- Bernard Bankole assured that Nigeria will not face trapped funds issues again, attributing stability to the naira’s floating value
- Bankole highlighted 2025 as promising for the aviation industry, emphasizing the need for investment in Nigeria’s cargo business
Mr. Bernard Bankole, Group Managing Director of Finchglow Holdings, has stated that Nigeria will never encounter the problem of trapped funds again.
He stated that this is dependent on the naira’s floating and stable value against foreign currencies and that the trapped funds issue has “gone for good.”
Bankole addressed at a media briefing hosted by Finchglow Holdings in Lagos yesterday, where he evaluated the performance of the aviation/travel business over the previous year.
He was flanked by the managing directors of other Finchglow companies, such as Travelden, FCM, and Lagos Aviation Academy, among others.
It should be noted that the issue of trapped funds belonging to foreign airlines dominated the year 2024, with airlines curtailing flights while tickets got more expensive for Nigerian passengers.
However, by the middle of the year, the Central Bank of Nigeria (CBN) was able to clear the stuck monies, which had reached over $800 million at one point.
Speaking at the meeting, Bankole depicted 2024 as a difficult year for the business, with inflation at an all-time high and ticket prices becoming unbearable.
Bankole described the stranded fund issue as “a hidden opportunity” to fix the situation and bring the aviation and travel industries back on track.
He stated, “There has always been a problem since the earth was created. I see those issues as untapped potential.
“I can assure you that the topic of airlines’ locked funds will never come up again. That is permanently gone. The problem presented itself and was solved. It has become an eye-opener for everyone. Allow the market to go into free decline.
“During that process, we gained stability, which has resulted in increased company growth for us. That expansion has given us room to plan. The exchange rate has stabilized to a significant extent.
“It can’t go to N1,900 again unless some people manipulate it. Once there is consistency, it allows us to plan as a business, which is exactly what has happened to us.”
Bankole, who is also the Chairman of the Association of Aviation Training Organisations of Nigeria (AATON), stated that the year 2025 holds enormous potential for the aviation industry, while also commending the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, for giving the industry significant visibility since his appointment.
He emphasized the need for the federal government and aviation players to invest in Nigeria’s cargo business, which he claims is in disarray.
He stated that state airports, which have been widely described as unprofitable, can be converted into cargo airports for the movement of goods out of the country.
Bankole stated, “If anything, the minister has raised awareness. It is extremely important because our industry is becoming more visible by the day. We are recognized as one of the more active industries. So, if you ask me now, there are many other ministers I do not know.”
Also speaking, Mr. Gbenga Onitilo, Managing Director of Travelden and in charge of Finchglow’s online travel agency (OTA), stated that the subsidiary has big plans for the year, with a focus on excellent service delivery, empowerment, and prioritizing customers’ needs.
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