Investigate N35b Aviation intervention fund disbursed to Arik Air- Capt. Balarabe Usman

Investigate N35b Aviation intervention fund disbursed to Arik Air- Capt. Balarabe Usman


Aviation Stakeholders Square-table have called on the Ministry of aviation to conduct a financial audit of Arik air limited.

They have also called on the Federal Inland Revenue Service (FIRS) to investigate the alleged non-remittance of about 5 billion naira VAT by Arik airlines limited.

These statements were made by the President of the Aviation Stakeholders Squaretable, Capt. Balarabe Usman who further called on the Central Bank of Nigeria (CBN) to probe the whereabouts of 35 billion Naira Aviation intervention fund disbursed to Arik Air by the Bank of Industry (BOI).

Addressing a Press Conference in Abuja, Capt. Balarabe Usman, who was the pioneer Director of Safety and Security, FAAN, further said the audit will fast-track current efforts by the Minister of Aviation, to build confidence and develop partnerships with foreign airlines, which she pursued during her recent investment road show.

Speaking further, he said “We are also concerned by findings from the Central Bank of Nigeria which blacklisted Arik air limited and its chairman for not being able to service its debts of more than 85 billion Naira. We are also aware that the airline received about 35 Billion Naira from the Bank of Industry as intervention fund. Where is all the money going to? For an industry that relies on adequate and prudent management of funds, these indications of financial insolvency cannot be swept under the carpet.”

He said that “As aviation veterans we have a responsibility to avail our experiences so that history will not repeat itself. For example, the case of the now defunct Bellview Airline, founded in 1992, should serve as a lesson. Bellview Airline grew so well that at a point, the airline flew 11 international destinations – amongst them Amsterdam, London, India and others. It was the first domestic airline to be certified by the International Air Transport Association (IATA). By June 1997, Bellview was worth $15 Million, winning both continental and domestic laurels. However, where is Bellview today? With all the resources going to Arik airline, we are worried? How did they find themselves in this situation? The Ministry of Aviation must probe Arik air and give us answers before they runs into turbulent waters” the statement continued.

They condemned Arik Air for attempting to distract Nigerians from the main issues by falsely accusing the Minister of interest in acquiring 5 percent equity in their company. According to them “the target of this blackmail is just to distract the minister and to make her lose focus. Thank God she is ahead of her detractors as she has repeatedly declared that no amount of blackmail would make her lose focus.”

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Aviation Stakeholders Square-table have called on the Ministry of aviation to conduct a financial audit of Arik air limited.

They have also called on the Federal Inland Revenue Service (FIRS) to investigate the alleged non-remittance of about 5 billion naira VAT by Arik airlines limited.

These statements were made by the President of the Aviation Stakeholders Squaretable, Capt. Balarabe Usman who further called on the Central Bank of Nigeria (CBN) to probe the whereabouts of 35 billion Naira Aviation intervention fund disbursed to Arik Air by the Bank of Industry (BOI).

Addressing a Press Conference in Abuja, Capt. Balarabe Usman, who was the pioneer Director of Safety and Security, FAAN, further said the audit will fast-track current efforts by the Minister of Aviation, to build confidence and develop partnerships with foreign airlines, which she pursued during her recent investment road show.

Speaking further, he said “We are also concerned by findings from the Central Bank of Nigeria which blacklisted Arik air limited and its chairman for not being able to service its debts of more than 85 billion Naira. We are also aware that the airline received about 35 Billion Naira from the Bank of Industry as intervention fund. Where is all the money going to? For an industry that relies on adequate and prudent management of funds, these indications of financial insolvency cannot be swept under the carpet.”

He said that “As aviation veterans we have a responsibility to avail our experiences so that history will not repeat itself. For example, the case of the now defunct Bellview Airline, founded in 1992, should serve as a lesson. Bellview Airline grew so well that at a point, the airline flew 11 international destinations – amongst them Amsterdam, London, India and others. It was the first domestic airline to be certified by the International Air Transport Association (IATA). By June 1997, Bellview was worth $15 Million, winning both continental and domestic laurels. However, where is Bellview today? With all the resources going to Arik airline, we are worried? How did they find themselves in this situation? The Ministry of Aviation must probe Arik air and give us answers before they runs into turbulent waters” the statement continued.

They condemned Arik Air for attempting to distract Nigerians from the main issues by falsely accusing the Minister of interest in acquiring 5 percent equity in their company. According to them “the target of this blackmail is just to distract the minister and to make her lose focus. Thank God she is ahead of her detractors as she has repeatedly declared that no amount of blackmail would make her lose focus.”

Citizen’s Platform

Click here to subscribe to The Paradigm Newsletter

Comments

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