Monday, April 26, 2010

Jimoh Ibrahim acquires Virgin Nigeria

Managing Director of Nicon Group, Lawyer and business tycoon, Mr. Jimoh Ibrahim, has bought 49 per cent shares of Virgin Nigeria from Sir Richard Branson making him the new owner of the airline. Details of the deal were not disclosed, however, Mr. Ibrahim said the take-over was part of plan to expand the aviation arm of the conglomerate.
african aviation newsThe airline, in a bid to survive, recently went through a metamorphosis changing its name from Virgin Nigeria to Nigerian Eagle and reducing its workforce. The new majority shareholder of the airline, Mr. Ibrahim has had a stint in the aviation industry before as he bought over former EAS Airline which he rebranded into the now defunct Nicon Airways.With him at the meeting was the Managing Director of Virgin Nigeria, Captain Dapo Olumide, who will retain his position. Mr. Ibrahim Noted that the turn around plan of Virgin Nigeria would be "conservative and arithmetical". We will grow gradually, he said. Though workers of Virgin Nigeria were assured of the safety of their jobs, the finance director has, however, been redeployed already.

Source: African Aviation News

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