As of August 18, Emirates has announced that it would shut down its flight operations within and out of Nigeria from September 1 citing the inability to repatriate funds from Nigeria.
Why is Emirates suspending flights?
The news came on Thursday after various unsuccessful efforts by the foreign airline to recuperate $85 million of its over $600 million stuck in Nigeria. In a statement, Emirates revealed that it had to curb additional losses generated by its inability to repatriate its frozen funds from Nigeria.
The statement read, “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.”
“Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.” The statement added.
The airline expressed regret for the troubles it probably caused customers and promised to help provide other possible travel alternatives.
“We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage. We will be working to help impacted customers make alternative travel arrangements wherever possible” the airline stated.
In July, Emirates disclosed a decline in flight operations to Nigeria from August 15, alluding to Central Bank of Nigeria’s (CBN) prolonged seizing of $85 million from its ticket sales.
While revealing the decline in July, the airline’s DSVP International Affairs, Majid Al Mualla said that Emirates had attempted to collaborate with the CBN to reach a resolution. He said that meetings were organized with the airline’s bank in Nigeria and the International Air Transport Association (IATA) to deliberate about enhancing forex distribution however, the attempts was not successful
What’s next?
Emirates promised to reconsider its decision as soon as there are positive developments concerning the airlines’ blocked funds in Nigeria.