Travel News

BY  Pedro Goncalves·Finance reporter

Across the UK, surging house prices have pushed 4.3 million homes into higher stamp duty brackets, leaving prospective buyers to pay more taxes.

Around 1.5 million more properties across the UK are now subject to stamp duty or its equivalent tax compared with two years ago as house prices rise, according to Zoopla.

The average UK house price has increased by around £29,000 since March 2020 to stand at £249,700, Zoopla said.

In total, 3.5 million homes in England and Northern Ireland have moved up into a higher stamp duty threshold. A further 815,000 properties have moved over property tax thresholds in Scotland and Wales.

Gráinne Gilmore, head of research at Zoopla, said: “Buyer demand has been very strong ever since the end of the first lockdown in 2020, and the start of this year has been no exception. This demand, coupled with constrained levels of supply has put upward pressure on pricing — with the average property now worth an additional £29,000 compared to March 2020.

“This has pushed millions more homes into higher stamp duty brackets, meaning that if they come to market, there is an additional cost for buyers.”

Rising house prices are also having an effect on those keen to get their foot on the property ladder.

First time buyers are now spending an average of £225,000 to buy their first home, an increase of £27,000 compared to two years ago.

This means that this group of prospective buyers now require an additional £4,000 for a deposit, despite average annual earnings increasing by only £2,704 over the last two years.

They also need an additional £5,000 in annual household earnings or income in order to secure a mortgage, which equates to £417 per month.

Read more: One in three struggle to access credit in UK as lenders refuse loans

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “The stamp duty holiday had a nasty sting in the tail. Hundreds of thousands of people have actually paid more tax, thanks to the huge hike in house prices fuelled by the tax break.

"These higher tax bills are piling yet more pressure on buyers, who are already facing the stress of rampant house price rises, hikes in mortgage rates and runaway bills, which make it increasingly difficult to cover the cost of the mortgage."

A stamp duty holiday was in place for much of the pandemic and was phased out last year.

Stamp duty receipts in England and Northern Ireland reached £18.6bn in the year to March 2022, an increase of £6.1bn on the previous year.

Stamp duty applies in England and Northern Ireland. In Wales, the land transaction tax (LTT) has replaced stamp duty and in Scotland the land and buildings transaction tax (LBTT) is applied to property purchases.

(Bloomberg) -- New York colleges will no longer be allowed to withhold students’ transcripts because of unpaid debt. 

The legislation, signed by Governor Kathy Hochul, will also prevent schools from charging people who owe money a higher fee to get their transcript.

“To hold transcripts hostage until outstanding debts are paid is an unfair, predatory practice that prevents our students from reaching their full potential,” Hochul said Wednesday in a statement.

The governor announced in her State of the State address that she would propose this legislation. New York’s state and city schools voted to end the practice in January. 

The move comes as President Joe Biden is considering forgiving at least $10,000 in student loans per borrower, a promise he made on the campaign trail, through executive action. The total amount of outstanding student-loan debt in U.S. is at $1.75 trillion, according to the Federal Reserve.

“Withholding a student’s transcript is a punitive measure that penalizes students with less resources, while ironically making it more difficult for them to advance in higher education or obtain employment that will allow them to make outstanding payments,” Hochul said.

(Bloomberg) -- There’s a lot of news coming out of Washington right now, be it Supreme Court leaks or Trump inauguration lawsuits. The D.C. dining scene? Not so much. 

On May 4, the Michelin Guide announced their annual star rankings for the city and little has changed. 

There’s still only one three-star restaurant (worth a special journey): the Inn at Little Washington, chef Patrick O’Connell’s old school hotel with a $308 French-accented menu in Washington, Va. Likewise, Washington’s two-star places—excellent cuisine, worth a detour—are the same as last year. That includes the unconventional tasting menu spot Minibar, from star chef and humanitarian José Andrés, and the forward-thinking Pineapple and Pearls from acclaimed local chef Aaron Silverman.

