Due to its inability to acquire foreign exchange to maintain the fleet of aircraft it owned, Azman Air, the second operator to cease operations in the previous four years, ended operations after nine years.
Sun Online reports that four of the airline’s planes were reportedly in need of maintenance, but they were unable to get them back because of a lack of foreign currency, according to sources in the industry.
Nurudden Aliyu, a representative for the airline, asserted that flights will soon resume, as management had merely halted operations because it was unable to bring back its flown-out-for-repair aircraft.
However, industry insiders claim that the airline’s closure was brought on by the owner’s inability to obtain foreign currency and that Abdulmunaf Yunusa, the airline’s chairman, notified the Nigerian Civil Aviation Authority (NCAA) of the decision to halt operations.
The airline is still in possession of a current Air Operator’s Certificate (AOC) with the NCAA, which expires at the end of August. Per Nigerian Civil Aviation Regulations (Nig.CARs), any operator who does not renew their certificate will lose it after 90 days.
The management of the NCAA has reportedly been holding a series of strategy meetings with the management of Azman Air since Tuesday on its decision to quit operations.
Azman has been in turbulence for a while since it was established nine years ago. It has suspended operations more than three times in the last one year.
More Stories
Tinubu announces N2trn economic package to support health, energy, other sectors
Nigerians, their economy dying from electricity tariff hike, says NLC
Dangote warns of more poverty, unemployment if govt refuses to defend local manufacturers