The Federal Government and Bi-Courtney Aviation Services Limited have reached a settlement in a long-running aviation dispute spanning two decades, following approval by the Federal Executive Council (FEC).
Minister of Aviation and Aerospace Development, Festus Keyamo, announced the development, describing it as a breakthrough in resolving the legal and financial disagreements between both parties.
Under the agreement, Bi-Courtney has agreed to waive a ₦132 billion judgment debt and interest claim against the Federal Government.
In return, the government has removed certain exclusivity clauses and restored specific concessions under the settlement, paving the way for it to generate revenue from operations at Murtala Muhammed Airport Terminal Two (MM2) in Lagos.
FG, Bi-Courtney Reach Agreement Over MM2
The settlement is expected to resolve a dispute that has lasted about 20 years and affected the relationship between the government and the airport terminal operator.
The agreement changes key terms governing the MM2 concession. According to the announcement, the changes are intended to allow the Federal Government to earn revenue from the terminal’s operations.
The settlement also marks a significant step in efforts to resolve outstanding financial claims linked to the dispute.
FG Plans Aircraft Leasing Company
Keyamo also announced plans to establish an aircraft leasing company backed by international investors.
The proposed initiative is aimed at addressing aircraft availability challenges faced by Nigerian airlines, which often struggle with fleet expansion and competition from foreign carriers.
The minister said the broader aviation initiatives are intended to create skilled jobs, improve airport infrastructure and strengthen the position of domestic airlines.
The proposed leasing company is expected to support efforts to improve access to aircraft for local operators.
The details of the planned company, including its investment structure and implementation timeline, were not provided in the report.