having discussions with Treasury, as well as the banks around how we can have an open credit line,” Chief Executive Vuyani Jarana told parliament.

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Asked by an opposition lawmaker when the airline would need to access billions of rands of extra state support, Jarana responded “Now”.

He later told reporters that SAA would need around 5 billion rand this year to pay down debts and for operational costs. The struggling airline has not had credit facilities since August when bank lenders pulled the plug after a debt repayment scare.

“Over the next six months we will need… in the range of 5 billion rand to make sure we can support the working capital,” Jarana said, adding that amount included arrear payments.

The National Treasury said that SAA needs an equity partner to pump money into the company to address a liquidity crisis and to help with the implementation of a turnaround plan.

The company’s results for the year to March 31, 2017, which had been delayed after the company received a 10 billion rand government bailout last year, showed a deepening loss of 5.6 billion rand, a more than threefold increase from the previous year’s 1.5 billion rand loss.

SAA will need to repay bank debts of 9.2 billion rand by March 2019, Jarana said, adding that this figure could increase.

“SAA has not been able to pay the principal amount, we’ve always been able to service the interest payments on this, so part of the strategic options we are looking at… is an optimal capital structure,” he told reporters.

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24 Hours Across Africa

Nigeria: Woman arrested over Outrageous Viral video of her abusing a child

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Police in Nigeria’s commercial hub of Lagos have arrested a woman filmed abusing a child and then locking him in a caged kennel with dogs.

It is not clear when the footage was shot, but it went viral on Twitter earlier this month.

In the video clip, a woman is seen beating a boy, stripped to his waist, with a belt. She then drags him into an empty kennel and locks it before walking away. Two dogs can be seen in other neighbouring kennels.

The video caused outrage on social media, where shocked users offered rewards to anyone that could track down the woman.

On Thursday, a police spokesperson, Dolapo Badmos, tweeted that the woman in the video had been arrested.

“The suspect is in custody and will be charged to court… The boy, who happens to be an orphan, has been rescued and kept in a shelter provided by Lagos state government,” she said.

Her tweet links to a video filmed by police showing the dog kennels where the boy was locked up:

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24 Hours Across Africa

Nigeria: Imo recovery team storms Okorocha’s premises, recover alleged looted state property

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Okorocha Faults Action
Imo State Recovery of Moveable Assets Committee, yesterday, stormed a premises belonging to the immediate past governor of the state, Rochas Okorocha, where it discovered properties suspected to be that of the State Government, but allegedly parked in the premises known as All In Warehouse, located on Aba Road, Owerri.

But the Commissioner of Police, Rabiu Ladodo, who arrived the scene laced with crowd, directed that the property should be put in custody of the police. Some of the items included furniture, clothing materials and others.

The chairman of the committee, Ndubuaku, said the committee received credible intelligence information that led to them to storm the premises. He pronounced sealing of the place, directing that nobody, including the Okorochas, should enter the premises till further notice. Ndubuaku said the committee would ensure that all the State Government property illegally stolen were recovered.

But Okorocha, in a statement signed by his Special Adviser (Media), Sam Onwueneodo, described the action of the State Government as unjustifiable.

“This is to inform all men and women of goodwill, that barely two days after the agents of the Economic & Financial Crime Commission, EFCC, had marked the ALL – IN SHOP owned by the wife of the former governor, Dr. Mrs. Nneoma Nkechi Okorocha, located at Naze near Owerri, for investigation also following flood of petitions written to the Commission by PDP government in the State, the leader and members of the government’s Committee on the Recovery of Government Property invaded the shop today (yesterday) July 26, 2019, and looted the goods there, including the ones inside the containers inside the premises.

“We had told all those, who cared to hear us, that the PDP government in the State is out for witch-hunting just to intimidate Opponents, otherwise why invading and looting a Shop with furniture and baby goods, already marked for investigation by the EFCC.

“And the Containers they looted have been in the premises of the shop before the EFCC agents came and marked the Shop for investigation last Tuesday; they are still there before the Jasper Ndubuaku-led gang invaded the place. The question now is, what if at the end of the day, the EFCC’s investigation establishes that this shop has no relationship with the last administration?

“Obviously, Jasper Ndubuka and his gang are not recovering any property but are on looting spree. They were the ones, who petitioned to EFCC and they came and marked the investments they had mentioned in their petitions for investigation. Then, why going to loot the same establishments marked by EFCC for investigation? If Governor Ihedioha had asked question and if he meant well, he would not have entrusted such sensitive task into the hands of a man like Jasper Ndubuaku.

“Nigerians should watch  closely the brigandage going on in Imo. Leaders and members of the so-called Government’s Property Recovery Committee are just having the licence to loot with the protection of the State Government. Otherwise, why won’t they allow the EFCC to conclude their investigation?”

“We have been shouting for the world to hear our voice. Aside their inviting the EFCC, we have asked them to publish whatever they have against Rochas Okorocha and the family or anybody that served in the Rescue Mission government, but they have not been forthcoming. The implication of all these is that, where restraint is not applied and the governor cannot control the recklessness, self-help may be the last resort; nobody should be blamed.”

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