The French-based guide did honor four new D.C. restaurants with one star. Oyster Oyster was recognized for chef Rob Rubba’s scintillating vegetable-forward menus, where butter is fashioned from marigolds, and roasted carrots might be served with miso and popped sorghum.

“The work chef Rubba is doing blew us away,  work he’s doing there is so creative and impressive,” says the chef inspector for North America, who spoke on condition of anonymity because of his position. 

Rounding out the new one stars are Imperfecto: The Chef’s Table, which features Latin American cuisine from chef Enrique Limardo; Albi, where the focus is Middle Eastern fare in the Navy Yard; and Reverie, with unconventional dishes like coconut cooked in embers, in Georgetown. 

There are 24 starred restaurants this year, up from 23. Gone from the 2022 list is Sushi Taro, which lost its star, as well as Komi, the compelling Mediterranean restaurant that was put in the spotlight after the Obamas ate there, and Plume, both now closed.

Michelin also announced the list of Bib Gourmand spots—good food at a price of “around $40 for a meal. The key word is ‘around,’” says the chief inspector, who cited rising costs that are impacting restaurant menus. This year, there are four new spots among the 36 on the list, including Dauphine’s, where the specialty is Creole cuisine from Kristen Essig (one of the few women on this list). Menya Hosaki was also recognized for its superior ramen and karaage (Japanese fried chicken).  

Gone from this year’s Bib Gourmand list is Zaytinya, the pan Mediterranean spot from Andrés, which held the accolade for three straight years. 

For people determined to find restaurant news in Washington, D.C. keep your eyes peeled for the upcoming, two-story Peruvian restaurant Causa, from Carlos Delgado; the Trinidadian-themed St. James from Jeanine Prime, who also operates the Bib Gourmand spot Cane; and the opening of Pastis, the sceney Manhattan brasserie that will set up shop in the Union Market hood. 

Here is the full list of Washington’s Michelin-starred restaurants and Bib Gourmands. An asterisk (*) denotes a new entry.

Three Stars

The Inn at Little Washington

Two Stars

JôntMinibarPineapple and Pearls

One Star

*AlbiBresca CranesThe DabneyElcielo D.C.FiolaGravitas*Imperfecto: The Chef’s TableKinshipLittle PearlMasseriaMaydanMétier*Oyster Oyster*ReverieRooster & OwlRose’s LuxurySushi NakazawaTail Up GoatXiquet

Bib Gourmand Winners

Astoria DCBidwellCaneChina Chilcano*DaruDas*Dauphine’sElleFancy RadishHitching Post*Honeymoon ChickenIvy City SmokehouseJaleoKaliwaKarma Modern IndianLaos in TownLapisMakanMaketto

*Menya HosakiOttoman TavernaOyamelPearl Dive Oyster PalaceQueens EnglishResidents Cafe & BarSababaSfoglinaStellina PizzeriaSuccotashTaqueria HabaneroThe Red HenThip KhaoTimber Pizza Co.Toki UndergroundUnconventional DinerZenebech

By Frank Ikpefan, Abuja

The Federal Government has expressed confidence about the return of 96 Benin bronzes stashed in Cologne, Germany back to Nigeria.

The government said the Benin cultural properties, forcibly taken by the British Colonial forces barely 125 years ago, shall be returned to their rightful home.

Ambassador of Nigeria to Germany, Yusuf Tuggar, spoke at the “Missing, Giving Back and Remembering Exhibition” in the historic city of Cologne, Germany.

The envoy said the return of the Benin bronzes promised to catalyse the colonial healing process like no other before, because of the exceptional nature of how they were acquired.

Tuggar said: “In the same vein, Nigeria remains confident that the 96 pieces in Cologne from the Benin cultural properties forcibly taken by British Colonial forces barely 125 years ago, shall be returned to their rightful home.

“The return of the Benin bronzes promises to catalyse the colonial healing process like no other before, because of the exceptional nature of how they were acquired. Unlike many other stolen cultural properties that were taken from archaeological dig sites, here is an open-and-shut case of a colonial power with superior weapons sacking and pillaging a city, killing its citizens, and even taking pictures with the looted items- the modern equivalent of sending a postcard back home. Even the Oba of Benin was not spared; he was taken away the same way the bronzes were.”

