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.”
Copyright 2018 E247Magazine. Permission to use quotations from this article is granted subject to appropriate credit being given to https://www.e247mag.com as the source.