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In a statement issued on November 3rd, Emirates Airlines announced that the Airline was forced to suspend its Flights to and from Nigeria due to its trapped funds in Nigeria.
In a statement issued on November 3rd, Emirates Airlines announced that the Airline was forced to suspend its Flights to and from Nigeria due to its trapped funds in Nigeria. The statement pointed out that despite continued efforts, no solution to the long-standing issue of the repatriation of the remainder of its blocked funds in Nigeria has emerged. It added that the Airlines had multiple meetings with the Nigerian government to find a solution.
The statement explained that the Emirates had actively pursued a solution to the issue with the government for a long time. It hoped that the Central Bank of Nigeria would take the necessary steps to address the critical issue and clear the pending funds. The airline clarified that its operations in Nigeria cannot be commercially viable without receiving the blocked funds and a mechanism put in place to ensure the future repatriation of Emirates’ funds.
The statement added that it had put forward a plan for the progressive release of funds, including the repatriation and receipt of at least 80 percent of its remaining blocked funds by the end of October 2022. Additionally, it submitted a mechanism to avoid future repatriation accumulation challenges and delays.
Also Read;
https://trendsnafrica.com/emirates-suspends-all-flights-in-and-out-of-nigeria-due-to-blocked-funds/
Experts are of the view that if the situation persists many more Airlines will follow in the footsteps of the Emirates and cease their operations to and from Nigeria.
