Search

 

Cablegate: Nigeria: From the Ashes of Nigeria Airways

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS LAGOS 002153

SIPDIS


STATE PASS DOT FOR SAMPLE


E.O. 12958: N/A
TAGS: EAIR ECON NI
SUBJECT: NIGERIA: FROM THE ASHES OF NIGERIA AIRWAYS

REF: (A) LAGOS 1690, (B) LAGOS 1768


1. (U) The liquidation of Nigeria's ailing national
carrier, Nigeria Airways Limited, may at last be moving
forward. According to Bismarck Rewane, Managing
Director of Financial Derivatives Company Limited, a
leading Lagos-based economic think tank, the Ministry
of Justice has begun making preparations to liquidate
the airline. While Nigeria Airways may survive as a
legal entity for years, the Ministry has declared its
intent to sell the carrier's assets and settle its
debts.


2. (U) Rewane tells us a new national carrier will take
Nigeria Airways' place. He expects an established
international airline to hold 30 percent of the new
carrier, with core investors holding 20 percent and
individual shareholders picking up the remaining 50
percent through an initial public offering. As the
largest single shareholder, the international carrier
would control the airline's management.


3. (U) With other members of the technical committee
advising the Ministry of Aviation on the creation of a
new airline, Rewane recommended that the carrier
restrict its operations (both passenger and cargo) to
West Africa and join an international alliance to take
advantage of the routes allocated to Nigeria Airways
under the GON's existing bilateral air services
agreements. Rewane tells us, however, that despite the
committee's recommendations, the new airline may
operate point-to-point services to Dubai, Saudi Arabia,
London, Johannesburg and New York.


4. (U) Comment: If the GON implements the committee's
recommendations - and if reliable international
carriers, core investors and individuals express
interest in holding shares in the new airline - then
the new carrier stands a good chance of getting off the
ground. Of three names under discussion, Nigerian
Eagle Airlines is most popular. Given the airline's
emergence from the ashes of its predecessor, however,
Nigerian Phoenix Airlines might be more appropriate.
End comment.


GREGOIRE

© Scoop Media

 
 
 
World Headlines

 

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>

UN Report: Civilian Casualties Surged After Peace Talks Began In Afghanistan

Monitoring by the UN Assistance Mission in Afghanistan, UNAMA, and the UN Human Rights Office has revealed that despite a drop in civilians killed and injured overall in 2020 there was a rise in civilian casualties following the start of peace negotiations ... More>>

Climate: UN Chief Lauds ‘day Of Hope’ As US Officially Rejoins Paris Climate Accord

The official return of the United States to the Paris Agreement on Climate Change represents good news for the country and the world, UN Secretary-General António Guterres said on Friday during a virtual event to mark the occasion. The US, under ... More>>

Focus On: UN SDGs


2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>


Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at webtv.un.org UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>

WeBeliev: Scoop In Conversation With Abhishek Sinha, Founder Of WeBeliev, An NZ Crowdfunding Platform

WeBeliev supports 17 SDGs, launching sector specific campaigns every month Q. What is WeBeliev and why did you start it? A. WeBeliev is a Singapore-registered crowdfunding platform aimed at fundraising for all the 17 Sustainable Development Goals (SDGs) ... More>>