NigerianFLIGHTDECK Travel and Business Reportage 
- Says $250,000,000.00 sourced from Ethiopian Fairfax already puts the airline in indebtedness
- Says only ET stands to benefit from Nigeria Air
According to him, Nigerians are going to be trapped into another regime of sovereign debt hence the reason Ethiopian Airlines and her Nigerian collaborators are in a frenzy to start the operations.
In the 5-paged letter, Captain Ikponmwosa said that by definition of a national airline, foreigners cannot be part of it as the idea of foreigners owning large/majority shares in any national airline negates the very principle of the character and identity of that airline.
He, however, said foreigners may be part of any private airline designated a flag carrier.
Continuing, the letter alleged that the two hundred and fifty million dollars ($250,000,000.00) allegedly sourced from Fairfax, an Ethiopian Airlines backed Company already puts the airline in a debt strangulating it as Ethiopian will get payment for all the aircraft they supply, control the maintenance and insurance of all the aircraft supplied and ensure payment is made for all of these.
He said, “The steal is this: Already we are told that a tidy two hundred and fifty million dollars ($250,000,000.00) has been secured for Nigeria Air. This money is from a company called Fairfax. The founder and owner is, Mr. Zenedeneh Negatu. The man is Ethiopian. Question; if before commencement of operations, Nigeria Air is already in a $250,000,000.00 debt, how do they plan to offset this?
” We know 5% government share is not paid for. We don’t know the value of the 46% shares of the Nigerian investors, the 49% of Mi that one antonyms a session Ethiopian is in the aircraft they are supplying. Just how will Nigeria Air repay the money back to Fairfax – an Ethiopian backed company?
“As can be seen Ethiopian Airline is the only entity who stands to benefit from the Nigerian Air situation. From day one, they will get payment for all the aircraft they supply. They will control the maintenance and insurance of all the aircraft supplied and ensure payment is made for all of these. READ ALSO: Nigeria Air: Shrouded processes, shams and more than meets the eyes
“They have said it, and it is agreed by their Nigerian counterparts that they will manage the Airline. With this agreement, I bet Nigeria Air will never be profitable because the Nigerians involved lack the knowledge, the knowhow and the ability to track whatever is going to be done. From the mouth of Mr. Negatu, $250,000,000.00 is already secured for Nigeria Air. But who, how and when was the application made for this huge facility made for this fledgling airline? What was used as collateral or guarantee for the facility? Which office of Nigeria Air was the application made from?
“The Nigerians are not talking to us but Ethiopian Airlines is, and loud and clear. Come October 2023, they intend to start operations. Nigeria Air with a debt of $250,000,000.00 around her neck will start operations with aircraft supplied by Ethiopian Airlines and guess what? Nigeria Air will only be allowed to do domestic flights while Ethiopian Airlines (with our Basa in her pockets) fly Nigeria’s International routes worldwide!
“And Nigerians with so many years of trauma from a lack of a National career are saying bravo! Bravo indeed. From even before the Aircraft arrive in Nigeria, Ethiopian Airlines was already paid. And regular as clockwork, she will get paid same time every month from the debt owed by Nigeria Air This is the unkindest cut of all to Nigeria, the situation is simply this: all debts to Nigeria Air and all bankable receipts to Ethiopian Airlines. They get the money we end up with the debts – period.”
