FEDERAL GOVERNMENT TO VET N78b SEVERANCE PACKAGE FOR AIRWAYS WORKERS

Date:

By Scroll Reporter Lagos ​ Nigeria

There is a strong hope that the former workers of the defunct National carrier-Nigeria Airways may soon receive the much awaited severance package which is now put at a little over N78 billion as all the documents relating to the beneficiaries are now before the Presidential Initiative on Continuous Audit (PICA).


It was reliably gathered that the ministry of aviation had already forwarded a memo to that effect to the presidency as part of the recommendation of the Committee on New National Carrier which strongly advised the government on the need to clear the debt to allow for smooth take off of the proposed New National Carrier branded NIGERIAN.

In all about 5,909 staff of the defunct carrier are billed to benefit from the envisaged severance package. This development has once again united the old staff who now meet weekly at the Lagos Airport premises of the Sky power Catering Services for regular update.
As at March ,1990 the then national carrier ,had 16 aircraft on its fleet with about 12,000 workers and by the time the carrier was liquidated in May ,2003,the fleet had reduced to one serviceable aircraft with just 1000 staff.
The statement of affairs dated March, 2005 was prepared by KPMG to facilitate the liquidation process of NAL. It presents the assets and liabilities of the Company at realisable values. Highpoints of the Report which does not cover NAL subsidiaries, as at September 30, 2004, are as follows: 

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Estimated Deficit as regards Unsecured Creditors          N34,475,198,640

Total Valuation of Leasehold  and Freehold           N 9,198,990,137

Properties in Nigeria.                                                    

Value of Freehold Property outside Nigeria                      N492, 925,500

Net Book Value  of Technical Assets                                   N335,021,990

Net Book Value of other Assets                                            N57,685,544

Net Book Value of Motor Vehicles                                       N5, 652,096   

Foreign Debt Portfolio                         USD32milion

Local and Other Debts                                         N43billion

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Misappropriated Funds                         N7billion  

Summary of Bank Balances                                                  N352,882,511

Potential Tax Liabilities                                                         N1,206,658,000

Total Salary and Pension Arrears                                        N5,276,664,000

Foreign/Local Creditors                                                         N25,142,007,000

Foreign Creditors                        USD840,000

Local Creditors                                N6billion

Gratuity and Pension Income Liabilities                          N21,204,570,982

Nigeria Airways Limited – in Liquidation Schedules of Payment to Staff and Pensioners

The schedules of staff and pensioners as well as payments due them at liquidation are summarized as follows:

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1191 Nos. Staff on Company’s Payroll                                  N2,343,173,861

1153 Nos. Serving Staff qualified for Gratuity                     N2,701,835,213

3224 Nos. Pensioners in Payroll                                             N2,562,358,380

2417 Nos. Pension increases Arrear                                      N892,886,496

835 Nos. Retirees Outstanding Gratuity                               N1,486,003,423

108 Nos. Deceased Staff Pension & Gratuity                       N201,951,147

23 Nos. Deferred Pensioners Gratuity                                   N19,619,662

69 Nos. Foreign Stations Staff                                                 N157,032,816

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