Dubai-based Emirates Cancels Flights In And Out Of Nigeria Over Trapped $85m
Dubai-based Emirates airline cancels flights in and out of Nigeria over its trapped $85 million.
Nigeria top list of 12 African countries blocking foreign airlines from repatriating $1b to their home countries.
As of May 2022, Nigeria was hanging onto $450 Million (45%) in funds belonging to foreign airlines.
Emirates Airlines, one of two flag carriers of United Arab Emirates (UAE), has announced that it will suspend flights operations in and out of Nigeria from September 1st after failing to repatriate $85 million in ticket revenues from the country.
Despite measures to reach the Federal Government in a bid to repatriate the funds, the Dubai-based airlines’ $85 million remain trapped within Nigeria.
A statement released by the airline reads :
“Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.”
“Regrettably, there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective September 1 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.
“We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage. We will be working to help impacted customers make alternative travel arrangements wherever possible.”
“Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course re-evaluate our decision. We remain keen to serve Nigeria, and our operations provide much needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai and to our broader network of over 130 destinations.”
Nigeria tops the list of 12 African countries that have collectively blocked foreign airlines from repatriating US$1 billion to their home countries, which is 67% of airlines’ blocked funds globally.
As of May 2022, Nigeria was hanging onto $450 million (45%) in funds belonging to foreign airlines — and the amount Nigeria is holding onto is increasing weekly.
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