Nigeria: Release Foreign Airlines' Trapped Funds, NAHCO Urges Federal Govt

30 May 2023
Leadership (Abuja)
By Yusuf Babalola

The chairman of the board of Nigerian Aviation Handling Company Plc, Dr. Seinde Fadeni, has called on the federal government to release funds belonging to foreign airlines trapped in the vaults of the Central Bank of Nigeria (CBN).

LEADERSHIP reports that global airlines body, International Air Transport Association (IATA), had disclosed that as at April 2023, airlines trapped funds in Nigeria amounted to $802 million. This is about half the total amount of trapped airlines fund in Africa which stood at $1.6 billion within the same period.

However, Dr Fadeni while addressing the 42nd Annual General Meeting (AGM) of the Company, in Lagos, said it was just fair that those who had worked hard for their money should be allowed access to the money they worked for.

According to him, the federal government "should speedily resolve the issue of funds belonging to the airlines. It is just fair that monies legitimately earned should be released to the operators who earn such funds."

Continuing, the NAHCO Chairman said, "NAHCO stands with the airlines and calls on the federal government and the Central Bank of Nigeria to release these funds. This would give the government more credibility as well as increase foreign investors' confidence in our nation."

Fadeni pointed out that the government should be an enabler, providing the needed environment for legitimate businesses to thrive.

Sharing his views on the Tinubu administration, he believes that there is a burst of new optimism in the country arising out of fresh hope that a new regime brings with it.

"NAHCO shares this hope as also expressed by majority of local and international businesses.

take advantage of business - enhancing policies of the in-coming administration, he stated."

The group managing director of the Company, Indranil Gupta, said the Company achieved quite a number of milestones in the Year 2022 including the ISAGO recertification of its operations in Lagos, Kano and Abuja.

He said, "This certification is a testament of our commitment to safety and our adherence to highest industry standards. It also positions us to better serve our clients, particularly international airlines who require the best of ground handlers who are ISAGO - certified."

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