Why airlines’ funds can’t be trapped in Nigeria again – Finchglow GMD

The Group Managing Director of Finchglow Holdings, Mr. Bernard Bankole has said Nigeria will never experience the problem of trapped funds again. He said this is hinged on the floating and stability of naira against the foreign currency, noting that the trapped funds’ issue has “gone for good.” Bankole spoke in Lagos yesterday at a […]

The Group Managing Director of Finchglow Holdings, Mr. Bernard Bankole has said Nigeria will never experience the problem of trapped funds again.

He said this is hinged on the floating and stability of naira against the foreign currency, noting that the trapped funds’ issue has “gone for good.”

Bankole spoke in Lagos yesterday at a media parley organised by the Finchglow Holdings where he appraised the performance of the aviation/travel industry in the last one year.

He was flanked by the managing directors of the other Finchglow subsidiaries including the travelden; FCM; Lagos Aviation Academy, among others.

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It would be recalled that the issue of trapped funds belonging to foreign airlines characterised the year 2024 with airlines cutting flights while tickets became expensive for Nigerian passengers.

However, towards the middle of the year, the Central Bank of Nigeria (CBN) was able to clear the trapped funds, which hit over $800m at a point.

Speaking at the parley, Bankole described 2024 as a tough year for the industry with inflation going all-high while the cost of tickets became unbearable.

Bankole stated that the issue of the trapped fund was “A hidden opportunity” to address the problem and get the aviation and travel industry back on track.

He said, “From the creation of the world, there has always been a problem. I see those problems as hidden opportunities.

“I can tell you the issue of airlines’ trapped funds can never come up again. That is gone and gone for good. The problem brought itself and it was solved. It has become an eye opener for everybody. Let the market be a free fall.

“In that process, we started experiencing stability and that stability has now brought about growth in business for us. That growth has given us room to project. Exchange rate has become stable to a very large extent.

“It can’t go to N1,900 again except some people are manipulating it. Once there is stability, it means as a business we can plan and that is 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 even as he commended the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo for giving huge visibility to the industry since his appointment.

He stressed the need for the federal government and aviation players to invest in cargo business in Nigeria, which he stated is in disarray.  

He stated that state airports, which have been largely described as not being viable, can be converted to cargo airports for movement of goods out of the country.

Bankole said, “If there is anything the minister has done, he has created some level of awareness. It counts for everything because every day our industry is becoming more visible. We are being perceived as one of the active industries. So if you ask me now, there are a lot of other ministers I don’t know.”

Also speaking, the Managing Director of travelden, Mr. Gbenga Onitilo, who is in charge of the online travel agency (OTA) for Finchglow said the subsidiary has great plans for the year, saying the firm would focus on excellent service delivery, empowerment and prioritising customers’ need.