He added: “It is our fervent hope that the return would also become a salubrious genesis for a re-examination of the teleology of museums as a whole, particularly ethnological and archaeological museums that could do with ontological adjustments in the 21st century. The debate around restitution and colonial reappraisal has recharged cultural diplomacy around the world, with Germany and Nigeria as role models.”

The envoy said Nigeria was pleased with the progress made in the negotiations with both the German government and museums and looked forward to signing agreements for their return with both in the very near future.

The ambassador added: “I would like to single out the City of Cologne and the Rautenstrasuch-Joest-Museum for a special thank you for supporting the cause of restitution. Both truly have a deep understanding of their place in history. Of course, none of this would have been possible without the tenacity of people like Professor Peju Layiwola, who remained resolute in their push for restitution.”

MAIDUGURI, NIGERIA — 

Islamic extremist rebels have killed at least seven people in an attack in northeast Borno state in Nigeria, witnesses told The Associated Press on Wednesday.

The rebels attacked Kautukari village in the Chibok area of Borno on Tuesday evening, said residents. The attack happened at the same time that U.N. Secretary-General Antonio Guterres was in the state to meet with survivors of jihadi violence.

The Chibok area is 115 kilometers (71 miles) away from Maiduguri, the state capital, where Guterres met with former militants being reintegrated into society and thousands of people displaced by the insurgency.

"They came in large number with superior firepower (and) took over the community," said Hassan Chibok, a community leader. Troops from a nearby military base were deployed to repel the attack but "the damage had been done," Chibok said, adding that "casualties are up to 10."

Another resident Yana Galang said at least seven people were killed in the latest violence before the Nigerian military intervened.

Nigerian police did not immediately respond to a request for confirmation of the attack.

Nigeria, Africa's most populous country with 206 million people, continues to grapple with a 10-year-old insurgency in the northeast by Islamic extremist rebels of Boko Haram and its offshoot, the Islamic State West Africa Province. The extremists are fighting to establish Shariah law and to stop Western education.

More than 35,000 people have died and millions have been displaced by the extremist violence, according to the U.N. Development Program.

Nigerian President Muhammadu Buhari said earlier this week that the war against the extremists is "approaching its conclusion," citing continued military airstrikes and the mass defection of thousands of the fighters, some of whom analysts say are laying down their arms because of infighting within the jihadi group.

The violence, however, continues in border communities and areas closer to the Lake Chad region, the stronghold of the Islamic State-linked group, ISWAP.

"Things are getting worse" in Kautukari village in Chibok and adjourning areas closer to the forest, said community leader Chibok, saying the extremists' presence near the forest is a contributing factor.

(Bloomberg) --

Air France-KLM sees surging demand for travel driving a return to profitability this summer as the carrier looks for ways to pay back government support received during the Covid-19 pandemic.

The Franco-Dutch carrier expects to report break-even operating income in the second quarter and will be “significantly positive” in the third quarter, according to an earnings filing Thursday. The group reported earnings before interest, taxes, depreciation and amortization of 221 million euros ($233 million) for the first quarter, better than it had targeted. 

“This paves the way for a successful summer season in all our activities, which we continue to strengthen through our extensive transformation plan,” Chief Executive Officer Ben Smith said in the statement. 

Air France-KLM said it has been rapidly adding capacity and reinstating services as countries around the world unwind Covid-19 travel restrictions and reopen borders. The group said it has partly repaid Dutch state-backed revolving credit facilities of 311 million euros at its KLM unit and is making progress on refinancing as much as 500 million euros of Air France’s assets to repay French state aid. 

The group raised ticket prices through the first quarter on its long-haul services in response to rising fuel prices, and said it expected strong summer demand to result in yields higher than pre-pandemic levels. It also said that the first-quarter results were driven by a strong performance on routes to the Caribbean and Indian Ocean destinations, as well as Africa and South America.

