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$464m Trapped Funds: British Airways Closes Nigerian Inventory - Travel - Nairaland

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Niger Air Space Closure Fall Out: British Airways Forced On 10-Hour ‘Flight / How Foreign Airlines Partly Repatriated $802m ‘trapped Funds’ From Nigeria / Man Wears All His Clothes At The Airport To Avoid British Airways Luggage Fees (2) (3) (4)

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$464m Trapped Funds: British Airways Closes Nigerian Inventory by etokhana: 10:28am On Aug 26, 2022
$464m Trapped Funds: British Airways Closes Nigerian Inventory, May Stop Operations In December

The inability of British Airways, the United Kingdom carrier to repatriate its trapped funds out of Nigeria has led to the suspension of ticket sales in the country.

This is as the airline threatened that it may be compelled to stop flight services into Nigeria if the ongoing crisis of over $464 million trapped funds from ticket sales of combined foreign airlines operating into Nigeria is not resolved by the Federal Government.

The airline in a business meeting with the leadership of National Association of Nigerian Travel Agencies (NANTA), the umbrella body of travelling agencies in the country on Thursday, said that the closure of inventory was a necessary measure to mitigate increase of its trapped funds in Nigeria.

The airline, however, assured that it would continue to fly into the country.

But, NANTA has advised its members not to sell the airline’s tickets beyond December 2022.

If the airline carries out its threat, Nigerians travelling home in December may face a herculean task of doing so.
https://independent.ng/breaking-464m-trapped-funds-british-airways-closes-nigerian-inventory-may-stop-operations-in-december/?utm_source=&utm_medium=twitter
Lalasticlala
Mynd44
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by NwaNimo1(m): 10:29am On Aug 26, 2022
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Racoon(m): 10:31am On Aug 26, 2022
How will these foreign bodies access their trapped funds? These kinds of constricting government policies is what cause investors to loss confidence. Hence DFI suffer loss while the economic woes of the nation continues.
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by FreeStuffsNG: 10:35am On Aug 26, 2022
It is a big fat lie from the pit of hell that their money is trapped! Don't mind the unpatriotic spin writer who obviously is more interested in lying to embarass Nigeria.
No money is trapped! All their money is available , safe in our banks and ready today if they want it in naira their customers paid. Nigeria is not witholding their money.

I will not support them against my own country. They are not doing Nigeria any favour so the terms must favour my fatherland too.

If you are a foreign investor and have been meeting dumb and low self esteem unpatriotic Nigerians , read this: Not all Nigerians are dumb, unpatriotic and suffer from inferiority complex.

If you love your money and yourself , don't bring hot money into Nigeria , if you do we will do you shege and you will regret it.

Bring patient capital investment into Nigeria so we all grow together like the Bulgarians who own Okomu oil plc etc.

BA and others should invest their forex in Nigeria first before thinking of repatriating their funds earned in naira as forex since they don't want to accept Naira.

This is why Russia is pushing its Roubles too. If Naira is not good enough for you at all why do business in Nigeria and earn profit in Naira.

They earned the money here in Nigeria in naira, our legal tender is naira. They don't want naira and now want to force Nigeria to convert the naira to scarce usd to fund their business. kolewek. They should hold the naira for now or invest it in our treasury bills or bonds or kuku wait until we have enough usd.

If they want such huge amount of USD out flow, they should bring it into our economy first.
check my signature for freebies!

5 Likes

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Munamoqel: 1:07pm On Aug 26, 2022
FreeStuffsNG:
It is a big fat lie from the pit of hell that their money is trapped! Don't mind the unpatriotic spin writer who obviously is more interested in lying to embarass Nigeria.
No money is trapped! All their money is available , safe in our banks and ready today if they want it in naira their customers paid. Nigeria is not witholding their money.

I will not support them against my own country. They are not doing Nigeria any favour so the terms must favour my fatherland too.

If you are a foreign investor and have been meeting dumb and low self esteem unpatriotic Nigerians , read this: Not all Nigerians are dumb, unpatriotic and suffer from inferiority complex.

If you love your money and yourself , don't bring hot money into Nigeria , if you do we will do you shege and you will regret it.

Bring patient capital investment into Nigeria so we all grow together like the Bulgarians who own Okomu oil plc etc.

