{"id":97560,"date":"2022-08-01T03:39:39","date_gmt":"2022-08-01T02:39:39","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=97560"},"modified":"2022-08-01T03:39:39","modified_gmt":"2022-08-01T02:39:39","slug":"85m-trapped-revenue-emirates-slashes-flight-to-nigeria","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/85m-trapped-revenue-emirates-slashes-flight-to-nigeria\/","title":{"rendered":"$85m Trapped Revenue: Emirates Slashes Flight To Nigeria\u00a0"},"content":{"rendered":"
\n
Middle East mega carrier, Emirates Airlines has announced that it would reduce its flights to Nigeria from August 15 2022 due to its failure to repatriate its revenue earned from ticket sales in Nigeria.<\/div>\n
\n
\nThe airline said it would be forced to reduce flight from Dubai to Lagos from 11 times per week to seven times per week, saying that it does not have any choice but to take this action, to mitigate the continued losses it is is experiencing as a result of funds being blocked in Nigeria.<\/p>\n

The airline made this known in a letter it wrote to the Nigerian Minister of Aviation, Senator Hadi Sitika, dated July 22 2020 and signed by Sheik Majid Al Mualla, the DSVP International Affairs.<\/p>\n

The letter explained that as of July 2022, Emirates had $85 million of funds awaiting repatriation due to non-availability of dollars in Nigeria and this figure has been rising by more than $10 million every month, as the ongoing operational costs of the airline\u2019s 11 weekly flights to Lagos and five to Abuja continue to accumulate.<\/p>\n

The mega carrier said the funds \u201care urgently needed to meet our operational costs and maintain the commercial viability of our services to Nigeria.\u201d<\/p>\n

It adds: \u201cWe simply cannot continue to operate at the current level in the face of mounting losses, especially in the challenging post COVID-19 climate. Emirates did try to stem the losses by proposing to pay for fuel in Nigeria in naira, which would have at least reduced one element of our on-going costs, however this request was denied by the supplier. This means that not only are Emirates\u2019 revenues accumulating, we also have to send hard currency into Nigeria to sustain our own operations. Meanwhile, our revenues are out of reach and not even earning credit interest.\u201d<\/p>\n

The airline also explained to the Minister that it took its management time before it arrived at the decision to cut down its flights to Nigeria.<\/p>\n

\u201cIndeed, we have made every effort to work with the Central Bank of Nigeria (CBN) to find a solution to this issue. Our Senior Vice-President met with the Deputy Governor of the CBN in May and followed up on the meeting by letter to the Governor himself the following months, however, no positive response was received. Meetings were also held with Emirates\u2019 own bank in Nigeria and in collaboration with IATA (the International Air Transport Association) to discuss improving FX allocation, but with limited success.\u201d<\/p>\n

The letter also said that despite Emirates considerable efforts, the situation continued to deteriorate.<\/p>\n

\u201cWe are now in the unfortunate position of having to cut flights, to mitigate against further losses going forward.<\/p>\n

\u201cWhile we appreciate this issue is primarily a financial one, any support you could kindly provide would be warmly welcomed by Emirates. We are confident that your valuable involvement would make a real difference in improving this very difficult situation,\u201d the airline also said in the letter.<\/p>\n

Emirates, however, emphasised that if the Minister would respond positively to its request of unlocking these funds for repatriation, it would re-evaluate its decision.<\/p>\n

<\/div>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Middle East mega carrier, Emirates Airlines has announced that it would reduce its flights to Nigeria from August 15 2022 due to its failure to repatriate its revenue earned from…<\/p>\n","protected":false},"author":1,"featured_media":76000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-97560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\n$85m Trapped Revenue: Emirates Slashes Flight To Nigeria\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/85m-trapped-revenue-emirates-slashes-flight-to-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$85m Trapped Revenue: Emirates Slashes Flight To Nigeria\u00a0 - 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