The carrier’s KLM unit reported a 3 million-euro operating profit while its low-cost Transavia arm was operating capacity in the first quarter that was close to that offered in the same period in 2019. Transavia’s fleet will increase to almost 100 planes as it looks to tap European leisure traffic, the company said. 

Air France-KLM said it continues to mull a capital increase by way of a possible rights issue as well as the issue of instruments such as straight and perpetual bonds to repay as much as 4 billion euros of pandemic era state-aid, although the timing and size of each transaction depends on market conditions and regulatory approvals. 

Following a series of bailouts to get Air France-KLM through the worst of the Covid-19 crisis, the French state holds a stake of about 29% and the Dutch government 9.3%. Until three-quarters of the aid is paid back, Air France-KLM is under European Union restrictions on executive compensation and banned from acquiring more than a 10% stake in a rival -- conditions that tie its hands for any industry consolidation.

BY  William Wilkes and Siddharth Philip, Bloomberg News

(Bloomberg) -- Europe’s biggest airlines are growing increasingly confident that the easing of coronavirus restrictions will kick off a summer boom as a surge in bookings spurs them to lift capacity.

Deutsche Lufthansa AG and Air France-KLM are less certain about prospects going deeper into the year, with the German company saying Thursday that fuel prices are tough to predict and that it’s not clear how far increasing household costs will weigh on demand.

Both carriers reported a strong start to 2022 after the impact from the omicron variant of Covid-19 quickly faded. Lufthansa said that demand has “recovered faster and stronger than expected in recent weeks,” while Air France-KLM Chief Executive Officer Ben Smith said that corporate and premium sales have begun to revive, following an already strong upward trend in leisure demand.

European airlines are adding seats and flights as the dropping of travel curbs opens up markets after two years of upheaval, with Lufthansa planning to deploy 2022 capacity equal to 75% of the 2019 level, up from 70% previously. At the same time a jump in costs for everything from fuel to staff is pressuring margins, pushing carriers to raise fares -- something that might not be sustainable as household budgets come under pressure.

Lufthansa shares traded 3% higher as of 9:06 a.m. Frankfurt, with Air France-KLM up 3.7% in Paris. Planemaker Airbus SE, which reported results after the close Wednesday and signaled long-term confidence in global travel by lifting future jetliner build rates, surged 7.4%.

Air France-KLM said in a statement it expects to break-even in operating income in the second quarter and to be “significantly positive” in the third. Lufthansa, which already posted a surprise profit in the third quarter of last year, reiterated guidance for an improvement in full-year adjusted earnings before interest and tax.

Air France-KLM reported an operating loss of 350 million euros for the first quarter, a 40% beat on expectations, according to Bernstein analyst Alex Irving, who said in a note that “the outlook for the summer is sunny,” while Lufthansa cut its adjusted Ebit loss to 591 million euros from 1.05 billion euros a year earlier, also beating analyst estimates.

Carsten Spohr, the German company’s CEO, said he’s “mentally ticking off the crisis” as the Covid threat recedes. At the same time, Lufthansa warned that “uncertainties remain for the company’s further business development,” with the fuel trend and consumer behavior as inflation climbs impossible to predict.

Lufthansa’s kerosene costs more than doubled in the quarter, while inflation in Europe’s largest economy in April jumped to the highest level since post-reunification records began in the early 1990s.

London Heathrow airport, Europe’s busiest prior to the pandemic, last week raised its passenger forecast for the year, but warned that demand is likely to drop off in late summer and beyond as the boom gives way to a “winter freeze.” It said much current demand is from people reuniting with loved ones or cashing in vouchers from postponed journeys, both short-term trends.

In the longer term there’s still confidence that aviation will overcome current obstacles, however, with Airbus pushing ahead with ambitious plans to ramp up production of its bestselling A320 family of jets to 75 a month by 2025, a jump of 50% on the build rate now.

IAG SA, the third of Europe’s dominant network carrier groups and parent of British Airways, is scheduled to report results Friday.