BA and others should invest their forex in Nigeria first before thinking of repatriating their funds earned in naira as forex since they don't want to accept Naira.

This is why Russia is pushing its Roubles too. If Naira is not good enough for you at all why do business in Nigeria and earn profit in Naira.

They earned the money here in Nigeria in naira, our legal tender is naira. They don't want naira and now want to force Nigeria to convert the naira to scarce usd to fund their business. kolewek. They should hold the naira for now or invest it in our treasury bills or bonds or kuku wait until we have enough usd.

If they want such huge amount of USD out flow, they should bring it into our economy first.
check my signature for freebies!
or they should use it to buy cocoa and export and earn dollars!

1 Like

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by ednut1(m): 2:37pm On Aug 26, 2022
FreeStuffsNG:
It is a big fat lie from the pit of hell that their money is trapped! Don't mind the unpatriotic spin writer who obviously is more interested in lying to embarass Nigeria.
No money is trapped! All their money is available , safe in our banks and ready today if they want it in naira their customers paid. Nigeria is not witholding their money.

I will not support them against my own country. They are not doing Nigeria any favour so the terms must favour my fatherland too.

If you are a foreign investor and have been meeting dumb and low self esteem unpatriotic Nigerians , read this: Not all Nigerians are dumb, unpatriotic and suffer from inferiority complex.

If you love your money and yourself , don't bring hot money into Nigeria , if you do we will do you shege and you will regret it.

Bring patient capital investment into Nigeria so we all grow together like the Bulgarians who own Okomu oil plc etc.

BA and others should invest their forex in Nigeria first before thinking of repatriating their funds earned in naira as forex since they don't want to accept Naira.

This is why Russia is pushing its Roubles too. If Naira is not good enough for you at all why do business in Nigeria and earn profit in Naira.

They earned the money here in Nigeria in naira, our legal tender is naira. They don't want naira and now want to force Nigeria to convert the naira to scarce usd to fund their business. kolewek. They should hold the naira for now or invest it in our treasury bills or bonds or kuku wait until we have enough usd.

If they want such huge amount of USD out flow, they should bring it into our economy first.
check my signature for freebies!
you chatting bullocks. The salary , fuel and maintenance they do is mostly in dollars. Cbn is obliged to give them dollars at official rate on application as its done everywhere in the world. This is only showing us that Nigeria is almost crashing and cbn is being disingenuous. The airlines will start accepting only dollars now and customers will have to fund at black market rate. So who is losing

3 Likes

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by FreeStuffsNG: 2:42pm On Aug 26, 2022
ednut1:
you chatting bullocks. The salary , fuel and maintenance they do is mostly in dollars. Cbn is obliged to give them dollars at official rate on application as its done everywhere in the world. This is only showing us that Nigeria is almost crashing and cbn is being disingenuous. The airlines will start accepting only dollars now and customers will have to fund at black market rate. So who is losing
Yawns..... You are one of them they think is dumb because you placed a foreign interest over your national interest. You should kuku go to CBN vault and pack the usd for them nau.shiorr.

Btw, NBS data just confirmed that Nigeria’s real GDP grew by 3.54% in Q2 2022.

Those with hot money and their unpatriotic spinners can swerve if they want Nigeria to lose so that foreigners can gain and Nigeria lose and they can turn around and call Nigerians dumb. They should take Naira and use it to invest here. We aint giving them usd they never brought in.

Tell them to come and take their naira o no shishi dollars they did not bring in will be paid to them.
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by ednut1(m): 2:46pm On Aug 26, 2022
FreeStuffsNG:

Yawns..... You are one of them. You should go to CBN and take it now.
Btw, Nigeria’s real GDP grows by 3.54% in Q2 2022. Those with hot money and their unpatriotic spinners can swerve if they want Nigeria to lose so that foreigners can lose and they can turn around and call Nigerians dumb.

