The inaugural Chief Executive Officer (CEO) of Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike and a former Minister of Education, Oby Ezekwesili have punctured the latest involvement and investment of Nigeria in Air Nigeria.
Chike-Obi via his Twitter handle @ChikeMustafa on Saturday, queried the equity and proprietary in Nigeria’s investment of $300m to earn a meagre 5 per cent in a start-up airline, Air Nigeria compared to the Joint Venture Agreement involving – AIr France, KLM, Delta and Virgin Atlantic sets out the governance as well as the commercial and operational terms of the expanded trans-Atlantic Joint Venture.
The agreement upon completion, Air France-KLM will acquire a 31 per cent stake in Virgin Atlantic currently held by Virgin Group for £220 million. In the same stake, Virgin Group will retain a 20 per cent stake and Chairmanship of Virgin Atlantic while Delta will retain its 49 per cent stake.
Nigeria’s investment, Chike-Obi reasoned is puzzling.
Lending her voice to the puzzling investment, a former Education Minister, Oby Ezekwesili via her Twitter @ChikeMustafa pinned her view: “If I were President& my Aviation Minister sent me a memo asking for my approval to set up a ‘National Airline’ with initial capital of FG’s $300million& aquire airlines, I will instantly send him reply. It will be. Goodbye. Pls hand over the Ministry to the PermSec.”