AIR NIGERIA LOST $372 MILLION IN FIVE YEARS

Air Nigeria lost $372 million dollars in the five years it operated in partnership with Virgin Atlantic under the Virgin Nigeria name. Virgin Nigeria was set up with $50 million in capital following the liquidation of Nigeria Airways in 2005. After incurring a loss of $372 million dollars in five years, Virgin Atlantic has withdrawn from the joint venture. A Nigerian businessman is currently investing on the airline. Based on a technical cooperation agreement signed with Ethiopian Airlines last year, Ethiopian is assisting Air Nigeria in providing technical assistance by assigning Ethiopian executives. According to Kinfe Kssaye, CEO Air Nigeria,