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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Friday,July 16, 2004. FG extends  re-capitalisation for airlines By Shola Ogunode Aviation Reporter Aviation Minister, Mallam Isa Yuguda, has extended the period for re-capitalisation of the equity base of airlines recently designated to operate some international routes. Speaking with journalists, the minister said, “Airlines have now been give a 24 months to meet the new re-capitalisation as against the one-year ultimatum.” Three months ago, the ministry, in an attempt to encourage indigenous Nigerian airline operators to exploit routes covered by the Yamoussoukro Decision as well as other international routes  not reserved for the national flag carrier, sought and obtained government approval for the designation of six indigenous operators: ADC, Aero Contractor, Afrijet Bellview, Chanchangi and Kabo. The ministry had required an equity base of N500 million for airlines designated to fly the West Coast routes, while those on the international routes were to re-capitalise to the tune of N1 billion each. This requirement is said to be in line with international requirements.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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