An additional $64.44 million out of the trapped funds belonging to airlines was paid yesterday by the Central Bank of Nigeria (CBN). The apex bank said the payment was the final settlement of the verified foreign exchange (forex) owed to all foreign airlines operating in the country. Yesterday’s payment brought the disbursements to the airlines to $136.73 million as verified …

The International Air Transport Association (IATA) said the aviation sector is still recovering from losses of the pandemic which crippled flight operations globally. Africa lost an estimated $7.7 billion in the aviation sector in 2020 as restrictions were put in place by governments to combat the spread of COVID-19, leading to a drop in traffic. IATA estimated that Nigeria lost …

Nigeria’s fastest growing airline, United Nigeria Airlines Company Limited has been admitted as a member of the global aviation body, the International Air Transport Association (IATA). The airlines’ admittance into IATA was conveyed to the management of airlines in a letter dated 9th October 2023, and addressed to its Chairman/Chief Executive, Prof. Obiora Okonkwo. The letter signed by IATA Director …

Trapped funds belonging to foreign carriers operating flights into and out of Nigeria have hit $738 million, the International Air Transport Association  (IATA) has disclosed. The clearing house for over 200 global carriers said the funds hit the mark in August 2023. In a statement released yesteday, IATA stated that it was engaging the Nigerian government on how to improve …

The International Air Transport Association (IATA) has disclosed that the trapped funds belonging to foreign airlines operating in Nigeria have reached $743,721,097 from $662m in January, this year. According a letter addressed to the Minister of Aviation, Senator Hadi Sirika, and signed by the Area Manager West and Central Africa, Dr Samson Fatokun, IATA and the global airline community seek …