| United Bank for Africa Discharges Air Nigeria of Indebtedness as Nicon Group Pays in Full its Debts |
| Tuesday, 13 July 2010 21:18 | |||
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Following the full payment and liquidation of $237,000,000.00 credit facility by Nicon Group to United Bank for Africa (UBA), the bank has fully discharged Air Nigeria of its indebtedness to it.  UBA in a letter signed by the GMD/CEO, Mr. Phillips Oduoza and addressed to the Chairman of the Airline, Barrister Jimoh Ibrahim, stated that the airline is now fully discharged and no longer indebted to it. The letter further states: “We hereby confirm that Virgin Nigeria Airways is no longer indebted to United Bank for Africa. The all asset debenture of the airline registered in the past has been discharged”.Barrister Jimoh Ibrahim while acknowledging the letter said: “Being debt free makes the airline attractive to aircraft manufacturers, lessors, financers etc. He further noted that the debt repayment of Air Nigeria has changed the risk status of the airline and has strongly positioned it to be profitable in the very near future. The development will also enable the airline to buy and finance new aircraft for its rapid growth in the domestic, regional and international markets.” It will be recalled that following the acquisition of the airline by the new strategic investor the airline was able to stabilize and grow its operation within a very short time. It is also to be remembered that Air Nigeria was recently discharged by GTBank of its indebtedness. This new lease of life that the airline enjoys today is as a result of the commitment and patriotism of the new investor & Chairman of the Airline – Barrister Jimoh Ibrahim. (Photo courtesy of Embraer)
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