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The Federal High Court sitting in Lagos, on Monday, voided the sale of Nigeria Air Limited to the Ethiopian Airlines, declaring the deal as null and void.
Details Later…
Discussions between Ethiopian Airlines and Nigerian officials to establish the joint venture airline, Nigeria Air, have collapsed.
The collapse comes after months of negotiations, marking a change in strategy for the Nigerian government.
Ethiopian Airlines CEO, Mesfin Tasew confirmed the development, stating, “Nigeria has lost interest in partnering with a foreign airline.”
The proposed ownership structure of Nigeria Air would have seen Nigerian investors holding 46%, the Nigerian government 5%, and Ethiopian Airlines 49%.
While this setback ends the Nigeria Air project, Ethiopian Airlines said it remains committed to its multi-hub strategy across Africa.
Tasew revealed that the airline is “evaluating” proposals from several African countries seeking partnerships to establish sister airlines, including the Democratic Republic of Congo and Equatorial Guinea.
Despite the collapse of the Nigeria Air venture, Ethiopian Airlines’ existing joint ventures continue to perform well.
Tasew cited ASKY, based in Togo with a 40% Ethiopian stake, and Malawi Airlines, Ethiopia’s first joint venture, as successes.
Additionally, Zambia Airways, in which Ethiopian holds a 45% stake, is also experiencing positive development.
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