• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Aviation

Airports concession: FAAN may be forced to pay $1 billion loan – Groups

4 years ago
in Aviation, highlights, Home, home-news, latest News
2 min read
0 0
0
161
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Airports concession: FAAN may be forced to pay $1 billion loan – Groups

The Federal Airport Authority of Nigeria may be forced to bear the repayment of a $1billion loan if the Federal Government insists on its concession policy.

This was disclosed by different groups of workers in the aviation sector including the National Union of Air Transport Employees, Air Transport Services Senior Staff Association of Nigeria, Association of Nigeria Aviation Professionals, FAAN and the Nigerian Union of Pensioners.

The representatives of the groups, who met on Tuesday, explained that the policy to be adopted by the Federal Government would be unfavourable to them.

What the groups are saying

The General-Secretary for NUATE, Ocheme Aba, who spoke on behalf of the union said, “While the sharing ratio is proposed to be 60:40 in favour of the concessionaire, the disadvantaged FAAN is made to bear the repayment of the $1bn loan utilised to build some terminals, continue to pay emoluments of its staff pensioners, return 25 per cent of its Internally Generated Revenue to the government under the Fiscal Responsibility Act, and maintain the remaining 18 airports in Nigeria.

“There is no possibility of FAAN meeting even a quarter of the obligations. The basis of granting the concessionaire the lion share of 60 per cent of the profit remained dense.

According to him, the model of concession by the government could be summarised as Take, Operate and Transfer, and translated to reaping without sowing.

RelatedPosts

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

“FAAN’s unresolved litigation on the concession was within the public domain. No case whatsoever has been established for the concession of any airport terminal in Nigeria in the first place.

Read This: Royalty bill will put Chile’s private miners out of business, trade group says

“The terminals earmarked for concession are brand new 21st century terminals which have absolutely no need for any significant investment other than maintenance in the next 25 years,” he added.

He said the fact was confirmed by the Outline Business Case itself.

“A cursory look through the OBC shows that the promoters are unsure of the concept to adopt between BOT and Rehabilitate, Operate and Transfer. This apparent confusion to us stems from an established fact in these particular terminals that there is neither a thing to build or rehabilitate,” he added.

The workers’ spokesman said if there should arise a need for expansion in the terminals, which according to the unions was not envisaged in another 25 years, then the Green Fields concession option would be applicable.

He added that all airport workers, aviation workers should stand for their rights in lending their voice to say no to the concession model proposed by the Federal Government.

Source: nairametrics
Via: norvanreports
Tags: Airports concession: FAAN may be forced to pay $1 billion loan – GroupsFederal Airport Authority of Nigeriarepayment of a $1billion loan
No Result
View All Result

Highlights

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Trending

Features

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool's Thrilling Win Over Newcastle Liverpool triumphed 3-2 over Newcastle United...

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

August 26, 2025

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.