‘Virgin Nigeria’ to be rebranded ‘Nigerian Eagle Airlines’
In Nigeria it seems change is the only thing that is constant. How difficult could it be to allow the free market to take over FULLY, provided it abides by the laws of the land and pays taxes?
-The Nigerian affiliate of Virgin Atlantic Airways Ltd. said it would drop the U.K. company’s brand and seek fresh funding.
The carrier will be known as Nigerian Eagle Airlines and plans a private placement with unspecified investors, according to a statement on its Web site.
Virgin Atlantic said it would retain its 49% stake, but is open to “serious offers if they emerge.” Nigerian institutional investors hold majority control.
Virgin Nigeria dropped all its international flights in January to focus on what it called its “profitable domestic and regional operations.”
The airline started flying in June 2005, assuming the mantle of de facto flag carrier following the collapse of state-controlled Nigeria Airways.
The Nigerian aviation market is one of the largest in Africa, and services to the country are among the most profitable for large international carriers such as British Airways PLC (BAIRY) and Air France-KLM (AF.FR).
The country has large expatriate populations overseas, while the business market is buoyed by its oil and gas sector.
Virgin Nigeria was part of an array of international affiliates launched by entrepreneur Sir Richard Branson, including airlines in Belgium, Australia and the U.S.
