Back to the Dark Ages: National Carrier to be Unveiled October 1

The Nigerian government will officially unveil its national carrier on October 1 this year after the demise of Nigeria Airways in 2003.
This is as other governments are divesting from airline business globally.
National carrier is expected to comprise airlines indebted to the government via the Asset Management Corporation of Nigeria (AMCON). They are Aero Contractors and Air Nigeria.
Bismarck Rewane, chief executive of Financial Derivatives Company (FDC) Limited said, the project will be funded via a private sector Initial Public Offer (IPO) of about N200 billion, about $1.24 billion
Rewane said government will retain a 25 percent stake, while  75 percent will be controlled by yet to be disclosed private investors.
“FGN will like to believe that the carrier will increase Nigeria’s participation in the aviation space”, said Rewane.
Currently the aviation space is dominated by international carriers whose remittances are estimated to exceed between $2 and $3 billion.
In 2013 the last national carrier was Nigeria Airways. It was plagued by mismanagement, corruption, and overstaffing.  Nigeria Airways ceased operations in 2003.

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