Emirates introduced in an announcement Thursday that it has put a maintain on flight operations out and in of Nigeria on account of its incapability to repatriate funds from the West African nation.
The airline mentioned there was “no progress” in reaching Nigerian authorities for an answer.
The choice comes after Emirates introduced final month of flights it might cut back flights to Nigeria’s industrial capital Lagos, the service mentioned it couldn’t entry its funds amounting to $85 million withheld within the nation. The caught funds had been rising by over $10 million each month, the airline mentioned in a letter addressed to Nigeria’s Aviation Minister Hadi Sirika.
Foreign money in freefall
Sirika instructed CNN the trapped funds shall be launched as this was not the primary time Nigeria was holding onto big quantities of income belonging to international air carriers.
“In the past, Nigeria has demonstrated the capacity and the willingness and fairness to resolve this type of issue. It happened when we took over power in 2015: There were lots of blocked funds, about $600 million at that time. It was at a time when the country was in a recession and there were dwindling revenues coming to the country, yet we honored our obligation to pay out all those blocked funds,” Sirika instructed CNN Thursday.
“Unfortunately, due to many factors and reasons, the monies piled back up. Government is working hard to ensure that these monies are released, not only for Emirates but all airlines affected,” Sirika added.
Sirika added that “mechanisms will be put in place to ensure that this does not occur in the future.”
Nigeria is one among Africa’s largest markets for worldwide carriers.