Emirates airline says ‘substantial’ ticket revenue trapped in Nigeria – Reuters
- Date: 24-Mar-2023
- Source: Reuters
- Sector:Financial Markets
- Country:UAE
Emirates airline says ‘substantial’ ticket revenue trapped in Nigeria – Reuters
DUBAI, March 24 (Reuters) - Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday.
A day earlier Nigeria's aviation minister Hadi Sirika told reporters that the Dubai-based carrier had received most of its funds out of Nigeria and had about $35 million that still needed to be released.
Emirates declined to say how much was trapped in Nigeria, but a spokesperson said about half of the amount in its backlog was overdue for repatriation and that the process "remains beset with constant delays".