NAHCO board chairman makes case for foreign airlines’ trapped $802m

*L-R: GMD/CEO NAHCO Plc, Mr. Indranil Gupta, chairman, NAHCO Plc, Dr. Seinde Fadeni, company secretary, Mr. Bello Abdullahi, and vice chairman, NAHCO Plc, Mr. Mohammed Umar at the 42nd annual general meeting of the company held virtually on May 26, 2023.

The chairman, board of the 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)

Fadeni who made the case for the airlines while speaking at the 42nd annual general meeting of the company in Lagos yesterday said it is just fair that those who had worked hard for their money should be allowed access to the money worked for.

“The federal government should speedily resolve the issue offunds belonging to the airlines. It is just fair that monies legitimately earned should be released to the operators who earn such funds.

“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,” he said.

Recall that the International Air Transport Association (IATA) disclosed recently that as of April 2023, airlines’ trapped funds in Nigeria toltalled $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.

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

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

In his remarks, the GMD/CEO of the NAHCO, Mr. Indranil Gupta, said the Company achieved many milestones in 2022 including the ISAGO recertification 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 declared a profit after tax of N3.842Billion for the year end 2022, an increase of 315.4 per cent over N924.86 declared for the same period in 2021.


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