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retsonbiz:
Hadi Sirika, minister of state for aviation, says the federal government is not paying $300 million for a five per cent stake in Nigeria Air.

In responses to questions raised about the national carrier which was launched on Wednesday, July 18, Sirika said the government is providing startup capital for the airline.

“The government is not funding the entire project. It’s just providing startup capital in the form of an upfront grant/viability gap funding. Once the strategic equity investor is in place, they will be expected to build on the initial investment made,” he said in the compilation by Everyday website.

“$8 million represents startup capital for offices etc required for takeoff. But $300 million is the entire airline cash flow funding requirements (aircraft, operations and working capital) for three years (2018, 2019 and 2020).

“This funding can be in the form of equity or debt. The financial model estimates cash flow requirements as follows 2018 ($55 million – $8 million is included here), 2019 ($100 million) and 2020 ($145 million).

“In order to ensure take-off of the airline in 2018, the government will provide $55 million upfront grant/viability gap funding to finance startup capital and pay commitment fees for aircraft to be leased for initial operations and deposit for new aircraft whose delivery will begin in 2021.”

The minister said the strategic investor will only become known after the public-private partnership procurement process is completed....


SHARES TO BE SOLD AFTER ONE YEAR OF OPERATIONS

Sirika said the company’s shares will be sold through an initial public offering after which the government will own five per cent equity.

“Government’s equity share held in trust for Nigerians will be devolved to Nigerians via an IPO.

“The government will retain only 5% equity, the list of shareholders then will be available to SEC and the Nigerian Stock Exchange.

“The rest of the 95% equity of Nigeria Air Limited will then be owned by the strategic equity investor and the general public.

“At that point, Nigeria Air Ltd becomes a public company subject to SEC, NSE and relevant CAMA rules for public companies.”

Speaking further, he said the airline will begin operations with dry leases and the domain, www.flynigeriaair.ng, will become active soon.

Someone has already registered nigeriaair.ng apparently in anticipation of a buy-out by the proposed airline.


https://www.thecable.ng/sirika-not-paying-300m-five-percent-stake-nigeria-air

What is the difference between this statement and that of Chike Obi?

Working govt

Ebimor96:



APC....una father there.

Calculate it in USD. Lets see the corresponding figures then and now.

sheer lies and outright treachery.

TroubleMaker47:
$8million or $55 million?

I thought I was the only one who saw that.

WHY IS THERE MORE OF NIGERIAN STUPIDITY IN THE GOVERNMENT OF TODAY??

/
Why is the minister quoting the expenditure in US dollars to Nigerians? What happened to naira?

/

InvertedHammer:
/
Why is the minister quoting the expenditure in US dollars to Nigerians? What happened to naira?

/

Because even toothpick is not locally sourced.

The guy that bought those domains for Nigeria in anticipation of making profit. How market ?

adeoba2008:
The guy that bought those domains for Nigeria in anticipation of making profit. How market ?

Them knack am apako.

Yada yada yada...wtf is a startup capital?

Imbecilic morons everywhere. Just tell us that this is Amaechi's contribution to the 2019 election bid of the president. Shikenan.

Viking007:
Nigeriaair.ng sounds more better than flynigeriaair.ng.

When olorisupalgirl was ranting that someone bought it and they were not smart, and the person is demanding 24m or so I told myself they don't buy domain names in Nigeria. Instead of buying it, they added fly to it

Themandator:

What is the difference between this statement and that of Chike Obi?

Chike-Obi insinuated that the $300 million represented 5% of Nigeria Air. Now we know that totally isn't the case.

This is exactly what I kept saying on the other thread, too many Nigerians (just like insecure women) are obsessed with the habit of "jumping to premature conclusions" even without bothering to listen first.

When there's only sketchy info on a subject, the reasonable and honourable thing to do would have been to just ask questions first, gather more details before proceeding to any debates. But a lot of people would rather just make 'assumption' to fill the gaps, and then proceed to argue, judge and condemn based on assumed info.

I was severely insulted on the other thread when I suggested to some folks to wait for more info first before proceeding to make financial comparisons and judgements.

cc: Great2017, LaudableXX

Most Nigerian airlines use this format.

Viking007:
Nigeriaair.ng sounds more better than flynigeriaair.ng.

Exactly What a typical wailer would say . . .

Ebimor96:



APC....una father there.

Ebimor96:



APC....una father there.

is the price of dollars in 2011 still same now ,did we use any card reader then?some time people just open their mouth without sense Abi na write rubish to win sentiments .mtshewww

And who are the stupid design agency that can not put up a proper under construction page for a National carrier website. Hey look we can even see the mulled WordPress theme he his about to use smh.

Later they will say the budget for the site is $5million

kitone:
is the price of dollars in 2011 still same now ,did we use any card reader then?some time people just open their mouth without sense Abi na write rubish to win sentiments .mtshewww

You are the biggest fool of the century.

