In a statement issued on Friday, Emirates Airlines stated that it has not yet repatriated significant revenue trapped in Nigeria.
Emirates wants the Nigerian government to implement a committed strategy. The strategy is expected to help foreign airlines repatriate their funds.
In November of last year, Emirates halted flights to Nigeria. The reason was that they couldn’t repatriate $85 million in revenue. This was the second time Emirates stopped flights to Nigeria for the same reason. The first time was in August 2022.
The aviation company informed the public and said they suspended operations to and from Nigeria five months ago. They further mentioned that they had seen little progress in clearing their backlog of funds during this time.
Emirates reports that 50% of approved funds in its backlog are yet to be repatriated. The Central Bank of Nigeria (CBN) released $265 million to airlines for settling outstanding ticket sales. However, despite this, Emirates’ backlog funds remain unpaid.
‘As of today, Emirates still has a substantial balance of blocked funds that have yet to be repatriated, and the progressive clearing [of] our backlog remains beset with constant delays,’ the statement reads.
‘We have made many concerted efforts to enable a swift return to Nigeria. We proposed a number of solutions and measures to recover our funds and engaged in dialogue with government stakeholders and industry bodies.
‘Regretfully and despite many media reports of public assurances made at the highest levels, solutions continue to be stalled.’
The statement said that unless Nigerian authorities commit a strategy to deliver concrete action, air services for travelers, businesses seeking global market opportunities, and investments will continue to dwindle.
Emirates has vowed to find a mutual resolution with the Nigerian government and Central Bank to repatriate the remains of its blocked funds swiftly and provide a roadmap that includes firm measures to prevent future repatriation accumulation challenges and delays.”
