Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Hospitality & Travel

Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA

Foreign airlines operating in Nigeria are having difficulties repatriating funds back to their operational base.

Published

on

Nigeria owes foreign airlines $53 million as proceeds from ticket sales - IATA

The sum of $53 million, which is the proceeds from sales of foreign airlines’ ticket, are trapped in Nigeria.

This was disclosed by the International Air Transport Association’s (IATA) Regional Vice President for Africa and the Middle East (AME), Mr. Muhammed Albakri, at its 76th Annual General Meeting.

READ: Gov. Wike presents 2021 budget worth N448.6 billion

Albakri explained that foreign airlines operating into Nigeria are having difficulties repatriating the fund back to their operational base.

He stated that Nigeria and other African countries have blocked funds that amounted to $516 million.

READ: N5billion bailout fund underway for the Aviation sector – Minister

He said, “IATA has been at the forefront of the campaign, soliciting governments’ support for the aviation industry in order to salvage the situation.”

Nigeria is not the only country with trapped funds but fourth among 12 others with similar issues.

Hotflex
Sigma Pensions

READ: Gold suffers worst monthly drop in four years

Others African states are Zimbabwe $160 million; Eritrea $79 million; Algeria $54 million; Ethiopia $52 million; Sudan $45 million; Libya $27 million; XAF Zone $27 million; Angola $9 million; Mozambique $6 million; Burundi $3 million and Zambia $1 million.

What it means: The IATA’s disclosure is an indication that the airlines could not access foreign exchange (forex) by operators due to COVID-19 pandemic, as most countries are struggling economically with its attendant effect on global airline industry.

READ: New CBN Circular: CBN confirms only Banks can pay IMTO dollars

Click here to see video

Stanbic 728 x 90

What you need to know: International airlines are owed $824 million globally and $516 million out of $824 million in blocked funds is in Africa. With the IATA revelation, it means the rest of the world has $308 million of the blocked funds.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

NRC confirms Nairametrics’ report, reveals how tickets are hoarded for second-hand buyers

It was disclosed that some people use an app to digitally alter the name printed on the e-tickets to reflect the second-hand buyers’ names.

Published

on

Nigerians lament over hike in train fare by black market operators

The Nigerian Railway Corporation (NRC) has revealed how some Nigerians hoard e-tickets and sell them to second-hand buyers. This is coming few weeks after Nairametrics reported Nigerians’ lamentations over the hike in train fares due to the hoarding of e-tickets.

How does it work?

Nigerians allegedly game the new e-ticketing system as they buy multiple tickets (using multiple e-mails) and resell them to second-hand buyers. But the name of the original buyer will not tally with the second buyer, you ask?

Findings of the corporation revealed that this is taken care of by the original buyers, as they use an app to digitally alter the name printed on the e-tickets to reflect the second-hand buyers’ names.

This was revealed by the Special Assistant to President Muhammadu Buhari on Digital and New Media, Tolu Ogunlesi, via his Twitter handle on Friday.

He tweeted, “NRC says Nigerians trying to game the new e-ticketing system are using an app to digitally alter the name printed on the e-tickets. So they buy multiple tickets (using multiple emails) and then resell – altering ticket names to match the second-hand buyers.

“This tweet is not to suggest that the authorities are helpless or are not doing anything to stay ahead of criminals, instead to show just how desperate some of the people we inhabit this space with can be.”

What you should know

On March 16, 2021, Nairametrics published a special report that revealed how Nigerians lamented over the recent hike in train fares, which many of them said was illegal.

Sigma Pensions

Aside from the difficulties and over 100% hikes in the fares, most of the victims, who spoke with Nairametrics, urged the Federal Government through the Rotimi Amaechi led Ministry of Transportation to investigate the allegations and expose the activities of the desperate individuals involved in the menace.

A Software Engineer, Segun Mustapha, told Nairametrics that he was not surprised when he read about the activities of the black market operators on Twitter. Though, he admitted that he had not experienced such but called on the Rotimi Amaechi led Ministry of Transportation to ensure such activities are removed from the system.

He said, “It should not be a big deal for the government to do if it has the political will to do such. We used to experience similar situations in the aviation industry before now and that was easier because airlines are operated by private firms.

“It is a system failure because it is not the louts selling at exorbitant rates that were booking the tickets online but we should not allow such to linger. Government should ensure that tickets booked online are not reallocated at the station if it is determined to get rid of the black market operators.”

Read the Nairametrics report here.

Stanbic 728 x 90

Continue Reading

Business News

FAAN warns of delays due to passenger traffic increase, urges travelers to arrive airport early

FAAN advised passengers to get to the airport early to avoid missing their flights due to delays.

Published

on

FAAN Recruitment scandal, Nigerians hit with over 60% delayed and cancelled domestic flights in 2018, Nigerian Airlines, delayed flight, Air travellers may soon witness fare hike due to VAT increase 

The Federal Airports Authority of Nigeria has urged that passengers intending to travel should arrive at airports earlier particularly those at the Nnamdi Azikiwe International Airport, Abuja due to built-up vehicular traffic occasioned by an increase in passenger traffic.

FAAN disclosed this in a statement on Friday titled, “Vehicular Traffic: FAAN advises passengers to get to airports early.”

READ: Trouble looms as FAAN threatens to withdraw services at airports

“The Federal Airports Authority of Nigeria wishes to advise passengers and airport users, particularly those at the Nnamdi Azikiwe International Airport, Abuja to get to the airport early so as to complete their check-in procedures in good time and avoid the unpleasant experiences associated with missing their flights,” they said.

FAAN disclosed that it has become necessary, as passengers are likely to go through a little delay at the entrance to the terminals, due to built-up vehicular traffic occasioned by an increase in passenger traffic being witnessed presently.

READ: FAAN denies allegation of stolen N750 million, admits breach of procurement process

In case you missed it

  • Nairametrics reported that Airfares across Nigeria have increased by as much as 100%. Ticket fares to cities like Port Harcourt, Ilorin, and northern states like Kebbi, Borno, Adamawa and Kano have increased by as much as 100% in the last month.
  • The Federal Executive Council (FEC) approved the sum of N10.5 billion to supply Airport Management Solution to Nigerian international airports at Lagos, Abuja, Kano, Port Harcourt and Enugu.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.