Tell them to come and take their naira o no shishi dollars they did not bring in will be paid to them.
they should take naira ticket sales they benchmarked using the official rate of less than 500 to go buy from black market at over 700 How does this even make sense to you. You cleary know nothing about global finance and economy. Keep quoting bogus stats you dont even understand. Very soon you will say refineries in europe and india selling us fuel must accept naira lmao

2 Likes

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by FreeStuffsNG: 2:56pm On Aug 26, 2022
ednut1:
they should take naira they benchmarked using the official rate of less than 500 to go buy from black market at over 700 How does this even make sense to you. You cleary know nothing about global finance and economy. Keep quoting bogus stats you dont even understand.
Go and teach Russia, China, India and Mexico global finance first before teaching me and Nigeria.
You must think we are still in 1900. They write their textbooks we write ours. It is art in diplomacy and social science not maths of 1+1=2.
They should come and carry their naira jejely. If they don't want naira then they should bring in forex into Nigeria and invest patient capital.

In their country, they will quietly do quantitative easing to raise their cash in circulation and cash in reserve yet the little of their forex we have they want to perpetually use it to keep our currency low at a time we are trying to ramp up exports to take advantage of the already devalued naira.
Trap kor Pakute ni. Nonsense and ingredient!
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by etokhana: 2:59pm On Aug 26, 2022
Mynd44
Lalasticlala
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by JohnBullMySon: 3:02pm On Aug 26, 2022
FreeStuffsNG:

Yawns..... You are one of them they think is dumb because you placed a foreign interest over your national interest. You should kuku go to CBN vault and pack the usd for them nau.shiorr.

Btw, NBS data just confirmed that Nigeria’s real GDP grew by 3.54% in Q2 2022.

Those with hot money and their unpatriotic spinners can swerve if they want Nigeria to lose so that foreigners can gain and Nigeria lose and they can turn around and call Nigerians dumb. They should take Naira and use it to invest here. We aint giving them usd they never brought in.

Tell them to come and take their naira o no shishi dollars they did not bring in will be paid to them.
This is the response I gave earlier to someone like you on this issue. If this is a dishonest move by Nigeria, it can have consequences.

They are withdrawing because they cannot retrieve their money. I hope you are not possibly thinking that Nigeria can do business abroad while restricting foreign businesses in Nigeria. There is something called reciprocity in diplomatic relations. If you prevent foreign businesses from earning their profits, their governments reserve the right to do the same to your exports. Read about the US China trade war.

If Nigeria goes on with aggressive hoarding of dollars, will they survive a trade war with bigger nations?

Also we export oil to India. If India starts to pay you in their local currency, how will you feel about it?

1 Like

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by FreeStuffsNG: 3:09pm On Aug 26, 2022
JohnBullMySon:
This is the response I gave earlier to someone like you on this issue. If this is a dishonest move by Nigeria, it can have consequences.

They are withdrawing because they cannot retrieve their money. I hope you are not possibly thinking that Nigeria can do business abroad while restricting foreign businesses in Nigeria. There is something called reciprocity in diplomatic relations. If you prevent foreign businesses from earning their profits, their governments reserve the right to do the same to your exports. Read about the US China trade war.

If Nigeria goes on with aggressive hoarding of dollars, will they survive a trade war with bigger nations?
If only you know how the foreigners look at you as dumb when you make excuses for them especially against your own country. smh. They don't do that with their own country and they see you as dumb when you act against your own national interest.

You guys don't know jack! A young local company called Caverton Plc invested a lot of patient capital to build hardware infrastructures for servicing aircrafts and training pilots etc yet a British Airways that has been in Nigeria for almost 100 years wants to keep coming to Nigeria to pack forex with no patient capital invested in Nigeria. shiorr.

Julius Berger just planted a cashew farm and built up a Cashew nut production industrial farm in Epe yet it is a German Engineering company. That is patient capital but BA , Emirates etc won't do that because they think those doing it are fools and some Nigerians these foreigners see as dumb are giving them excuses.

They should bring in forex into Nigeria as patient capital so that when they need forex CBN will give them as it brings value to both BA and Nigeria. They will collect the naira o

If not, just kuku go to cbn vault and pack it for them sir.
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by JohnBullMySon: 3:29pm On Aug 26, 2022
FreeStuffsNG:

If only you know how the foreigners look at you as dumb when you make excuses for them especially against your own country. smh. They don't do that with their own country and they see you as dumb when you act against your own national interest.

You guys don't know jack! A young local company called Caverton Plc invested a lot of patient capital to build hardware infrastructures for servicing and training pilots etc yet a British Airways that has been in Nigeria for almost 100 years wants to keep coming to Nigeria to pack forex with no patient capital invested in Nigeria. shiorr.

