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The Chairman of the Board of Nigerian Aviation Handling Company (NAHCO) 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).
Dr. Fadeni who was addressing the 42nd Annual General Meeting (AGM) of the company in Lagos at the weekend, said it was fair that those who worked hard for their money should be allowed access to the money worked for.
The International Air Transport Association (IATA), disclosed that as at April 2023, funds trapped in Nigeria which belongs to foreign airlines had reached $802m. This is about half the total amount of trapped airlines fund in Africa which stood at $1.6 billion within the same period, with IATA revealing that Africa’s Central Bank vaults holds 66 percent of such funds.
Fadeni said the Federal Government should speedily resolve the issue of funds belonging to the airlines, saying, “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 pointed out that government should be an enabler, providing the needed environment for legitimate businesses to thrive.
Sharing his views on the incoming administration, he believes that there is a burst of new optimism in the country arising out of fresh hope that a new regime brings with it.
“NAHCO shares in this hope as also expressed by majority of local and international businesses. We are poised to take advantage of business – enhancing policies of the in-coming administration, he stated,” he said.
The Group Managing Director/CEO of the Company, Mr. Indranil Gupta, said the Company achieved a number of milestones in Year 2022 including the ISAGO recertification of its operations in Lagos, Kano and Abuja.
He said, “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.”
NAHCO, the first ground handling service provider in Nigeria West Africa’s biggest, declared a Profit After Tax of N3.842 billion for the Year End 2022. This is an increase of 315.4 percent over the N924.86 declared for the same period in 2021.
