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In business, you will always have an exposure and the exposure is the fact that your money is tied down, but you know you are always going to get it because it’s a credible country, but when your money is tied down and it will eventually lose value, then, the agitation will be more”. “It is very important that when things like this happen, there is room for communication especially from the government. Bankole Bernard, the Group Managing Director, Finchglow Holdings, said there should be a communiqué from the government, which will give them some assurances that the country is not planning to devalue and this won’t affect them and that they will repatriate their money as it were. “The damage that our action has done to the Nigerian image as an investment friendly nation is far reaching, while the citizenry is faced with high fares, reduced capacity and limited travelling options, which will worsen if we continue on this trajectory”, they added. They suggested that the funds should have been remitted at the official rate on date of Sale immediately the Airlines get clearance after paying all the local obligations including taxes. “It Is important to state that foreign airlines sold these tickets at the official IATA rate and cannot be expected to go the parallel market to source, convert and remit as opined in some quarters, the central bank should do the needful as enshrined in the BASA agreements”.
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Part of what triggered the blocked funds, according to them, is caused by lack capacity to compete, which would have reduced the remittance volume. These experts, acting under the aegis of Aviation Round Table therefore, opined that international trade is bound by agreements, which are sacrosanct and respected, insisting that Nigeria cannot do otherwise if they crave the attention of investors in our industry. Conversion and remittance shall be permitted without delay in accordance with the prevailing foreign exchange regulations”. In all Bilateral Air Services Agreement an Article in the agreement - transfer of earnings, clearly states that “each designated airline shall have the right to convert and remit to its country on demand, local revenues in excess of sums locally disbursed. Industry experts are, however, not pleased with the appalling handling of the accumulated foreign airline funds trapped in Nigeria banks, due to the non-allocation of forex to these airlines. It is time for the Government of Nigeria to prioritise the release of airline funds before more damage is done,” he said. Loss of air connectivity harms the local economy, hurts investor confidence, impacts jobs and peoples livelihoods. Airlines cannot be expected to fly if they cannot realise the revenue from the sale of tickets. IATA’s warning that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity is proving true with the withdrawal of Emirates from the market. “This is airline money and its repatriation is protected by international agreements in which Nigeria participates. Reacting to the situation, Kamil Alawadhi, IATA’s Regional Vice President for Africa and the Middle East said “IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July. IATA, on its own, has already expressed its disappointment on Nigeria’s continuing withholding of foreign airlines’ revenues. Anxiety As FG Takes Terrorism Financiers to Court
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