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*Nigerian airlines insolvent, to cut jobs by 50% *Why we suspend flights-Akinkuotu *Unions accuse past mgt. of graft *600 pilots roam the streets   Signs that virtually all Nigerian airlines are insolvent became visible yesterday as Nigeria’s oldest airline; Aero Contractors suspended all its scheduled operations as the carriers said it is ‘re-positioning to return to profitability’. The implication is that over 1, 200 workers have been thrown into the labour market as the carrier…

  Aero Contractors Airlines has announced that it would suspend its scheduled services from Thursday September 1, 2016. A statement from the Chief Executive Officer, Capt. Fola Akinkuotu said the development was part of the strategic business realignment to reposition the airline and return it to the part of profitability.   This business decision, which is a result of the current economic situation in the country, has forced some other airlines to suspend operation or…

Aero, others to cut workforce by 50% Arik, Dana struggle as Caverton records N2bn Q1 loss Unless help comes faster, Nigerian airlines could close shop earlier than expected. While the Federal Government is not mooting the idea of another bailout fund to resuscitate their operations, eight years after over N150 billion was given to them, the airlines’ fleet size is shrinking by the day. Their last ray of hope for bank funding seems to be…

Advocate Mergers To Stay Afloat As the operating environment gets tougher for airlines and businesses, experts have suggested that airlines should pool resources together to form strong airlines group to save them from bankruptcy. President, Aviation Round Table (ART), Mr. Gbenga Olowo, who shared this view, said that the systematic operational merger would be the only way for the airlines to remain in business in a short while from now. “This is the only way…