(Updates with share prices in fifth paragraph, Heathrow warning on future demand in 10th, Airbus build-rate hike in 11th)

Between 2017 and 2018, the domestic wing of the Muritala Muhammed Airport in Lagos dominated the domestic passenger movements. Specifically, in 2017, 35.5 percent of the domestic air passengers patronised the Lagos airport; 27.2 percent used Abuja, 8.3 percent travelled through Port Harcourt; 4 percent through Owerri, and 3.4 percent through the Kaduna airport. Those were the top five domestic airports in Nigeria as of 2017. 

In 2018, Lagos still remained the most patronised, only that Abuja gained more market share. The top five local airports in Nigeria by usage in 2018 were Lagos, 33.2 percent; Abuja, 30.2 percent; Port Harcourt, 8.4 percent; Owerri,4 percent and Kano, 3.2 percent.

However, the trend where Lagos was the most patronised domestic airport changed in 2019 as the local wing of the Nnamdi Azikiwe Airport Abuja became the most patronised by local air travellers. In that year, Abuja accounted for 33.5 percent of the domestic passenger movements. Lagos’ Muritala Muhammad Airport accounted for 31.8 percent; 8.6 percent travelled through Port Harcourt; 4 percent through Kano, and 3.2 percent through Sam Mbakwe Airport in Owerri, Imo State.

The positions of the top five domestic airports in Nigeria were no different in 2020, as Abuja still retained the top spot, accounting for 38.6 percent of the domestic travellers. Lagos attracted 34.3 percent while Port Harcourt, Kano and Owerri accounted for 6.6 percent, 4.9 percent, and 4.1 percent respectively.

In 2021, Abuja shed some market share as 36.6 percent of the domestic air travellers patronised it; 31.5 percent through Lagos while 6.9 percent travelled through Port Harcourt.  Owerri became the fourth most patronised domestic airport, accounting for 4.5 percent while Kano got 4.2 percent.

Upsurge in the usage of the airport at Owerri was due to the closure of Akanu Ibiam International Airport Enugu in the last quarter of 2019. Surprisingly, after its reopening, traffic at Owerri airport has remained steady. We interpret this to mean that domestic air travellers now find Owerri more attractive and continue to patronise it. Owerri airport also serves as a stopover for most of the flights to the south-south geopolitical zone. 

Few airports stand out with over 100% growth in passenger traffic

Domestic passenger traffic at the Umaru Musa Yar’ Adua Airport in Katsina State grew by 249.9 percent, the highest in the country in 2021. The improvement seen in the usage of this airport may not be unconnected with the rising insecurity in that region. Political patronage is another reason because it is the home of President Muhammadu Buhari.

Traffic at the Akure airport rose by 240.41 percent, and this is partly explained by the investment drive of the Ondo State Government which commissioned a number of new businesses in the state in 2020/2021. Undoubtedly, it is one of the leading cocoa producing states in Nigeria, and consequently, investment inflows into cocoa farming and chocolate production have put the state on the global chocolate producing chart. All other things being equal, chocolate produced in the Sunshine state will hit the European market by July.

International passenger movements 

Seven international airports in Nigeria were involved in the international operations in 2021. These are the Lagos, Abuja, Port Harcourt, Kano, Enugu, Maiduguri and Katsina international airports. 

Year on year, international passenger traffic rose by 57.6 percent in 2021. The Muritala Muhammed International Airport in Lagos State took the lead by having 72 percent of the foreign passengers’ traffic, 25 percent through Nnamdi Azikiwe International Airport Abuja just as 2 percent and 1 percent travelled through Kano and Port Harcourt airports respectively.

The growth in foreign passenger movements in 2021 still fell short of the pre-pandemic period. Put differently, 1,109,621 arrivals were recorded as against 1,109,525 departures in 2021. In 2019, Nigeria recorded 4.6 million foreign passengers, implying that the patronage in 2021 was 51.9 percent lower compared with the level of patronage in 2019. 

In Lagos, 1.595 million international travellers patronised the Muritala Muhammed International Airport in 2021, comprising 787,874 arrivals and 807,648 departures, which means more air passengers left the country through the Lagos airport than arrived here

The reverse was the case in Abuja, Port Harcourt, Enugu, and Kano, each of which recorded more arrivals than departures. Only one passenger left and arrived through Umaru Musa Yar’ Adua International Airport in Katsina.

