NACHO chair demands release of foreign airlines’ trapped funds

Oluwanifemi Ojo
Oluwanifemi Ojo
Nigerian Aviation Handling Company Plc

The Chairman of the Board of Nigerian Aviation Handling Company Plc, Dr Seinde Fadeni, has urged the Federal Government to release the funds owned by foreign airlines currently withheld in the Central Bank of Nigeria.

The Punch reported that Dr Fadeni said this while speaking at the 42nd Annual General Meeting of the Company in Lagos on Friday, emphasising the release of the hard-earned money of those who have worked for it.

According to him, the Federal Government should swiftly resolve the issue of funds belonging to the airlines. He expressed the view that it is only fair to release the funds that have been legitimately earned to the operators who have earned them.

He remarked, “It is just fair that monies legitimately earned should be released to the operators who earn such funds.”

Continuing his statement, the Chairman of NAHCO emphasized their support for the airlines and called upon the Federal Government and the Central Bank of Nigeria to release these funds.

He highlighted the potential benefits of such action, stating, “This would give the government more credibility as well as increase foreign investors’ confidence in our nation.”

Meanwhile, the International Air Transport Association said the total amount of funds trapped by airlines in Nigeria as of April 2023 was $802 million.

The figure also represents approximately half of the total trapped funds by airlines across Africa, which amounted to $1.6 billion during the same period.

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