Nigeria Air grounded, with $250m investment in limbo after court decision

By Eniola Akinkuotu
Posted on Wednesday, 16 November 2022 11:07

President Buhari has big aviation plans for Nigeria, including a new national carrier. REUTERS/Akintunde Akinleye

A $250m commitment by Ethiopian Air, MRS Oil and Gas and Skyway Aviation Handling Company Plc (SAHCO) is now in limbo after a Nigerian court ordered the suspension of the planned take-off of the country’s proposed carrier, Nigeria Air. 

Under the arrangement, Ethiopian owns a stake of 49% while MRS Oil and Gas and Skyway Aviation Handling Company Plc (SAHCO) – both Nigerian investors – own 46% of Nigeria Air. The Nigerian government will control the remaining 5%.

However, a Federal High Court in Lagos – according to documents seen by The Africa Report – has given an order of interim injunction restraining the Nigerian government from executing the proposed establishment of Nigeria Air, which has already been issued an operating licence.