A time was when the Lagos-London route competition had Nigeria Airways and its British counterpart. It was a feisty battle, not between the national carriers, but between two sovereign countries. That was in the 90s.

Foreign airlines, yesterday, said they were yet to receive payment of their stuck funds, contrary to the Central Bank of Nigeria’s (CBN) clearance of all valid foreign exchange backlog.

The Minister of Aviation and Aerospace, Festus Keyamo, has stated that foreign airlines have about $600 million backlog still trapped in commercial banks. 

Following the announcement by the Central Bank of Nigeria (CBN) that it had concluded payment of trapped funds to foreign airlines, representatives of foreign airlines in Nigeria have asked the government to effect payment in line with the Bilateral Air Service Agreement (BASA). 

Sequel to the last intervention by the Central Bank of Nigeria (CBN), foreign airlines and travel agencies have made a fresh appeal for a structured plan to fully defray $751 million outstanding stuck fund in Nigeria.

• Woos aviation investors with tax holidays, other incentives • IATA ranks Nigeria highest in airport charges in Africa President Bola Tinubu, yesterday, directed the Central Bank of Nigeria (CBN) to create a platform for quarterly reconciliatory meetings with foreign airlines, towards settling accumulated trapped funds. Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed…

Minister of Aviation and Aerospace Development, Festus Keyamo, yesterday, ordered the immediate relocation of all foreign airlines to the new but deserted Chinese terminal at the Murtala Muhammed International Airport (MMIA) in Lagos.

After a long-drawn battle in Nigeria, foreign airlines are beginning to turn the heat on Ethiopia over a $95 million stuck fund.

Foreign airlines, yesterday, pushed back on the recent upward review of Rate of Exchange (RoE) and attendant spike in the cost of international air travel, saying they were induced by the Central Bank’s exchange rate and local market volatility.

For the third time in less than a month, the rate of exchange (RoE) applicable to foreign airlines has ballooned, hitting N582/$1 with attendant spike in the cost of international air travel.