Emirates Cancels All Nigerian Flights Over $85m In Blocked Funds

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Emirates cancels all Nigerian flights above $85m in blocked funds, #Emirates #Cancel #Nigerian #flights #85m #Blocked #Funds Welcome to BLOG 50MIND SHere’s the latest broadcast news and trends we’ve got for you today: :

Emirates Airlines has announced that it will suspend flights from Nigeria from 1 September 2022.

The decision was made due to the inability of the airline to repatriate funds from Nigeria.

In a leaked letter to the Minister of Aviation, Senator Hadi Sirik, the airline said it will reduce its frequencies in Nigeria from 11 to seven by mid-August because of its $85 million trapped in Nigeria.

According to Daily Trust, other airlines may follow suit as frozen funds belonging to foreign airlines have exceeded $600 million, which they are unable to repatriate because the Central Bank of Nigeria (CBN) has been unable to meet the airlines’ request for dollars.

Foreign airlines are expected to issue tickets in naira in line with Bilateral Air Services Agreements (BASA), while the CBN provides the dollar equivalent for repatriation to their home countries.

Emirates said in a statement on Thursday morning that it will suspend all flights to Nigeria but will reconsider if there are any positive developments in the coming days.

“Emirates has made every effort to address our ongoing issues with the repatriation of funds from Nigeria and we have made significant efforts to initiate dialogue with the relevant authorities to help find a viable solution,” the statement said.

“Unfortunately, there has been no progress. As a result, Emirates has taken the difficult decision to suspend all flights to and from Nigeria from 1 September 2022 to limit further losses and the impact on our operating costs, which continue to accumulate in the market.

“We sincerely apologize for any inconvenience this has caused our customers, but the circumstances are beyond our control at this time.” We will do everything we can to help affected customers with alternative travel.

“If there are any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course reconsider our decision. We continue to look forward to serving Nigeria and our operations provide Nigerian travelers with the much-needed connectivity to access business and tourism opportunities in Dubai and our wider network of over 130 destinations. “

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