UBA, GTB give Air Nigeria Airlines (Jimoh Ibrahim) clean bill over debt clearance

Two Nigerian banks, United Bank for Africa and Guaranty Trust Bank Plc, have given Air Nigeria (former Virgin Nigeria) a clean bill for defraying the over N38 billion debts owed them.

Chairman of the airline, Mr. Jimoh Ibrahim, who disclosed this at a briefing, yesterday, said re-payment of the debts has paved the way for re-positioning of the airline.

According to him, Air Nigeria has cancelled out the $237 million it owed UBA Plc, while another $6.5 billion owed Guarantee Trust Bank Plc was also settled, both totalling N38 billion.

Ibrahim said with the re-payment of the debts, Air Nigeria has paid all the debts accumulated by Virgin Nigeria Airways, which it inherited following his acquisition of the airline about six months ago.

Confirming the clean bill given the airline, UBA’s Executive Director, in charge of Finance, Emmanual Nnorom, and Group Managing Director-designate, Philip Oduaza, said in a letter sent to the airline: “We acknowledged the receipt of the payment instruction of $237 million (two hundred and thirty seven million US dollar) only in respect of the indebtedness of Virgin Nigeria Airways conveyed to us by your letter to debit NICON Group of Companies with the sum of $237,000,000 and credit same to loan account of Virgin Nigeria Airways with the bank.

“In accordance with your instruction, we hereby confirm that we have debited your account for the sum of $237,000.00 and credited same amount to Virgin Nigeria Airways account with UBA Plc.

“We hereby confirm that VNA is no longer indebted to UBA Plc and will send to you a bank statement soon of the account of VNA showing nil balance on the loan. All asset debenture on VNA registered in the past will be discharged. Thanks for the repayment of the debt and we look to continuing the relationship.”

Jumoh Ibrahim again,He seems to be buying everything in Nigeria.