Green Africa Airways Receives New Funding

0
Green Africa And Leadway Assurance Sign New Investment Agreement
Green Africa And Leadway Assurance Sign New Investment Agreement

Green Africa Airways, a Nigerian airline, has received new funding, which it will use to expand its operations and fleet size. Leadway Assurance Company Limited, one of Nigeria’s largest insurance providers, invested in the startup carrier.

Startup A Nigerian insurance corporation recently invested an undisclosed sum in Green Africa Airways. The carrier, which began operations in August of last year, intends to expand its operations and invest in a larger fleet.

Leadway Assurance Company Limited, one of Nigeria’s leading insurance providers, has made the investment.

Green Africa Airways’ founder and CEO, Babawande Afolabi, stated  that the new investment would be used to strengthen its fleet and expand its operations. It did not, however, provide any additional information about the size of the investment.

Green Africa announced a letter of intent to purchase 100 Boeing 737 MAX aircraft in 2018. However, the airline backed out and instead agreed to buy 50 A220-300 planes from Airbus.

Leadway Assurance’s Managing Director and CEO, Tunde Hassan-Odukale, stated,

“Since entering service about six months ago, it has been refreshing to see Green Africa gradually stabilizing and building a strong operational track record. We look forward to assisting the new carrier as it embarks on the next phase of its journey to transform the region’s air travel landscape.”

Read Also:  KEYSTONE BANK ON UPWARD TRAJECTORY, DECLARES STRONG Q1 FINANCIAL RESULT

Green Africa Airways, which only began operations in August 2021, has already risen to become one of Nigeria’s top three carriers. During this time, the airline has flown over 150,000 passengers to eight different destinations in Nigeria.

“We are excited to collaborate with Leadway not only to build Green Africa, but also to positively change the industry narrative for all stakeholders.” Afolabi, CEO, added.

The airline has a low-cost model and some of the lowest fares in Nigeria’s domestic aviation market. Nigeria’s government recently launched an investigation into alleged price fixing on domestic routes. Except for Green Africa Airways, all domestic carriers in Nigeria are being investigated for raising fares.