Azman Air Halts Operations Amid Forex Challenges, Becoming Second Operator to Suspend Business in Four Years
Azman Air, an aviation company with a nine-year operating history, has ceased its operations due to challenges in accessing foreign exchange (forex) required for aircraft servicing. This marks the second instance of an operator closing its business within the last four years due to forex-related issues, underscoring the sector’s struggles with economic constraints.
According to sources within the industry, the airline’s fleet has been hampered by four grounded planes undergoing repairs, unable to resume service due to forex scarcity. Although Azman Air’s spokesperson, Nurudden Aliyu, stated that the suspension is temporary and attributed it to aircraft awaiting return after maintenance, insiders cite forex scarcity as the primary cause for the airline’s shutdown.
Industry insiders reveal that the airline’s decision to halt operations is rooted in its inability to access foreign exchange, a factor directly impacting its ability to maintain and operate its aircraft. Chairman of Azman Air, Abdulmunaf Yunusa, is reported to have communicated the airline’s operational cessation to the Nigeria Civil Aviation Authority (NCAA).
Despite the pause in operations, Azman Air retains a valid Air Operator’s Certificate (AOC) from the NCAA, expiring at the end of August. Nigerian Civil Aviation Regulations stipulate that operators failing to renew their AOC within 90 days of expiration risk its revocation. In response to Azman Air’s move, the NCAA has held discussions with the airline’s management.
Opinion: Azman Air’s decision to suspend operations due to forex challenges highlights the persisting vulnerabilities faced by Nigeria’s aviation industry. The situation underscores the urgent need for holistic solutions to address forex accessibility issues and ensure the sustainability of airlines in the country.