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:
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
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:
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