Lagos, Abuja dominance mirrors investment inflows into Nigeria

On the average, 96 percent of foreign air travellers patronised both the Muritala Muhammed International Airport in Lagos and the Nnamdi Azikiwe International Airport in Abuja, the Federal Capital Territory.

This pattern is not going to change anytime soon. One of the reasons for this postulation is that the dominance of the two international airports in terms of patronage reflects the destination of foreign investments inflows into the country. 

Nigeria recorded $23.99 billion worth of capital importation in 2019. In terms of destinations, Lagos State, Nigeria’s commercial capital, attracted $17.67 billion or 73.7 percent of the total capital importation in 2019. It also received 85.8 percent of the $9.66 billion capital importation in 2020, as well as 86.9 percent or $6.7 billion of capital importation in 2021.

Abuja received 25.9 percent of the capital importation in 2019; 13.2 percent in 2020, and 12.4 percent in 2021. As the two most important centres in Nigeria, this trend will remain for the foreseeable future. Consequently, foreign passengers will continue to patronise the international airports in those cities.

Lagos, Abuja are major hubs for Nollywood production
 
Another important factor is that Lagos and Abuja are the major hubs for Nollywood movie production in Nigeria. 65.3 percent of movies produced in the first half of 2021 took place in both Lagos and Abuja.

By Jill Pole  •  Updated: 05/05/2022 - 17:44

A plane to New York was forced to return to London mid-flight after it was revealed that the co-pilot was not properly trained.

The Virgin Atlantic Airbus A330 was heading towards JFK airport and was only 40 minutes into its journey on Monday 2 May, when the pilot was found out. Passengers were safely returned to Heathrow after the ‘first officer’ co-pilot, told the captain he had not yet completed his final flying test.

He had joined the company in 2017.

The mistake was described as a “rostering error” by an airline spokesperson, as the flight was forced to do a u-turn over Ireland.

“The qualified first officer, who was flying alongside an experienced captain, was replaced with a new pilot to ensure full compliance with Virgin Atlantic’s training protocols, which exceed industry standards,” Virgin said in a statement.

“We apologise for any inconvenience caused to our customers, who arrived two hours and 40 minutes later than scheduled as a result of the crew change.”

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Passengers were left feeling angry following the incident, which had a knock-on effect for other flights and connections.

“It was embarrassing for everyone and the passengers were furious,” a source told The Sun.

The UK’s aviation watchdog, the Civil Aviation Authority, said it had been made aware of the incident. "Both pilots were suitably licensed and qualified to undertake the flight," it added.

Barring any urgent intervention, Nigeria's foremost carrier, Aero Contractors may be on its way out of the skies after over 61 years of flight operations.

With only two aged aircraft, Bombardier Dash 8-300 and Boeing 737-500 in their early 30s and totally bereft of operating cash, the airline is now on its knees about to shut the door for scheduled services.

Aero Contractors, which provided shuttle service for oil and gas industry for decades and extended its service to scheduled flight operations since 2000 has become moribund with over N50 billion debt overhang.

THISDAY investigations revealed that economic recession occasioned by the COVID-19 lockdown and protracted low season after December heavy passenger traffic demand, culminated to the financial drought of the airline.

It was learnt that currently, the airline finds it difficult to fuel its existing fleet.

The Managing Director of the airline, Captain 

Abdullahi Mahmood in a telephone interview with THISDAY confirmed the precarious state of the airline and identified factors that led to debilitating condition of the indigenous carrier.

Captain Mahmood said that the airline could stop operation at any time because the management is finding it increasingly difficult to keep the aircraft in the airspace.

He said that high cost of foreign exchange, high maintenance cost, high cost of aviation fuel and low traffic are responsible for the bad condition of the airline.

According to him, "Maintenance cost is high, foreign exchange is not available and the high fuel price in addition to the fact that after the high Christmas season, there was low passenger traffic from later January till Easter period. Then we are also contending with overhead, which is so much.

