JUST IN: FG Cautions Air Peace Against Obstruction Of Exploitative Ticket Pricing Investigation—-TCN reports that the Federal Government of Nigeria through the Federal Competition and Consumer Protection Commission has warned Air Peace against obstructing the ongoing inquiry into alleged exploitative ticket pricing and other potential violations of consumers’ rights.

The FCCPC’s inquiry into the airline was prompted by a surge of complaints from passengers about unfair pricing, flight cancellations, and other practices potentially harmful to consumers.

The commission conducted a meeting with Air Peace on December 3, 2024, to address the concerns raised in numerous petitions.

The FCCPC said the session, which was held in camera, was intended to protect the confidentiality of the investigation.

However, the commission noted that “shortly after the meeting, leaks surfaced in the media, misrepresenting the proceedings and making unfounded claims.”

Recall that the FCCPC had clarified the situation on December 5, reiterating that its investigation into Air Peace was ongoing.

In the statement, the commission said, “The inquiry is still ongoing, and the public should be wary of manufactured news. The report claiming that Air Peace was not under investigation was not disseminated through our official communication platforms.”

Ijagwu said the leaks quoted Air Peace’s Chairman, Mr Allen Onyema, making various statements, including a boast that he could “shut down the airline” as a favour to the nation, but conveniently omitted other comments that raised concerns.

The FCCPC noted that Onyema’s remarks appeared to be intended to undermine the investigation and distract from the core issues.

The airline had earlier, in a press conference on Friday, asserted that only the aviation regulatory agency had the authority to investigate its affairs, an argument that the FCCPC dismissed as a misunderstanding of both the legal and moral framework surrounding consumer rights.

“The rights of passengers are inalienable and guaranteed under the FCCPA,” the FCCPC countered, emphasising that the Commission has the legal mandate to investigate pricing practices and other consumer-related issues in all sectors, including aviation.

The Commission pointed to Section 17(e) of the FCCPA 2018, which gives it the authority to conduct inquiries when necessary or desirable in connection with any matter falling under its purview.

Further reinforcing its mandate, the FCCPC cited Section 127(1)(a) of the FCCPA, which empowers it to ensure that pricing practices across all sectors, including aviation, are fair and non-exploitative.

The Commission also pointed to Section 148(3)(c) of the Act, which allows it to initiate inquiries based on consumer complaints.

One of the major issues under investigation is Air Peace’s pricing practices.

The FCCPC said the airline had recently proposed fare hikes ranging from N500,000 to N700,000 for a one-hour domestic flight, citing high fuel costs.

However, several consumer complaints contest these figures, claiming that Air Peace’s fuel cost is inflated.

“At the proposed N500,000 fare, a Boeing 737-500 would be fetching a whopping N60 million per one-hour service,” the FCCPC stated.

It contrasted Air Peace’s pricing with a competitor airline that recently reduced its fares to as low as N80,000 for similar domestic routes, demonstrating that affordability and sustainability can coexist in the aviation industry.

Ijagwu said in addition to concerns about pricing, several passengers have complained about arbitrary flight cancellations and poor compensation practices.

FCCPC noted that for instance, on November 29, a group of irate passengers at the Nnamdi Azikwe International Airport staged a protest after experiencing a four-hour delay on the Abuja-Lagos route. The protest led to a security intervention to restore order at the airport.

It added that passengers have also reported that after experiencing flight cancellations or delays, they were forced to pay a 50 per cent surcharge to rebook their tickets on another day.

The FCCPC said despite these efforts to deflect attention from the ongoing inquiry, it remains resolute in its commitment to safeguarding consumer rights.

“No amount of blackmail or cowboy tactics can stop the Commission from the ongoing thorough investigation of the allegations against Air Peace,” the Commission warned.

Reaffirming its role, the FCCPC underscored its responsibility to ensure that all sectors, including aviation, operate in a fair and competitive environment.

“The Commission is committed to safeguarding consumer rights, promoting market fairness, and fostering a competitive and transparent marketplace across all sectors, including aviation,” Ijagwu said.

Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix, Paris, France was performed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.Dignitaries at the ceremony include Governor, Kwara State & Chairman, Nigeria Governors’ Forum (NGF), His Excellency, AbdulRahman AbdulRazaq; Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-olu; Governor, Ogun State, His Excellency, Adedapo Abiodun, CON; Governor, Enugu State, His Excellency, Dr. Peter Mbah; Chairman, BUA Group, Abdul Samad Rabiu, GCON; Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC) Nonye Ayeni, who joined Zenith Bank Executives in celebrating this significant milestone.

The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, thanked the Founder & Chairman, Dr. Jim ovia, CFR, for his inspiration and vision in setting up an award-winning and record-breaking brand. She also highlighted the rationale for the bank’s strategic move to Paris.

According to her, “The opening of this Paris branch is part of the broad strategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses. Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries.

Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon.

This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”Speaking at the ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris.

The presence of Zenith here can only but help to engender trust of the French business community.

They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitatedWe are happy and we are glad that we are all here to participate in this historic occasion.”President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, congratulated the bank for the milestone achievement.

Expressing his optimism for this strategic initiative, he said, “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector.”Director General of the Treasury, France, Bertrand Dumont, commented, “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents.

So, I would like to wish you the best in this endeavor, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”The Chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, CFR, during his remark said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. 15 years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion.

Such intentional leadership, such partnership and collaboration speaks to the nature of endeavor that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith – Bonne Arrivee!”The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations. Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France.

The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa.

The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market. The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.