Nigeria’s FEC Settles MM2 Dispute and Approves Local Aircraft Leasing Company

The Federal Executive Council has settled the 20‑year MM2 concession dispute and approved a Nigerian aircraft leasing company. Both decisions were confirmed by VanguardNGR, NationOnline and Minister Festus Keyamo’s statements.

The FEC approved (1) the resolution of the long‑standing concession dispute over Lagos’ Murtala Muhammed Airport Terminal Two (MM2) and (2) the creation of a Nigerian aircraft leasing company structured as a Special Purpose Vehicle funded by private sector investment.

VanguardNGR reported that the Federal Executive Council approved the resolution of the MM2 dispute and the establishment of the leasing company. NationOnline confirmed the same approvals. Minister Keyamo said the government settled the over‑20‑year dispute with Bi‑Courtney Aviation Services, which had won a Supreme Court judgment for N132 billion plus accrued interest. He added that Bi‑Courtney agreed to waive that claim and to hand back control of MM1 and exclusivity rights. In return, the government returned the abandoned Hotel and Conference Centre opposite MM2 to Bi‑Courtney, giving it 24 months to complete the project. Keyamo also stated that the FEC approved a Nigerian aircraft leasing company organized as an SPV, with the government providing guarantees but not direct funding, to help local airlines access aircraft.

True.

All three pieces of evidence — two independent news outlets and the minister’s own account — corroborate each claim without contradiction. The details of the settlement, including the waiver of the N132 billion claim, the return of the hotel asset, and the SPV‑structured leasing firm, are consistently reported. Therefore the factual basis for the story is solid.