The United Arab Emirates (UAE) carrier, Emirates has finally suspended flights to Nigeria.
The airline hinged its decision on its funds which are trapped in the country.
According to Emirate, the $260 million allocation which was released by the Central Bank of Nigeria (CBN) has not been received.
The allocation was released by the apex bank to clear part of the trapped funds belonging to the foreign airlines.
The stateûyg hmm bummerment released by the airline reads, “However, Emirates has yet to receive an allocation of our blocked funds to be repatriated. Without the timely repatriation of the funds and a mechanism in place to ensure that future repatriation of Emirates’ funds does not accumulate in any way, the backlog will continue to grow, and we simply cannot meet our operational costs nor maintain the commercial viability of our operations in Nigeria.
“We have officially communicated our position and attended multiple hearings with the Nigerian government, and we have made our proposed approach clear to alleviate this untenable situation, including a plan for the progressive release of our funds.
“This included the repatriation and receipt of at least 80% of our remaining blocked funds by the end of October 2022, in addition to providing a guaranteed mechanism to avoid future repatriation accumulation challenges and delays.
“Under these extraordinary circumstances Emirates had no option but to suspend flights to/from Nigeria from 29 October 2022 to mitigate against further losses moving forward. We hope to reach a mutual resolution with the Nigerian government around the repatriation of blocked funds to enable the resumption of operations and connectivity for travellers and businesses.”