NAHCO Chairman Callson FG to Release Airlines’ Trapped Funds

The Chairman of the Board of Nigerian Aviation Handling Company Plc, Dr. Seinde Fadeni, has called on the Federal Government to release funds belonging to foreign airlines trapped in the vaults of the Central Bank of Nigeria (CBN).

Fadeni who was addressing the 42nd Annual General Meeting (AGM) of the company in Lagos at the weekend, said it was just fair that those who had worked hard for their money should be allowed access to the money worked for.

According to him, the federal government should speedily resolve the issue of funds belonging to the airlines, adding that it is just fair that monies legitimately earned should be released to the operators who earn such funds.

Continuing, the NAHCO Chairman said, “NAHCO stands with the airlines and calls on the Federal Government and the Central Bank of Nigeria to release these funds. This would give the government more credibility as well as increase foreign investors’ confidence in our nation.”

Global airlines body, the International air Transport Association (IATA), disclosed that as at April 2023, airlines trapped funds in Nigeria amounted to $802m. This is about half the total amount of trapped airlines fund in Africa which stood at $1.6 billion within the same period. Referring to these funds interchangeably as both trapped and blocked, IATA said Africa’s Central Bank vaults holds 66 percent of such funds.

Fadeni pointed out that government should be an enabler, providing the needed environment for legitimate businesses to thrive.

Sharing his views on the incoming Tinubu’s administration, he said: “I believe that there is a burst of new optimism in the country arising from the fresh hope that a new regime brings with it.

“NAHCO shares in this hope as also expressed by majority of local and international businesses. We are poised to take advantage of business – enhancing policies of the in-coming administration, he stated.”