The airline said there had been “no progress” in approaching Nigerian authorities for a solution. “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria and has made significant efforts to engage in dialogue with the relevant authorities for their urgent intervention to help find a sustainable solution. Unfortunately there has been no progress,” Emirates said in a statement. The decision comes after Emirates announced last month that it would reduce flights to Nigeria’s commercial capital Lagos, the carrier said it could not access $85 million of its funds withheld in the country. The stuck funds were increasing by more than $10 million every month, the airline said in a letter addressed to Nigeria’s aviation minister Hadi Sirika.
Coin in free fall
Sirika told CNN that the trapped funds would be released as it was not the first time Nigeria had held onto huge amounts of revenue belonging to foreign carriers. “In the past, Nigeria has shown the ability, willingness and fairness to resolve these kinds of issues. It happened when we came to power in 2015: There were a lot of funds committed, about $600 million at that time. It was at a time when the the country was in a recession and revenues were down in the country, yet we met our obligation to pay all these pledged funds,” Sirika told CNN on Thursday. “Unfortunately, due to many factors and reasons, the money has piled up again. The government is working hard to ensure that this money is released, not just for Emirates but all the airlines that were affected,” Sirika added. Sirika added that “mechanisms will be put in place to ensure that this does not happen in the future”. The minister did not elaborate on what the factors were, although Nigeria is experiencing foreign exchange shortages, which has limited access to foreign currency for imports. Earlier in June, the International Air Transport Association said Nigeria had revenue of $450 million which owned by foreign carriers operating in the country. The local currency is in freefall against the dollar with most of the country’s foreign exchange coming from the sale of crude oil, which has been reduced due to oil theft in producing communities. The government also bears the high cost of subsidizing fuel for local consumption. Nigeria is one of Africa’s largest markets for international carriers.
title: “Emirates Airline Has Suspended All Flights To Nigeria Over A Capital Repatriation Dispute Klmat” ShowToc: true date: “2022-11-29” author: “Gloria Richardson”
The airline said there had been “no progress” in approaching Nigerian authorities for a solution. “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria and has made significant efforts to engage in dialogue with the relevant authorities for their urgent intervention to help find a sustainable solution. Unfortunately there has been no progress,” Emirates said in a statement. The decision comes after Emirates announced last month that it would reduce flights to Nigeria’s commercial capital Lagos, the carrier said it could not access $85 million of its funds withheld in the country. The stuck funds were increasing by more than $10 million every month, the airline said in a letter addressed to Nigeria’s aviation minister Hadi Sirika.
Coin in free fall
Sirika told CNN that the trapped funds would be released as it was not the first time Nigeria had held onto huge amounts of revenue belonging to foreign carriers. “In the past, Nigeria has shown the ability, willingness and fairness to resolve these kinds of issues. It happened when we came to power in 2015: There were a lot of funds committed, about $600 million at that time. It was at a time when the the country was in a recession and revenues were down in the country, yet we met our obligation to pay all these pledged funds,” Sirika told CNN on Thursday. “Unfortunately, due to many factors and reasons, the money has piled up again. The government is working hard to ensure that this money is released, not just for Emirates but all the airlines that were affected,” Sirika added. Sirika added that “mechanisms will be put in place to ensure that this does not happen in the future”. The minister did not elaborate on what the factors were, although Nigeria is experiencing foreign exchange shortages, which has limited access to foreign currency for imports. Earlier in June, the International Air Transport Association said Nigeria had revenue of $450 million which owned by foreign carriers operating in the country. The local currency is in freefall against the dollar with most of the country’s foreign exchange coming from the sale of crude oil, which has been reduced due to oil theft in producing communities. The government also bears the high cost of subsidizing fuel for local consumption. Nigeria is one of Africa’s largest markets for international carriers.
title: “Emirates Airline Has Suspended All Flights To Nigeria Over A Capital Repatriation Dispute Klmat” ShowToc: true date: “2022-11-30” author: “George Dockery”
The airline said there had been “no progress” in approaching Nigerian authorities for a solution. “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria and has made significant efforts to engage in dialogue with the relevant authorities for their urgent intervention to help find a sustainable solution. Unfortunately there has been no progress,” Emirates said in a statement. The decision comes after Emirates announced last month that it would reduce flights to Nigeria’s commercial capital Lagos, the carrier said it could not access $85 million of its funds withheld in the country. The stuck funds were increasing by more than $10 million every month, the airline said in a letter addressed to Nigeria’s aviation minister Hadi Sirika.
