NAHCO Chairman Appeals To FG For Speedy Resolution Of Airlines’ Trapped Funds Issue

 …Says I Stand With Foreign Airlines On This


The Chairman, Board of Nigerian Aviation Handling Company Plc, Dr. Seinde Fadeni, has called on the Federal Government to speedily resolve the issues surrounding foreign airlines trapped funds in the vaults of the Central Bank of Nigeria (CBN) for onward release to the owners.

Dr. Fadeni made the call while addressing the 42nd Annual General Meeting (AGM) of the Company in Lagos Friday.

He asserted that it was just fair that those who had worked hard for their money should be allowed access to the money 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.”

Global airlines body, International Air Transport Association (IATA), had disclosed that as at April 2023, foreign airlines trapped funds in Nigeria amounted to $802 million.

This is about half the total amount of trapped airlines funds in Africa which stood at $1.6 billion within the same period.

Referring to these funds interchangeably as both trapped and blocked, IATA said Africa’s Central Bank vaults hold 66 per cent of such funds.

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

On his views on the incoming Bola Tinubu administration, the Chairman 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 the majority of local and international businesses. We are poised to take advantage of business – enhancing policies of the in-coming administration, he stated.”

Also speaking, the Group Managing Director/CEO of the Company, Mr. Indranil Gupta, said the NAHCO Aviance achieved quite a number of milestones in 2022 including the ISAGO re-certification of its operations in Lagos, Kano and Abuja.

“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,” he said.

NAHCO, the first ground handling service provider in Nigeria, West Africa’s biggest, declared a Profit After Tax(PAT) of N3.842 billion for the Year End 2022.

This is an increase of 315.4 per cent over the N924.86 declared for the same period in 2021.


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