Hands Nigeria Airways Headquaters to buyers

[Richard Akindele]

The Bureau of Public Enterprises (BPE) yesterday formally handed over the corporate headquarters of liquidated airline, Nigeria Airways Limited (NAL) to the buyers, Ojemai Investments Limited, owners of Arik Air.

The ceremony which was held at the domestic wing of the Murtala Muhammed Airport, Lagos corporate headquarters of the defunct carrier, was performed by the BPE Director General,Mrs Irene Chigbue.
Chigbue in her address said NAL head office complex and hangar were some of the prime assets of the liquidated airline, listing the facilities found there as the Main Hangar, Workshop Complex, the Hangar Shed, Administrative building (Airways House), Medical centre, training Centre central Stores and Vehicle Maintenance Building.
The BPE boss who went through memory lane to recall the processes that led to the liquidation of the airline, noted that given its huge debt profile which stood at UAD 405,774,501 billion as at December 2002, it was obvious that the airline had become insolvent and thertefore could not carry on business as usual.
According to her the only option left was that of liquidation, adding that coinsequently, the Federal Executive Council (FEC) had in April 2003 directed the National Council on Privatisation (NCP) to liquidate it.
She added that having weighed all the three different methods of winding up companies as provided by under the Companies and Allied matters Act (CAMA) 1990, the best option was Winding up by the Court, adding that the option was informed by the realisation that given the huge debt profile of NAL, it would open a floodgate of litigations.
According to her, apart from the court appointing the firm of Messrs Babington Ashaye as liquidators, the BPE also went into open bidding of the assets of the airline, which resulted in Ojemai Investments emrging the winners.

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