Fastjet has signed a Memorandum of Understanding (MoU) with Nigeria’s Red 1 Airways, to create a low-cost airline operating within Nigeria and to destinations across Africa. The MoU brings together fastjet’s strong brand, reputation, management experience and economies of scale, and RED 1’s extensive local market knowledge within Nigeria. The airline will be branded fastjet Nigeria. The capital required for this venture will be the responsibility of Red 1. fastjet plc will have a minority shareholding in fastjet Nigeria. A commercial arrangement will exist between Red 1 and fastjet for the provision of the fastjet Brand, Operational Framework and
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