No Nigerian airline makes $1m annual profit – Onyema

…as Okonkwo says union derailed TSC payment deal with NCAA By Dickson Omobola Vice Chairman of the Airline Operators of Nigeria, AON, Allen Onyema, Thursday, disclosed that no domestic airline makes $1 million in annual profit, saying the high cost of operating in the country and the burden of multiple taxes, fees and charges imposed on carriers are responsible for the situation.

Onyema, who is Chairman of Nigeria’s largest airline, Air Peace, also said the country’s airlines used to borrow money from banks at 33 per cent interest, which later came down to 30 per cent and then 29 per cent.“The airlines of Nigeria borrow money from Nigerian banks at 33 per cent, 30 per cent, they come down to 29 per cent.