Minister of Aviation, Festus Keyamo, has admitted that the Nigerian Airways project remains on hold, raising concerns over the ownership structure.
The Federal Government has confirmed that the Nigerian Airways project remains on hold. At a ministerial press conference in Abuja to mark the first year of President Bola Tinubu’s term, the Minister of Aviation and Aerospace Development, Festus Keyamo, gave an update on the status of the national carrier.
The Nigeria Air project was unveiled in 2023 by former Minister of Aviation Hadi Sirika, just days before the end of President Muhammadu Buhari’s term. The launch raised widespread concerns about the ownership arrangement, with Ethiopian Airlines holding a 49% stake, the federal government holding 5% and a consortium of three Nigerian investors holding 46%.
In June 2023, the House of Representatives called for the suspension of Nigerian Airways and condemned the deal as fraudulent. Following this, in August 2023, Minister Keyamo announced the suspension of the project until further notice. “It remains suspended. It was never Air Nigeria. It wasn't Air Nigeria. That's right. “It was really Nigerian Airways, it was Ethiopian Airlines that was going to fly our flag,” Keyamo said. “Air Nigeria must be a totally local Nigerian company and 50% of its profits must contribute to Nigeria’s interests, not go to other countries.
Keyamo emphasised that the ownership structure of the suspended airline was not beneficial to the country.
He reiterated, “Nigeria Air must be indigenous, it must be only Nigeria or it must be for the full benefit of Nigeria. 60% of the profits don't go to other countries. How does this benefit us? Therefore, it remains stopped. "
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