“Foreign Airlines Already Repartraited $200million in 2016” – AON

Foreign carriers operating into Nigeria have repatriated about $200million as part of their revenues from ticket sales which were originally withheld by the Central Bank of Nigeria, CBN.

Chairman of Airline Operators of Nigeria, AON, Nogie Meggison, who stated this over the weekend in Lagos lamented the recent pressures mounted on the Nigerian Government through the International Air Transport Association, (IATA), the media, and other international bodies to release their trapped funds to them for repatriation.

The AON Boss noted that over the years, foreign carriers had benefited immensely from Nigeria but had rather selfishly failed to make any significant investment toward the growth of the country’s economy.

He explained that between September and December 2015, the Federal Government had released $10 million to foreign carriers while just $2 million was released to local carriers within the same period out of the trapped fund with the CBN.

Megisson said so far, in 2016, about $200 million has been released to the foreign carriers. Out of this figure two foreign carriers got $14 million each, and for which they have failed to inform the world. He said in 2016, local carriers only got $10million released to them.

He said all stakeholders including investors in the airline industry should understand that the blocked funds incidence was simply because foreign exchange was not available in the country now as a result of high demands for dollars by other business organizations.