Which government made the dollar what it is today?

A zombie like you.

Thief thief. because people pushed back

inoki247:
dey better buy all doz domain all registered before dey start using it for scam..

.Their stupidity is out of this world.

Instead of them to take over all the spoofed domains now before they begin to rank higher than the official website. The confusion and scams that will come after it will dent their reputation.

Who jokes with everything these days. Nigeria.

haters are now happy akwa ya?. if u were the one who bought the domain u would have being happy to strike a deal with naija govt. But too many bad gees wishing they had bought the domain spoilt biz for the young enterprenuer. live and let live.

Premium Wordpress site = $8.7 that is N300 * 8.7 =N2,160.
Template = at most N1000.
Web ui = At most N10000.
Workmanship for developer = at most N15,000.
But dont be surprised that those dubious idiots will say they spent N5m for the site. N2m for graphic, N20m for database integration blah blah blah. In the end calculate an expenditure of N60m.

sparkle6:
Premium Wordpress site = $8.7 that is N300 * 8.7 =N2,160.
Template = at most N1000.
Web ui = At most N10000.
Workmanship for developer = at most N15,000.
But dont be surprised that those dubious idiots will say they spent N5m for the site. N2m for graphic, N20m for database integration blah blah blah. In the end calculate an expenditure of N60m.

So you want them to use #15k to build a government website?

I guess kenya airways must have used 5,000ks to build theirs too based on your logic.

Even some private companies spent more than #3m to build their own website. I am not expecting the website to cost $5m or even $1m but don't expect anything within 1000% of your quoted budget.

Viking007:
Nigeriaair.ng sounds more better than flynigeriaair.ng.

We know want

sparkle6:
Premium Wordpress site = $8.7 that is N300 * 8.7 =N2,160.
Template = at most N1000.
Web ui = At most N10000.
Workmanship for developer = at most N15,000.
But dont be surprised that those dubious idiots will say they spent N5m for the site. N2m for graphic, N20m for database integration blah blah blah. In the end calculate an expenditure of N60m.

Mr Smart, if you are called for the design of this site now, this is what you will charge them?..

i want to believe it was someone else that bought the domain name flynigeriaair.ng and not government

now take a look at whois for the information and you will see

DOMAIN INFORMATION
Domain:flynigeriaair.ng
Registrar:WhoGoHost
Registration Date:2018-07-19
Expiration Date:2019-07-19
nsb.whogohost.com
REGISTRANT CONTACT
Name:Omo Naija Daada
Organization:Fly Naija
Street:Earth Planet
City:Yaba
State:Lagos


now the other domain name nigeriaair.ng has whois info as

nigeriaair.ng
DOMAIN INFORMATION
Domain:nigeriaair.ng
Registrar:QServers.net
Registration Date:2018-07-18
Expiration Date:2019-07-18
Status:pendingCreate
Name Servers:ns1.qservers.net
ns2.qservers.net
REGISTRANT CONTACT
Name:Olumayowa Elegbede
Street:Abdul Atta Road, UNILAG

meaning that it was someone else that registered the domain AFTER nigeriaair.ng has being registered and NOT BEFORE


CONCLUSION: Government PAID another Nairaland member a lesser figure to buy that domain

obailala:
Chike-Obi insinuated that the $300 million represented 5% of Nigeria Air. Now we know that totally isn't the case.

This is exactly what I kept saying on the other thread, too many Nigerians (just like insecure women) are obsessed with the habit of "jumping to premature conclusions" even without bothering to listen first.

When there's only sketchy info on a subject, the reasonable and honourable thing to do would have been to just ask questions first, gather more details before proceeding to any debates. But a lot of people would rather just make 'assumption' to fill the gaps, and then proceed to argue, judge and condemn based on assumed info.

I was severely insulted on the other thread when I suggested to some folks to wait for more info first before proceeding to make financial comparisons and judgements.

cc: Great2017, LaudableXX

Didn't I warn you last time to get off my mentions? What da heck is wrong with you? Why are you including my username in your vacuous, meaningless write up again? Abi, dem swear for you?

Viking007:
Nigeriaair.ng sounds [b]more better [/b]than flynigeriaair.ng.

Really!!!

LaudableXX:

Didn't I warn you last time to get off my mentions? What da heck is wrong with you? Why are you including my username in your vacuous, meaningless write up again? Abi, dem swear for you?

Oga sharrap and gerrarrahia... Shameless slobs will always resort to diversions, insults or other inanities instead of honourably just acknowledging that they were wrong or better still, just remaining silent.

so much cynicsm smh..it's like Some Nigerian are willing it to fail already..The best we can do is ask for more details, ask for competent managment

Surely there's a reason BA, Lufthansa, Virgin etc have daily flights in and out of Nigeria..the market is there!