Abuja airport on lease for $101 million
November 20th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Some have said it is a wrong thing to do, while others embrace it as a means to sustainable development. Whatever your view is, we at stockmarketnigeria.com believe it’s a welcome development.
Recently, the Nnamdi Azikiwe international airport in Nigeria was leased to a consortium of local and foreign investors for a period of 25 years for $101 million. The consortium is expected to pay an entry fee of $10 million to develop and manage the airport. Also, they are expected to remit 18% of their annual turnover to the federal government.
It would be recalled that in the last 2 years, the Nigerian aviation sector has been what people would call jinxed. Within this period, the nation has witnessed a spate of four major air mishaps that have claimed the lives of many citizens, including prominent dignitaries like Sultan of Sokoto, Senator Maccido, Senator Gandi and so on.
It is believed and expected that such actions like this would bring about a revamp in the sector for the better. Recent changes such as the redeployment of former minister for aviation, Prof. Borishade have also been effected in the sector. The new minister now is Chief Femi Kayode, who was once special adviser to the president on media matters.
The consortium of companies includes: Naira Net Technologies, Airline Services Limited, Gitto Costruzioni Generali Nigeria Limited, AG Ferrero & Co Limited, Airport Consulting, Vienna and the Airports Authority of India.
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