The agreement for Nigeria Air would have required Nigeria to disburse $112 million to Ethiopian Airlines over a period of three years, according to Festus Keyamo.

This payment was meant to compensate for the utilization of surplus aircraft provided by Ethiopian Airlines, which the airline included as part of its investment in the Nigeria Air initiative.

“For those aircraft, their equity contribution was supposed to be providing their excess fleet to Nigeria Air. However, it is not an investment as we are paying for them. We are going to pay about $112 million over a period of three years to Addis Ababa. What are they bringing to the table? We are paying them, so what is the investment here?,” he said.