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IATA slams Nigerian government over Emirates’ blocked funds

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THE International Air Transport Association (IATA) has slammed the Nigerian government over its failure to help Emirates Airlines in getting its funds out of Nigeria.

Emirates had early today announced a stoppage of all its flights from Nigeria with effect from September 1, 2022 due to challenges it said it was experiencing in repatriating its funds.

In a statement the airline forwarded to The ICIR, it said no progress had been made in getting its funds out of Nigeria, hence the decision.

According to the airline, it had unsuccessfully been attempting to repatriate the sum of $85 million of ticket sales it alleged was stuck in Nigeria.

Intervening, IATA, in a series of tweets today, asked the government to release the airline’s money before more damage was done.

It wrote, “IATA is disappointed that the amount of airline money blocked from repatriation by the #Nigerian government grew to $464 million in July. #blockedfunds.

“IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of @emirates from the market.

“Airlines can’t be expected to fly if they can’t realize revenue from ticket sales. Loss of connectivity harms the economy, hurts investor confidence, impacts jobs and people’s lives. The Government of Nigeria needs to prioritize the release funds before more damage is done.”

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Emirates, however, promised to rescind its decision should there be any favourable development on the funds issue.

Author profile

Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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