No Foreign Airlines Will Lose Funds — CBN

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has disclosed that the ongoing crisis about trapped funds belonging to foreign Airlines in the country will soon be over adding that no foreign airline will lose its funds.

He disclosed this at a meeting with Aviation industry stakeholders’ and the Speaker, House of Representatives Yesterday.

Emefiele said the country is going through difficult times and need not to be put under pressure or blackmailed to jeopardize the interest of the nation to satisfy the business interests of the foreign airlines.

The CBN Governor informed that, as part of the measures, the apex bank took a decision and $265 million was provided in trances and paid to the foreign airlines.

He however noted with dismay that despite the CBN’s efforts, the foreign airlines have reported to blackmail in order to portray the country in bad light.

According to the CBN governor, said that, it is not an obligation by law for the apex bank to sell dollars to Airlines, but their banks can source for them through the CBN or any other means.

He berated other countries like the United Kingdom, United Arab Emirates and others for not reciprocating the magnanimity shown to their entities by Nigeria by refusing to allow Nigeria’s airlines to operate to their countries.

Also Speaking, the minister of aviation, Senator Hadi Sirika said despite the difficulties the country has always find ways to meet its obligations.

The minister stated that, there should be a level of understanding between the foreign airlines and the federal government on the issues at hand instead of threats and blackmails that are becoming frequent.

The minister noted that the Airlines can decide what they want to do, but Nigeria won’t be threatened because Nigeria is a very big aviation market which they can’t afford to lose.

In his remarks, the Speaker, Femi Gbajabiamila lamented the treatment being meted out on Nigerians in foreign countries citing the recent visa ban by the UAE and the refusal of some countries to block Nigerian airline operators to fly into their territories.

On his part, the International Aviation Transport Association (IATA), Samson Fatokun maintained that, despite the CBN intervention in August, the foreign airlines are still being owed $700 million in trapped funds.

He however said they will discuss with the airlines about the demands forwarded by the Speaker, the minister of aviation, the CBN and others on ways to make concessions and move forward to resolve the matter.

Speaking, the Vice Chairman, Airline Operator of Nigeria (AON) and chairman, Air Peace, Allen Onyema said, in order to domestic airlines to have a head way in foreign flight, the foreign airlines must be made to reduce their flight frequencies to their home countries and allow domestic airlines to fly the routes.