Afrijet Secures $30m loan For Aircraft Acquisition

 8th MAY 2007

Afrijet Airline has secured $30m loan from the Africa Export Import Bank to finance aircraft acquisition.
The News Agency of Nigeria reports that this is one of the benefits of the Cape Town Convention which grants airlines access to loans from international finance institutions.
Afrijet said in a statement in Lagos on Saturday that the deal would transform the airline to one of the highest capitalised airlines in Nigeria.
The airline’s Head of Corporate Services, Mr. Segun Soroye, said that Bank PHB was guaranteeing the loan and that the airline had commenced a drawdown for the acquisition of aircraft.
It also stated that Afrijet had embarked on a repositioning plan by engaging a British management consultant to restructure its operations.
The statement quoted Afrijet’s Chief Executive Officer, Capt. Berry Noelle, as saying at the signing of the consultancy contract, that the measure was aimed repositioning the airline to meet modern challenges in the industry.

He also said that the airline had secured an Air Operators Certificate from the European Union, making it the first African operator to hold dual AOC, having first acquired the Nigerian AOC.

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