"When you have no traffic and what you are generating cannot defray operating cost, you cannot survive. We are still operating but from the rate we are going we may shut down anytime."

He also explained that because the aircraft in the fleet are old and breakdown very often, the cost of maintenance is high, "and spares have to be imported and even insuring the aircraft requires foreign exchange."

When contacted, the immediate past CEO of the airline, Captain 

Ado Sanusi, confirmed that it is very unlikely that the airline would survive, except it urgently acquires new fleet.

Sanusi who took over the airline in February 2017, when it was in comatose told THISDAY that the airline was coming back from shutting down when he began to preside over its affairs.

"The airline had two aircraft, which were due for major checks, the C-check, passenger confidence was low and three of the airline's aircraft were in maintenance facilities overseas. The airline was at the brink of collapse when we took it over, "he said.

Sanusi further explained that the airline was under receivership, as it was being managed by the Asset Management Corporation of Nigeria (AMCON), "so what the airline needed was more aircraft, which would enable it to increase revenue."

THISDAY learnt that the AMCOM had invested so much money in the airline but was not ready to invest more, a situation that lead to Sanusi and his team to consider having the C-check conducted in-house.

"The engineers in the airline went to work, they took the Boeing 737 classic and successfully conducted C-check and received Aircraft Maintenance Organisation (AMO) certification from the Nigerian Civil Aviation Authority (NCAA).

"The success of the C-check opened door for us because it restored passenger confidence, knowing that we had the ability to maintain our aircraft and from 40 to 50 per cent load factor, our passenger traffic grew to 80 per cent.

"AMCON was elated that they continued to support us. We sold assets we didn't need and we brought back one of the three aircraft ferried overseas for maintenance and now had two Boeing and One Bombardier Dash 8. Our revenue rose from N180 million to N2 billion. We did a lot.

"We bought the engines of United Nigeria Airlines Boeing B737-300 aircraft. With our revenue, we revamped the rotary wing of the airline and would have clinched a multimillion-dollar deal with Total for shuttle service but because the airline was under receivership we didn't. We even went into a strategic partnership with indigenous company to revive the rotary wing and was in that process when COVID-19 came," Sanusi said.

"The COVID-19 lockdown was the undoing of the airline, like many others in other parts of the world, "Sanusi said, adding, "It was during the lockdown that the Maintenance, Overhaul and Repair (MRO) facility came alive and began to engage in third party maintenance, which is maintenance of other airlines' aircraft."

"Immediately after the lockdown we were ready to go into business. Passenger demand was unprecedented. The prospect of Aero was very good. It had a chance to recover, but the biggest challenge was fleet renewal. Average age of the aircraft was late 20s or early 30s. We communicated to the shareholders.

'We did not have the ability to do D-check, which was heavy check, but we later got approval and we conducted D-check on the Boeing 737 after which we would retire the aircraft, hoping that there would be fleet renewal in order to put the airline as an on-going concern, "Sanusi revealed.

Aero, is described as a fully made airline because it has scheduled operations wing, rotary wing, MRO and training school; no other airline in Nigeria came close.

THISDAY learnt that for the airline to survive some of the workers had to be put on redundancy and at the peak of revival it had about 400 staff, about 100 in schedule wing, 10 in training and the others on administrative and maintenance and whenever it had more jobs on maintenance it recalled more technical staff.

On why the airline was going under, Sanui said, "The airline needs fleet renewal without which it cannot survive. External factors include high cost of aviation fuel, scarcity and high cost of forex, low passenger traffic, which was extraordinarily very low. When I left the airline had a good chance of survival, even coming out of receivership. But it needed strict financial management," he said.

A former top manager of the airline said that the genesis of Nigeria's foremost carrier started because of the way it went into scheduled passenger operation, the kind of aircraft it acquired, the age of the aircraft and "When AMCON took it over it did not inject enough fund into the airline. If sufficient funds were injected and the rotary wing was revived it would have survived; although the oil and gas industry was going down at a time when the price of crude crashed. The airline has good people but it needed finance," he said.