Coin in free fall
Sirika told CNN that the trapped funds would be released as it was not the first time Nigeria had held onto huge amounts of revenue belonging to foreign carriers. “In the past, Nigeria has shown the ability, willingness and fairness to resolve these kinds of issues. It happened when we came to power in 2015: There were a lot of funds committed, about $600 million at that time. It was at a time when the the country was in a recession and revenues were down in the country, yet we met our obligation to pay all these pledged funds,” Sirika told CNN on Thursday. “Unfortunately, due to many factors and reasons, the money has piled up again. The government is working hard to ensure that this money is released, not just for Emirates but all the airlines that were affected,” Sirika added. Sirika added that “mechanisms will be put in place to ensure that this does not happen in the future”. The minister did not elaborate on what the factors were, although Nigeria is experiencing foreign exchange shortages, which has limited access to foreign currency for imports. Earlier in June, the International Air Transport Association said Nigeria had revenue of $450 million which owned by foreign carriers operating in the country. The local currency is in freefall against the dollar with most of the country’s foreign exchange coming from the sale of crude oil, which has been reduced due to oil theft in producing communities. The government also bears the high cost of subsidizing fuel for local consumption. Nigeria is one of Africa’s largest markets for international carriers.
title: “Emirates Airline Has Suspended All Flights To Nigeria Over A Capital Repatriation Dispute Klmat” ShowToc: true date: “2022-10-21” author: “Paul Simonds”
The airline said there had been “no progress” in approaching Nigerian authorities for a solution. “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria and has made significant efforts to engage in dialogue with the relevant authorities for their urgent intervention to help find a sustainable solution. Unfortunately there has been no progress,” Emirates said in a statement. The decision comes after Emirates announced last month that it would reduce flights to Nigeria’s commercial capital Lagos, the carrier said it could not access $85 million of its funds withheld in the country. The stuck funds were increasing by more than $10 million every month, the airline said in a letter addressed to Nigeria’s aviation minister Hadi Sirika.
Coin in free fall
Sirika told CNN that the trapped funds would be released as it was not the first time Nigeria had held onto huge amounts of revenue belonging to foreign carriers. “In the past, Nigeria has shown the ability, willingness and fairness to resolve these kinds of issues. It happened when we came to power in 2015: There were a lot of funds committed, about $600 million at that time. It was at a time when the the country was in a recession and revenues were down in the country, yet we met our obligation to pay all these pledged funds,” Sirika told CNN on Thursday. “Unfortunately, due to many factors and reasons, the money has piled up again. The government is working hard to ensure that this money is released, not just for Emirates but all the airlines that were affected,” Sirika added. Sirika added that “mechanisms will be put in place to ensure that this does not happen in the future”. The minister did not elaborate on what the factors were, although Nigeria is experiencing foreign exchange shortages, which has limited access to foreign currency for imports. Earlier in June, the International Air Transport Association said Nigeria had revenue of $450 million which owned by foreign carriers operating in the country. The local currency is in freefall against the dollar with most of the country’s foreign exchange coming from the sale of crude oil, which has been reduced due to oil theft in producing communities. The government also bears the high cost of subsidizing fuel for local consumption. Nigeria is one of Africa’s largest markets for international carriers.
title: “Emirates Airline Has Suspended All Flights To Nigeria Over A Capital Repatriation Dispute Klmat” ShowToc: true date: “2022-11-15” author: “Joyce Perry”
The airline said there had been “no progress” in approaching Nigerian authorities for a solution. “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria and has made significant efforts to engage in dialogue with the relevant authorities for their urgent intervention to help find a sustainable solution. Unfortunately there has been no progress,” Emirates said in a statement. The decision comes after Emirates announced last month that it would reduce flights to Nigeria’s commercial capital Lagos, the carrier said it could not access $85 million of its funds withheld in the country. The stuck funds were increasing by more than $10 million every month, the airline said in a letter addressed to Nigeria’s aviation minister Hadi Sirika.
Coin in free fall
Sirika told CNN that the trapped funds would be released as it was not the first time Nigeria had held onto huge amounts of revenue belonging to foreign carriers. “In the past, Nigeria has shown the ability, willingness and fairness to resolve these kinds of issues. It happened when we came to power in 2015: There were a lot of funds committed, about $600 million at that time. It was at a time when the the country was in a recession and revenues were down in the country, yet we met our obligation to pay all these pledged funds,” Sirika told CNN on Thursday. “Unfortunately, due to many factors and reasons, the money has piled up again. The government is working hard to ensure that this money is released, not just for Emirates but all the airlines that were affected,” Sirika added. Sirika added that “mechanisms will be put in place to ensure that this does not happen in the future”. The minister did not elaborate on what the factors were, although Nigeria is experiencing foreign exchange shortages, which has limited access to foreign currency for imports. Earlier in June, the International Air Transport Association said Nigeria had revenue of $450 million which owned by foreign carriers operating in the country. The local currency is in freefall against the dollar with most of the country’s foreign exchange coming from the sale of crude oil, which has been reduced due to oil theft in producing communities. The government also bears the high cost of subsidizing fuel for local consumption. Nigeria is one of Africa’s largest markets for international carriers.
