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Nigerian recapitalisation: licenses of seven airlines revoked
30 April 2007

The Nigerian Federal Government announced the withdrawal of operating licences (AOC`s) of seven airlines that failed to meet the requirements and re-certified 13 others. The banned airlines were Aviation Development Company (ADC), Sosoliso Airlines, Fresh Airlines, Albarka Airlines, Chrome Airlines, Dasab Airlines and Space World Airlines.
The recapitalised airlines include Aero Contractors Airlines, Afrijet Airlines, Allied Airlines, Associated Airlines, Bellview Airlines, Chanchangi Airlines, Dornier Aviation Nigeria Limited, NICON Airways, IRS Airlines, Overland Airways, Air Midwest, Arik Airlines and Virgin Nigeria. The threshold of the capitalisation which was set at N500 million for flight operations within Nigeria; N1 billion for flight operations within the African continent as well as Mecca and Jerusalem and; N2 billion for airlines with international operations. (This Day)