The Minister of Aviation, Honorable Festus Keyamo, has revealed that the Economic and Financial Crimes Commission (EFCC) is currently investigating the Nigeria Air deal.
This comes after the minister expressed concerns over certain aspects of the agreement signed with private investors.
After the weekly Federal Executive Council (FEC) meeting, Keyamo refrained from preempting the president’s final decision on the future of the airliner.
Nigeria Air, established in 2018 with ownership stakes divided among Ethiopian Airlines (49 percent), Nigeria Sovereign Investment Authority (NSIA) (46 percent), and the Nigerian Federal Government (5 percent), received its first aircraft in May 2023 but has remained inactive since.
The minister disclosed that critical details of the agreement with major stakeholder Ethiopian Airlines required reevaluation.
He expressed concerns about tax waivers, staffing arrangements, and the potential for creating a monopoly at the expense of other local airlines.
The minister highlighted his responsibility to address stakeholders’ concerns and emphasized the need for a fair evaluation of the situation.
Among the specific issues raised by Keyamo was the granting of tax waivers to Ethiopian Airlines for five years, potentially giving them a competitive advantage over local airlines burdened by heavy taxes.
He also pointed out a proposal allowing Ethiopian Airlines to appoint personnel at all levels within Nigeria, raising concerns about control over top management positions.
Keyamo stated, “I cannot preempt Mr. President. We have raised all the concerns before him.”
However, the minister has assured that all concerns about Nigeria Air have been forwarded to President Tinubu for review and further action.
