I read with great shock the outright lie tweeted by Mustafa Chike-Obi and posted on the FP of Nairaland (https://www.nairaland.com/4631046/mustafa-chike-obi-former-amcom-boss) about the initial capital for the newly unveiled national carrier - Air Nigeria. The claim by the former AMCON Boss that $300m initial capital for the national carrier represents 5% of the initial capital is not only misleading but mischievous and unpatriotic.

For clarification sake, the $300M is the total initial capital required for the first three years of the airline and it is only 5% (max.) of this amount ($15m) that the FG is obliged to contribute. It's the private investors that will contribute the remaining balance of $285m.

The above position was clearly reported by Reuters here http://www.africanews.com/2018/07/20/nigeria-air-seeks-strategic-partner-to-invest-300// where it clearly stated “The initial capital is likely to be in the range of $US 150 to 300 million, invested in tranches over time from start up through the first years of operation,” a government document stated.

It was also clearly reported by Vanguard here https://www.vanguardngr.com/2018/07/nigeria-air-to-gulp-8-8m-preliminary-cost-300m-as-take-off-cost/ . Punch clarifies the 5% stake of the FG in the Project by stating “The Nigerian Government will not own more than 5% (maximum) of the new National Carrier. Government will not be involved in running it or deciding who runs it,” he said http://punchng.com/breaking-nigeria-unveils-name-of-national-carrier-logo/

Now, if the man who prides himself a mathematician is to be correct with his tweet, is he now saying that the initial capital is $6bn? If $300m is 5%, surely the 100% required initial capital required must be $6bn. Chike-Obi needs to tell us where (if it exists anywhere at all) he got his own figure from.


The tweet by the Mustafa, just as that by Oby Ezekwesili should be of great concern to all patriotic citizens of our country who genuinely seek to see Nigeria develop and succeed. Their tweets are a clear indication that many Nigerians do not mind cutting their nose to spite their face! They hate the president so much and if the total failure of the country is the only thing that must happen to justify their hatred for the president, it's all well and good in their own books.

Thanks for the explanation @ OP.

They Mustafa and Oby both failed with the PDP voodoo administration, now the want everyone else to fail.

Still ambiguous. No where in your link did they specify amount of Government investment so we can't imply it's just 5 percent of the $300m..

One of your link even stated the $300m as the Start up cost....not the total equity required for the airline investment.

l

sholatech:
Still ambiguous. No where in your link did they specify amount of Government investment so we can't imply it's just 5 percent of the $300m..

One of your link even stated the $300m as the Start up cost....not the total equity required for the airline investment.

The $300m is the required start-up - that is surely 100% of money required at start-up.

The 2nd fact is that government is investing maximum of 5% in the project. Does it make sense that the govt will pay 100% initial capital and pay 5% of subsequent running capital?

From all you have read, does $300m (which was clearly stated is the initial required capital) represent 5% of initial capital? If it does, then the initial capital will be $6bn.

This is what patriots do.
Most of the people faulting the unveiled carrier now didn't even make an attempt at it when they were in government.

All of a sudden all Nigerians have turned aviation experts putting up wrong information in the media. The media on its part does more harm than good in this part of the world.

It's a good thing Baba doesn't have time for people like this.

PassingShot:

The $300m is the required start-up - that is surely 100% of money required at start-up.

The 2nd fact is that government is investing maximum of 5% in the project. Does it make sense that the govt will pay 100% initial capital and pay 5% of subsequent running capital?

From all you have read, does $300m (which was clearly stated is the initial required capital) represent 5% of initial capital? If it does, then the initial capital will be $6bn.

U dey mind am? Just wait a little n u will see pple of his ilk, coming to turn everything u've written, on it's head! Awon werey!

U wonder what kind of event, twisted their thought processes


If govt owns 5% of d airline n it's dropping $300m, simple logic states, total capital is $6b! How much is Qatar n Ethiopia air combined sef!

should a country in which almost 80% of it population can't afford air transportation be investing in an airline?

