Tuesday , 29 November 2022
Minister of Aviation, Senator Hadi Sirika

Nigeria Air: FG reverses self; removes Nigeria Sovereign Investment Authority from core investor

LESS than 24hours after it announced Ethiopian Airline, the preferred bidder of proposed national carrier Nigeria Air, with MRS, Skyway Aviation Handling Company(SAHCO) and the Nigerian Sovereign Fund as Nigerian investors, Federal Government of Nigeria has removed Nigerian Sovereign Investment Authority (NSIA) as an Investor in the project.

 Ethiopian Airline was announced the preferred bidder for the Nigeria Air Project with 49% stake while it is joined with three Nigerian investors MRS, Skypower Aviation Handling Company(SAHCO) and the Nigerian Sovereign Fund (46%), with the Federal Government of Nigeria owning 5%. READ ALSO: Ethiopian Airline emerges preferred Nigeria Air bidder with 49% stake

However, in a total reversal another statement signed by Special Assistant (Public Affairs) to the Minister of Aviation, James Odaudu titled: Error of Inclusion of SWIA as an Investor in Nigeria Air read:

“Our attention has been drawn to the inadvertent inclusion of the Nigerian Sovereign Investment Authority (NSIA) as part of the private investors in the Nigeria Air project. 

“We wish to clarify that the Authority is not involved, in any way, as part of the private equity ownership of the airline, being a government establishment. 

“It should be noted that the NSIA was not mentioned in Honourable Minister’s presentation, but only in the general brief given to the media, an error made during its preparation. 

“For the avoidance of doubt,  the equity ownership structure of Nigeria Air stands as : Ethiopian Airlines 49%, Nigerian private investors (SAHCO, MRS and other institutional investors) 46% and the Federal Government 5%.

“The public, especially the business community and the media should please take note.”

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