Home / Aviation News / NLC President Waba call for probe on N120bn aviation intervention fund
Ayuba Wabba

NLC President Waba call for probe on N120bn aviation intervention fund

PRESIDENT of the Nigerian Labour Congress (NLC), Comrade Ayuba Waba has called on the Federal government to investigate the mismanagement of N120 billion  intervention funds in private pockets meant for bail out of airlines in distress.
Comrade Waba speaking at the 10th Quardrennial national delegates conference of the National Union of Air Transport Employees NUATE in Asaba said intervention funds running into billions of naira meant for bail out for the aviation sector in the past went into individual pockets.
Recall Federal Government through the Central Bank of Nigeria ( CBN) approved N500billion of which N300 billion released meant for the Power sector, Small and Medium Scale Enterprises(SMEs) and the aviation sub sector which received N120billion from the funds.
Wabba insisted that those funds must be accounted for by those involved in the disappearance which was meant for bail out.
He said it must be recovered and ploughed back into the system for infrastructural development in the aviation sector.
The NLC boss while commending the government for the release of part of Nigeria Airways workers severance package, called on the government to ensure the total settlement of the remaining money.
He recalled that a lot of former workers of the defunct Nigeria Airways have died since the airline was liquidated
Recall, in 2016 a CBN director, representing the Governor, Mudashiru Olaitan said out of the N120 billion intervention fund injected into the sector, only N39.5 billion had been recovered while the balance of N81.2 billion was still outstanding.
He admitted that some of the 10 Airlines that benefitted from the fund were now moribund, which, according to him, was against the objective of the fund.
He named AirNigeria and Chanchangi Airlines as the moribund ones, while Arik, Dana, Aero, Kabo, Overland, First Nation, Odenegene are the ones still in operation on the strength of the fund.
When probed on why two out of the 10 airlines folded up despite the intervention fund, he said responsibility for monitoring the implementation of the fund was given to Bank of Industry, BoI, being the facilitator of the loan

About NigerianFlightDeck

mm
Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

Check Also

Air Peace announces demise of Corporate Communications Manager, Christian Iwarah

THE management and staff of Air Peace Ltd has announces with great sadness the sudden …

Ethiopian Airlines says SAATM will help reverse 80%-20% traffic imbalance

We need to eclipse, 80% should be African airlines and 20% should be non African airlines. This is our continent, that is our traffic and so for more African countries to come, the traffic which is not in the hands of the African airlines is much more. So we have a lot more to play with, it's not as if we have to scramble that same 20% No! We don't settle for that and we want to contribute more than 3 % of the global air traffic which we are doing now, it's only three percent.

Air Peace questions motive behind AIB’s indicting statement on Mandatory Occurrence Report

Air Peace questions if it is not an aberration for an Accident Investigation Bureau to do acts capable of not only misleading the flying public, but also deliberately creating unnecessary fear in their minds. Air Peace said it makes bold to state that the mention of ‘other airlines’, without naming them is a mere smokescreen. The target is Air Peace, the airline said.

AIB accuses Air Peace of failure to report serious incidents to Bureau

No! We reported to NCAA, Boeing; Air Peace reacts ACCIDENT Investigation Bureau (AIB) has expressed …

NCAA issues DAV-AAKY Nigeria Limited AMO certification to carry out NDT Inspections

NIGERIAN Civil Aviation Authority (NCAA) has issued an Approved Maintenance Organization (AMO) Certificate on Non …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Skip to toolbar