The Federal 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 ₦132 billion judgment debt and interest claim against the Federal Government.
In return, the government agreed to remove exclusive clauses and restore specific concessions under the arrangement, paving the way for the company to generate revenue from MM2 operations.
The agreement is expected to bring an end to the longstanding dispute between the government and the company over the airport terminal.
Meanwhile, Keyamo has highlighted plans to establish an aircraft leasing company backed by international investors to address fleet constraints facing Nigerian airlines.
The proposed initiative is aimed at improving local carriers’ access to aircraft and strengthening their ability to compete with foreign airlines.
According to the minister, the collaborative measures are 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 implementation progresses.