What will eventually ruin this beautiful idea is too much interference from politicians and corrupt regulators.
Because our government only exists to satisfy themselves ALONE. Once they're done milking it, they'll abandon it.
It happens everytime and this might not be different.

Meanwhile check my signature...

sholatech:
Still ambiguous. No where in your link did they specify amount of Government investment so we can't imply it's just 5 percent of the $300m..

One of your link even stated the $300m as the Start up cost....not the total equity required for the airline investment.

Your problem is gross inability to read and comprehend simple English words.

hungryboy:
should a country in which almost 80% of it population can't afford air transportation be investing in an airline?

This one don come with k-reasoning

Some Nigerians sef!!

hungryboy:
funny that its people like you that made this forum what it is now. Nairaland was once a place for ordinary citizens to discuss politics absent bias for any political party. Now is a battleground for APC and PDP paid agents.

Are you suggesting I'm a paid agent or that I am biased in my argument?

hungryboy:
should a country in which almost 80% of it population can't afford air transportation be investing in an airline?

Na wa o. See reasoning? You go fear fear naa.



Anyway, the airline will boost our economy and provide jobs for thousands of unemployed persons.

That's the minimum it will do for us.

deomelo:



Your problem is gross inability to read and comprehend simple English words.

And your overtly over Sabi mind I'm sure knows differences between 'cost' and 'capital' in the finance lexicon

PassingShot:

Na wa o. See reasoning? You go fear fear naa.



Anyway, the airline will boost our economy and provide jobs for thousands of unemployed persons.

That's the minimum it will do for us.

we have got a few local airlines who went under due to debt and lack of profitability, and the few still operating aren't profitable enough to withstand competition from a National backed carrier. I bet for every job it creates, in a few years time, the will be as much jobs lost in our aviation sector

Nigerians and fake post

sholatech:

And your overtly over Sabi mind I'm sure knows differences between 'cost' and 'capital' in the finance lexicon

What's that meaningless and irrelevant nonsense got to do with you still unable to read and comprehend?

We have documented facts and news articles stating precisely the FG's obligation so stick to facts and dispense off the puerile rumors, gossips, innuendoes, and rubbish that you cannot support with any credible facts.

deomelo:




What's that meaningless and irrelevant nonsense got to do with you still unable to read and comprehend?

We have documented facts and news articles statin precisely the FG's obligation so stick to facts and dispense off the puerile rumors, gossips, innuendoes, and rubbish that you cannot support with any credible facts.

No comment. Your responses already shows who you are & what you are paid to do.

Why not allowed the government of lies and deceit who have detailed information of the project to respond to the tweet?

Why base your response on newspaper publications which could be HALF-TRUTH?


FYI, this government is too fraudulent to be defended without empirical facts and figures l.

Good luck on your enterprise of defense.


“*Air Nigeria/Nigeria Air*

Ordinarily, it should gladdens the heart when plans were set to revive Nigeria air fleet for commercial purpose.

But critical comparison to other countries with national fleets has propounded these questions begging for answers.

One might ask why the rush to unveil a logo when there are no aircraft's, personnel's, websites and other functional apparatus on ground? Is this another gimmicks to score points.

*Time shall tell*


- Who are the owners of the *95%* equity?

- Why is the ownership shrouded in secrecy?

- Why is *5%* equity holder funding the business?

- Where are these fundings *$8m, $300m coming from? Budget? Borrowing*?

- Are the aircrafts under lease agreement? *If yes, for how many years*?

- If it's private investment, why would a *5%* equity holder determine the *name, logo and other trademarks* of the airline?

- Since it's private sector driven, why not adopt any of the existing airlines in Nigeria as the National carrier?

- Are there sinister motives? Sure! Time shall tell.

Facts that you may need to compare notes:

Other National carriers in Africa.

*Kenya*
Fleet size: *40*
Kenya Airways is *48.9%* owned by the Government of Kenya

*Ethiopia*
Fleet size: *100*
Ethiopian Airways is *100%* owned by government.

