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FAAN’s N140bn financial crisis may discourage bidders

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Just as the opening of the bid for the concession of the international terminals of four airports in the country is set, it has been revealed that the Federal Airport Authority of Nigeria (FAAN) is in deep financial crisis and faces a huge debt of over N140 billion. In an advertorial placed by the Nigerian Union of Pensioners (NUP), FAAN branch, and signed by the association’s secretary, Emeka Njoku, in response to the commencement of the bidding process for the international terminals of Nnamdi Azikiwe Airport, Abuja, Port Harcourt Airport, Omagwa, Mallam Aminu Kano Airport, Kano and Murtala Muhammed Airport, Lagos, prospective bidders were warned of the indebtedness of the agency which Daily Sun can also reveal may cripple operations if there is no reprieve from the Federal Government. Bidders were warned that the agency has over 60 pending litigation arising from several faulty concession agreements yet to be resolved and there is also the issue of the unresolved BI- Courtney concession of Murtala Muhammed Airport (MM2). The NUP said that FAAN owes contractors who have delivered their contracts over N15 billion.

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