Jimoh Ibrahim's Global Fleet planning to sell off Air Nigeria

Air Nigeria (VK, Lagos) could make a return to the skies, albeit under new ownership and management,

the current CEO of the airline, Mr. Jimoh Ibrahim, has stated. 

Speaking on the tenth anniversary of the founding of his group of companies, Global Fleet, Mr. Ibrahim said his board of directors would meet over the coming week to discuss the future of the airline, which ceased operations in September 2012.

“Well, I cannot say categorically. The Group’s Council will meet next week to take a final decision on Air

Nigeria. But I can tell you that our position has always been on divestment of our shares from it. I can

tell you that the airline will fly again, but under a different ownership, not Jimoh Ibrahim. It was sold to

me by Richard Branson. I will sell to another person,” he said. 

Air Nigeria collapsed in 2012 following weeks of speculation about mounting debts, tax raids and safety concerns. 

Meanwhile, the Nigerian Civil Aviation Authority (NCAA) has now denied previous reports that the Nigerian Government, through the Assets Management Corporation of Nigeria (AMCON), is seeking to take over and liquidate all airlines still indebted to AMCON. 

Ten Nigerian airlines, under the auspices of the Aviation Intervention Fund,had received a total of NGN86.7billion (USD540million) in loans, at interest rates of between 2 and 7percent with between 10 to 15 years to repay the loan. 

Air Nigeria was the largest beneficiary with a total sum of NGN35.5 billion, followed by Aero Contractors (AJ, Lagos) with NGN20 billion, Kabo Air (N9,Kano) NGN6.66billion, Chanchangi Airlines (5B, Kaduna) NGN3.4 billion, Dana Air (9J, Lagos)NGN618million, Caverton Helicopters NGN1.348billion, Overland Airways (OJ, Lagos) NGN805million,and First Nation Airways (FRN, Lagos) N271.7 million.

 It was alleged that the domestic airlines, when liquidated, would pave way for the new carrier, Nigeria 1 Aviation (Lagos). Out of the 10 carriers that benefited from the bail-out loan, Air Nigeria has closed shop, leaving a backlog of unpaid debts.

However, fellow Nigerian carrier, FirstNation Airways, who suspended operations in October 2012, have

now announced plans to resume domestic operations this month using two A319-100s on lease from

the ILFC. The Lagos-based carrier claims the two aircraft are part of plans to operate nine in total.

http://www.ch-aviation.ch/portal/news/21022-jimoh-ibrahims-global-fleet-planning-to-sell-off-air-nigeria

 

Source: Ch-Aviation