*Morocco*
Fleet size: *56*
Royal Air Maroc is *100%* owned by government of Morocco

*South Africa*
Fleet size: *47*
South African Airways is *100%* owned by Government of South Africa.

*Rwanda*
Fleet size: *12*
Rwandair is *99%* owned by the Government of Rwanda

*Tunisia*
Fleet size: *29*
Tunisair The company is *74%* owned by the Tunisian government

*Egypt*
Fleet size: *54*
Egypt Air is *100%* owned by the Government of Egypt

*Nigeria Air*
Fleet size: *Unknown*
Nigeria Air is *5%* owned by the government .

Even the British Airways was *solely owned* by the British Government until it was privatised in *1987*.

So, where are we?” - copied

Nice one.

Firefire:


The forum has been turned to battle field between APC vs PDP touts in such a disgusting manner by the religious extremists in the former.

See who is talking? Someone who can't even put together any coherent argument.

sholatech:


No comment. Your responses already shows who you are & what you are paid to do.

Anyone and everyone who doesn't agree with your hate-induced position is paid.

See blackmailing!

PassingShot:
I read with great shock the outright lie tweeted by Mustafa Chike-Obi and posted on the FP of Nairaland (https://www.nairaland.com/4631046/mustafa-chike-obi-former-amcom-boss) about the initial capital for the newly unveiled national carrier - Air Nigeria. The claim by the former AMCON Boss that $300m initial capital for the national carrier represents 5% of the initial capital is not only misleading but mischievous and unpatriotic.

For clarification sake, the $300M is the total initial capital required for the first three years of the airline and it is only 5% (max.) of this amount ($15m) that the FG is obliged to contribute. It's the private investors that will contribute the remaining balance of $285m.

The above position was clearly reported by Reuters here http://www.africanews.com/2018/07/20/nigeria-air-seeks-strategic-partner-to-invest-300// where it clearly stated “The initial capital is likely to be in the range of $US 150 to 300 million, invested in tranches over time from start up through the first years of operation,” a government document stated.

It was also clearly reported by Vanguard here https://www.vanguardngr.com/2018/07/nigeria-air-to-gulp-8-8m-preliminary-cost-300m-as-take-off-cost/ . Punch clarifies the 5% stake of the FG in the Project by stating “The Nigerian Government will not own more than 5% (maximum) of the new National Carrier. Government will not be involved in running it or deciding who runs it,” he said http://punchng.com/breaking-nigeria-unveils-name-of-national-carrier-logo/

Now, if the man who prides himself a mathematician is to be correct with his tweet, is he now saying that the initial capital is $6bn? If $300m is 5%, surely the 100% required initial capital required must be $6bn. Chike-Obi needs to tell us where (if it exists anywhere at all) he got his own figure from.


The tweet by the Mustafa, just as that by Oby Ezekwesili should be of great concern to all patriotic citizens of our country who genuinely seek to see Nigeria develop and succeed. Their tweets are a clear indication that many Nigerians do not mind cutting their nose to spite their face! They hate the president so much and if the total failure of the country is the only thing that must happen to justify their hatred for the president, it's all well and good in their own books.

Why do people always attack anyone with contrary opinion to yours even the n issues you know nothing about?
If $300m is the total project value what is the cost of a Boeing 777 jet?
Arm chair politicians and economics gurus Kontinu sai baba until we are all buried the shithole we are being led into.

[s]

greenmonk:


Why do people always attack anyone with contrary opinion to yours even the n issues you know nothing about?
If $300m is the total project value what is the cost of a Boeing 777 jet?
Arm chair politicians and economics gurus Kontinu sai baba until we are all buried the shithole we are being led into.

[/s]
The plane being planned is 737 and not 777. It costs between $55m and $80m depending on the grade. At launch, just five units will be bought.

Now, swerve since it's obvious you belly-ache about the news.