Nigeria’s Aviation Minister Assures To Repatriate Trapped Funds Of UAE Airlines

Minister of Aviation and Aerospace Development of Nigeria, Festus Keyamo, assured that the government is working towards resolving trapped funds issues of UAE airlines.

Last year, the United Arab Emirates stopped issuing visas to Nigerian nationals after Emirates Airline suspended flights, as the Middle Eastern country could not repatriate funds from Nigeria. However, last week it was announced that the visa ban has been lifted for Nigerians.

Minister Keyamo, who attended the closing ceremony of the 7th African Aviation Summit in Abuja on Thursday, noted that the airline's operation between the UAE and Nigeria was crucial. He also addressed the trapped funds and assured that the government is making efforts to ensure that foreign airline funds get repatriated.

"We are working the details out. When two countries agree at the very top level, then, of course, all the government operatives will begin to work out the tiny details. So, we are beginning to work out all the tiny details," he said, Punch reported.

The minister revealed that he met Emirates and Etihad Airways officials during his UAE visit, adding that the officials from both countries "are working out the details."

He added, "The time frame, we cannot say the time frame. Kicking off an airline operation again on a route, it is not that you will go and grab one empty plane sitting in a place. There is no idle plane sitting anywhere, they have to reschedule their flights, restart their routes again, and all kinds of things."

He also shared that the President of Nigeria, Bola Ahmed Tinubu, is "very concerned" about the trapped funds and this was one of the reasons why he visited the UAE in person, after attending the G20 summit in India last week.

"I spoke with the minister of finance and the coordinating minister of the economy and he has given an indication that within the next few weeks, the Central Bank of Nigeria will be very clear as to the program within which these issues will be addressed," he said.

Minister Keyamo pointed out that these funds will be paid off, explaining that this is not a loan but "trapped funds," which means liquidity is the only issue.

He continued, "The issues of liquidity are being addressed as I speak right now. It is something that the president is very concerned about, and that issue, I said that we have addressed it in the UAE and very soon, you will hear from the financial sector."