Business

NAHCO chairman urges FG to release trapped foreign airlines funds

By Chinelo Obogo

 

The Chairman of the Board of the 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).

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 their money.

The International Air Transport Association (IATA) disclosed that as at April 2023, foreign airline’s funds trapped in Nigeria 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 hold 66 per cent 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.”

 

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