National carrier of the United Arab Emirates, Emirates Airlines, has withdrawn passenger flight services on Nigerian routes over foreign
This is coming as more foreign airlines have also hinted at reviewing their future operations in the country, based on the final outcome of the recent intervention by the House of Representatives.
About two months after CBN intervened in the trapped fund’s crisis, with the release of $264 million out of $465 million, there has been no reprieve as the foreign airlines’ monies in Nigeria continue to accumulate and are now in excess of $500 million. A top official said: “Some of us have not received any of the released funds as we speak. Yes, they promised $265 million then, I’m aware only a fraction has been released. It seems CBN is just trying to buy time, while our monies continue to increase.
“We were encouraged by CBN’s efforts of reviewing our request and considered that this critical issue would be swiftly resolved with the subsequent clearance of our remaining funds. “We hope to reach a mutual resolution with the Nigerian government around the repatriation of blocked funds to enable the resumption of operations and connectivity for travellers and businesses,” the memo read in part.
“But you cannot blame them because they are not a charity organisation. Instead of making profits, their money is getting trapped here. They also need the fund to cover the cost of operations. Theirs is peculiar because, unlike others that are selling their tickets outside Nigeria, Emirates has been selling in Nigeria and in naira.
“Above all, it is really not good for our image as an aviation country. We had an agreement with this airline, to sell in naira and get dollars equivalent to repatriate. I think we should not be offended because they are complaining. I have expected a more responsive government to engage with the foreign airlines even more and map out sustainable plans to ensure that the backlog does not keep mounting,” Olumegbon said.
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