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Nigeria to Repatriate Funds to Kenya Airways


Kenya Airways expects to start receiving payments of outstanding fares from the Nigerian government within a month, Chief Executive Officer Mbuvi Ngunze said.


The company is one of several international airlines owed $600 million in foreign-denominated revenue held by the Nigerian government, Ngunze said.


The Airline has been unable to collect $25 million from its sales agents in Nigeria, Angola and Sudan because of dollar shortages in the oil-producing countries.


“We should be able to start seeing a flow of cash” in July, Ngunze said in an interview Wednesday in Nairobi, the Kenyan capital. “Some of the airlines are beginning to get some money.”


Nigeria, which is grappling with the threat of recession, abandoned a 16-month currency peg on June 20 and sold $4 billion in the spot and forwards markets that day to clear a backlog of demand for hard currency.


The Nigerian government is considering proposals by the International Air Transport Association on how to reduce the balance of the money to be repatriated. Suggestions include payments in naira, Ngunze said. Kenya Airways will accept local currency settlement in the three countries.


BusinessDay

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