12 September 2012

Nigeria: Arik Air Prepares to Go Public

Arik Air, Nigeria's biggest airline will soon become a public quoted company as plan by the airline to float the company in the Nigerian Stock Exchange Market (NSE) has reached advanced stage.

Consequently, Nigerians will have the opportunity to buy shares in the airline and have a say on how it will be run.

According to a reliable source in the industry, the airline has invited Delloite of United Kingdom, which is currently auditing the books of the airline as part of preparations to going public. Deloitte is the brand under which thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients.

Though the chairman of Arik Air, Sir Joseph Arumemi-Ikhide, first dropped the hint of the airline going public sometime last year at the airline's 5th anniversary press conference, but nothing has been said so far by the company about when it might become a public company. But a competent industry source said it would be soon.

Arik Air is the biggest airline in West and Central Africa with about 23 aircraft. The airline operates 120 daily flights to destinations in Africa, Europe and America.

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