Aviation Headline News

Nigeria Air to kick-off soon-FG

Nigeria’s Aviation Minister, Hadi Sirika says, all is set for the smooth take-off of the nations national air carrier Nigeria Air in another six to eight weeks.

The Minister said the full business case for the establishment of the airline is expected to be approved by the Federal Executive Council (FEC).

Hadi Sirika continued “After a careful, detailed selection process by the Infrastructure Concession Regulatory Commission (ICRC), Ethiopian Airlines (ET) consortium has been selected as preferred bidder, offering an owner consortium of three Nigerian investors MRS, SAHCO and the Nigerian Sovereign Fund with 46 per cent while the FGN owns five per cent and Ethiopian Airlines has 49 per cent.

“The consortium has been subjected to due diligence processes, after which the contract will be negotiated between the consortium and the FGN, leading to a Full Business Case, which is expected to be approved by the Federal Executive Council (FEC).

About N400 million has been spent for the launch of Nigeria Air, for all the needed requirements to establish an Administrative Order-on Consent(AOC) be submitted before starting an airline operation, is well within the five per cent capital investment of Nigeria’s Federal Government as prescribed in FEC approved Outline Business Case (OBC).

Writing by Tersoo Nicholas