They should bring in forex into Nigeria as patient capital so that when they need forex it brings value to both BA and Nigeria. They will collect the naira o

If not, just kuku go to cbn vault and pack it for them sir.
I expected an intelligent response addressing the questions I asked earlier. But it seems you don't have the cognitive ability. That's okay.

In simpler terms, International trade is guided by mutual agreements signed by countries and specifically commercial aviation is guided by ICAO. Nigeria could be suspended eventually, effectively banning all international commercial flights from Nigeria.
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by FreeStuffsNG: 3:32pm On Aug 26, 2022
JohnBullMySon:
I expected an intelligent response addressing the questions I asked earlier. But it seems you don't have the cognitive ability. That's okay.

In simpler terms, International trade is guided by mutual agreements signed by countries and specifically commercial aviation is guided by ICAO. Nigeria could be suspended eventually, effectively banning all international commercial flights from Nigeria.
It is beyond your comprehension so I will let it pass. FYI, nobody will suspend Nigeria with highly lucrative routes.

I have already addressed your concern if it is genuine.
Their money is not trapped in Nigeria, it is in Naira, safe and ready in our banks and that is why they aint suing Nigeria in any court whether in Nigeria or their countries.

No law or agreement is broken. Stop getting confused.

1 Like

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Lonepair1: 3:55pm On Aug 26, 2022
ednut1:
you chatting bullocks. The salary , fuel and maintenance they do is mostly in dollars. Cbn is obliged to give them dollars at official rate on application as its done everywhere in the world. This is only showing us that Nigeria is almost crashing and cbn is being disingenuous. The airlines will start accepting only dollars now and customers will have to fund at black market rate. So who is losing
you have never made any sense in your life
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Lonepair1: 3:58pm On Aug 26, 2022
FreeStuffsNG:

Go and teach Russia, China, India and Mexico global finance first before teaching me and Nigeria.
You must think we are still in 1900. They write their textbooks we write ours. It is art in diplomacy and social science not maths of 1+1=2.
They should come and carry their naira jejely. If they don't want naira then they should bring in forex into Nigeria and invest patient capital.

In their country, they will quietly do quantitative easing to raise their cash in circulation and cash in reserve yet the little of their forex we have they want to perpetually use it to keep our currency low at a time we are trying to ramp up exports to take advantage of the already devalued naira.
Trap kor Pakute ni. Nonsense and ingredient!
well said bro . Leave all these dumb people..

Nigeria interest first before anybody

1 Like

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by ednut1(m): 4:30pm On Aug 26, 2022
Lonepair1:
you have never made any sense in your life
is that all
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Splitmind: 4:57pm On Aug 26, 2022
This is good news it means Nigeria Air will be able to fill the gap when operations start by next month.
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by ednut1(m): 7:54pm On Aug 26, 2022
FreeStuffsNG:

It is beyond your comprehension so I will let it pass. FYI, nobody will suspend Nigeria with highly lucrative routes.

I have already addressed your concern if it is genuine.
Their money is not trapped in Nigeria, it is in Naira, safe and ready in our banks and that is why they aint suing Nigeria in any court whether in Nigeria or their countries.

No law or agreement is broken. Stop getting confused.
how market
ednut1:
[quote author=Lonepair1 post=116083791]well said bro . Leave all these dumb people..

Nigeria interest first before anybody

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by mystery22: 10:09pm On Aug 26, 2022
They can go to hell
Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Lexusgs430: 4:53am On Aug 27, 2022
Abacha's loot is on it's way ...... $ go soon full ground....... wink

1 Like

Re: $464m Trapped Funds: British Airways Closes Nigerian Inventory by Didijiji: 5:01am On Aug 27, 2022
FreeStuffsNG:

It is beyond your comprehension so I will let it pass. FYI, nobody will suspend Nigeria with highly lucrative routes.

I have already addressed your concern if it is genuine.
Their money is not trapped in Nigeria, it is in Naira, safe and ready in our banks and that is why they aint suing Nigeria in any court whether in Nigeria or their countries.

No law or agreement is broken. Stop getting confused.
you are scared that removing that money will further crash the already bastardized APC naira

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