The Nigerian Government has reached a settlement with Bi-Courtney Aviation Services Limited over a 20-year legal and financial dispute concerning the operation of Murtala Muhammed Airport Terminal Two (MM2) in Lagos.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the development following the Federal Executive Council’s approval of the agreement.
Under the settlement, Bi-Courtney agreed to write off a N132 billion judgment debt and interest claim against the government.
In return, the government agreed to remove exclusive clauses and restore specific concessions under the arrangement, paving the way for it to generate revenue from MM2 operations.
The settlement is expected to resolve the longstanding dispute between the government and the company over the airport terminal.
Government plans aircraft leasing initiative
Keyamo also highlighted plans to establish an aircraft leasing company backed by international investors to address fleet constraints facing Nigerian airlines.
The proposed initiative is intended to improve local carriers’ access to aircraft amid competition from foreign airlines.
The minister said the collaborative measures were designed to create skilled jobs, modernise airport infrastructure and strengthen the capacity of Nigerian airlines to compete for market share.
Further details of the settlement and the proposed aircraft leasing initiative are expected to emerge as the implementation process progresses.