Investors seek Nigeria’s Med-View Airline liquidation over $120,000 debt

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Asharami Synergy has filed a petition at the Federal High Court in Lagos for the liquidation of Med-View Airline (VL, Kano) over its perceived inability to pay debts totalling NGN43.5 million naira (USD120,000), The Independent newspaper reported.

The Lagos-based oil and gas company alleged it supplied Med-View with fuel between January 2018 and August 2018 reaching this amount. The petitioner said it made various demands for payment after August 31, 2018, but to no avail. This included a meeting between the two parties where the carrier agreed it would pay the entire sum by the end of February 2019, the company said.

Since then, Med-View has allegedly paid just NGN500,000 (USD1,380).

However, in a written sworn statement, Med-View accountant Serifat Olajide denied the petitioner’s claims, saying that the carrier’s fuel supplier during much of the period had been Lagos-based So Aviation Fuel Limited.

ADS-B data shows Med-View’s only active aircraft, B737-500 5N-BQM (msn 28055), has been plying sectors between Lagos, Port Harcourt Omagwa, Abuja, Sokoto, and Kano under an Aero Contractors (NIG, Lagos) flight code since December 21, 2019. It is recalled that last year, the carrier’s operator’s licence was downgraded to charter flights after it ceased complying with minimum fleet requirements for scheduled services.

Med-View did not respond to a ch-aviation request for comment.

According to the ch-aviation fleets advanced module, besides the B737-500, its two owned B737-400s are both still in maintenance while its sole B777-200(ER) is currently stored.

Med-View’s last financial report posted on the Nigerian Stock Exchange was its Q3 unaudited financial statement for the period ending September 30, 2019. It quotes a loss of NGN3.1 billion (USD8.6 million) for the January-September period, compared to a NGN1 billion (USD2.9 million) loss for the same period in 2018.

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