FG, Bi-Courtney end N132bn aviation dispute settlement

The Federal Executive Council has approved a comprehensive settlement agreement between the Federal Government and Bi-Courtney Aviation Services Limited. The deal, brokered by Minister of Aviation Festus Keyamo, resolves a two-decade legal and commercial standoff over the operations of the Murtala Muhammed Airport Terminal Two (MMA2). The settlement includes Bi-Courtney writing off a N132bn judgment debt with interest from 2009, returning the General Aviation Terminal (MM1) to the government, and removing an exclusivity clause that had blocked the development of the Lekki Airport. In return, the Federal Government made three concessions: returning an unfinished hotel and conference centre to Bi-Courtney with a 24-month deadline, relocating domestic regional flights to MMA2 to boost traffic, and agreeing to expand the airport's apron if necessary. The agreement also allows the government to begin earning its share of revenues from MMA2 operations immediately. Keyamo noted that the breakthrough was achieved through negotiations based on brotherhood, with the government securing firm concessions from Bi-Courtney. Additionally, the council approved the establishment of a Nigerian Aircraft Leasing Company as a special purpose vehicle to address the structural weakness of the domestic aviation industry by enabling private carriers to secure aircraft on stable, long-term leasing terms.

(Source：Punch)