Controversy trailing the poorly packaged national carrier project, Nigeria Air, may be far from being over as the latest information making the rounds has shown how a United States company, Fairfax Africa Fund, had requested for 1.45 percent of total initial capital from Nigeria Air. The American company also requested that it should be responsible for nominating qualified Nigerian companies for catering and onboard duty-free, among others. According to the firm as at May 2022, it had already invested almost three years conducting very detailed evaluations of the aviation sector in Nigeria and in particular the options for investing in Nigeria Air. The Fairfax Chairman declared in the document:: “The second and third annual payments will be made within 30 days after the end of Nigeria Air’s financial aid. IPO and/or additional round of private capital raising of Nigeria Air: Fairfax will have a lead role in these future tasks.

Source: Nigerian Tribune June 29, 2023 18:01 UTC