Ethiopian Airlines Becomes A key Investor In Nigeria Air.

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The Nigerian government announced that Ethiopia Airlines is the preferred bidder for Nigeria Air; as it gets ready for the launch of Nigeria’s new national airline.

Aviation Minister Hadi Sirika stated that Nigeria Air will begin operations with a shuttle service; between Abuja and Lagos to create a new comfortable, dependable, and economical travel; this is between the two major airports, with other domestic destinations to follow.

Ethiopian Airlines will have 49% of the shares, the federal government will hold 5%, and the remaining 46% would be by a group of three Nigerian investors, including MRS, SAHCO, and the Nigerian Sovereign Fund. 

The winning bidder’s $300 million total equity contribution, according to the minister, will enable Nigeria Air to begin operating internationally and with its full fleet of 30 aircraft within the next two years. Only a few others tried to submit, but sadly they were unable to do so in time.

MoneyCentral.

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