Virgin Nigeria quickly became one of Nigeria’s largest airlines, carrying its 1,000,000th passenger and 4,000th ton of freight within two years of operation. Virgin Nigeria satisfied the Nigerian Civil Aviation Authority (NCAA)’s criteria in terms of re-capitalization and was re-registered for operation. On 19 August 2008, Virgin Atlantic announced that it was “in talks to sell its 49 percent stake in Virgin Nigeria” and reviewing “whether it was appropriate that the Virgin brand should remain linked to Virgin Nigeria”. By the year 2010 Ethiopian had exceeded all goals set in “Vision 2010”, and the company’s net profit for the fiscal year 2010 was US$121.4 million. It is therefore, not surprising that Ethiopian Airline turned down the offer to manage Arik Air out of its protracted predicaments.

Source: Ethiopian News January 06, 2018 03:33 UTC