Business
FAAN begins earning MMA2 revenue as 20-year dispute with Bi-Courtney ends
The Federal Airports Authority of Nigeria (FAAN) has begun earning revenue from the Murtala Muhammed Airport Terminal Two (MMA2) in Lagos following a settlement between the Federal Government and Bi-Courtney Aviation Services Limited over a dispute that lasted nearly two decades.
The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Tuesday during the formalisation of the settlement involving the Federal Government, FAAN, Bi-Courtney and Stabilini Visinoni Limited.
“FAAN had not earned a kobo from MMA2 for the last 20 years because of disputes. Today, FAAN begins to earn its money from MMA2,” Mr Keyamo said.
The agreement provides for the resumption of concession fee payments to FAAN and the reciprocal waiver of specified historical financial and other claims by the parties.
Mr Keyamo said the Federal Executive Council (FEC) approved the framework for the negotiated settlement on 30 April 2026, following discussions aimed at resolving the long-running dispute.
What the settlement changes
Under the revised agreement, Bi-Courtney has agreed to waive its outstanding claims against the Federal Government, while the government and FAAN will relinquish specified historical claims against the concessionaire, including accumulated concession fees and related payments arising before the agreement.
The minister said the arrangement was intended to resolve past disagreements and establish clearer contractual obligations for the parties going forward.
The settlement also addresses a dispute over the General Aviation Terminal (GAT), commonly known as the Old Domestic Airport.
According to Mr Keyamo, the revised agreement recognises the terminal as the property of the Federal Government, to be operated by FAAN.
The minister said the government had agreed to allow Bi-Courtney to expand its apron and accommodate regional flights within Africa at MMA2, subject to the terminal’s capacity.
The agreement also restores rights and provides for separate lease arrangements covering a four-star hotel and conference centre near the airport. The facilities have remained unfinished for years.
Mr Keyamo said the government would retain regulatory oversight over security, access, emergencies and maintenance standards, while the parties would work together to implement the revised arrangements.
Background to the dispute
In April, PREMIUM TIMES had reported that the Federal Government had reached a settlement with Bi-Courtney to resolve the long-running dispute over MMA2 after years of litigation and disagreements over the airport concession.
Mr Keyamo at the time said the Federal Executive Council (FEC) had approved the negotiated settlement, which included concessions by both parties, revised operational arrangements and plans to restore government revenue from the terminal.
The dispute originated from a concession agreement signed on 24 April 2003 involving the Federal Government, Bi-Courtney and Stabilini Visinoni Limited for the design, construction, operation and eventual transfer of the domestic terminal.
The agreement initially covered 12 years from 7 May 2007 but was subsequently extended to 36 years.
Disagreements over contractual obligations, financial claims and the scope of the concession led to multiple court cases across successive administrations.
Bi-Courtney maintained that it had been denied benefits under the concession, while FAAN asserted its own financial entitlements and responsibility to protect public airport assets.
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The dispute also involved the ownership of the General Aviation Terminal and financial claims connected to the Asset Management Corporation of Nigeria.
Mr Keyamo said the latest settlement followed negotiations between the government and the chairman of the Bi-Courtney Group, Wale Babalakin, with legal, commercial and technical teams involved in the process.
He added that the agreement would give Bi-Courtney greater certainty to invest in the terminal while allowing the government to resume revenue collection and plan airport development under the revised framework.
He urged FAAN and Bi-Courtney to ensure that the settlement resulted in completed facilities, reliable services and improved airport operations.
“The travelling public should see the result in functioning facilities and dependable service. That is how the value of this settlement will be measured,” he said.
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The African Export-Import Bank (Afreximbank) has committed a $75 million finance facility to the Development Bank of Nigeria (DBN) to expand access to finance for Nigerian small and medium-sized enterprises (SMEs), including eligible businesses in the creative economy.
The facility was announced during CANEX WKND 2026 in Lagos, reflecting the event’s focus on linking creative enterprises with finance, investment and markets, Afreximbank said in a joint statement with DBN on Wednesday.
Kanayo Awani, Executive Vice President, IntraAfrican Trade and Export Development, Afreximbank, and Tony Okpanachi, CEO of DBN, led the ceremonial signing on behalf of their institutions.
Ms Awani said the collaboration with DBN extends beyond providing capital, noting that Afreximbank is taking an integrated approach that combines finance with capacity building, export-readiness support and access to markets.
“Our objective is to help Nigerian SMEs build productive capacity, strengthen their competitiveness and make the transition from promising local businesses to sustainable exporters,” she said.
Ms Awani said the bank will team up with participating financial institutions to strengthen their capacity to understand finance better and support SMEs throughout their growth journey.
According to her, combining finance with practical support will help businesses prepare for export markets and connect with buyers across Africa and beyond.
“For creative enterprises, that advances CANEX’s ambition to turn African talent and ideas into sustainable businesses that can compete internationally,” she said.
Mr Okpanachi said the partnership combines DBN’s wholesale lending network with Afreximbank’s trade finance expertise, capacity building and market access support, strengthening local financial institutions’ ability to serve export-oriented SMEs.
According to him, the partnership with Afreximbank shows another significant step in DBN’s commitment to expanding access to finance for Nigerian MSMEs and enabling them to build resilient, competitive and sustainable businesses.
“The $75 million facility will provide much-needed financing through our Participating Financial Institutions, while creating greater opportunities for businesses, particularly those in the creative and export-oriented sectors, to strengthen their productive capacity and access new markets,” Mr Okpanachi said.
Beyond financing, the DBN chief executive said the partnership’s capacity-building and market-access components are particularly important to stakeholders.
By strengthening financial institutions’ ability to support export-ready businesses and connecting Nigerian enterprises to wider African and international markets, the DBN CEO said the development bank is helping MSMEs advance from local businesses to competitive participants in regional and global value chains.
“This aligns strongly with DBN’s mandate to address financing constraints and support inclusive and sustainable economic growth in Nigeria”, Mr Okpanachi added.
DBN will route the loan through its partner financial institutions to fund eligible small businesses.
The facility will support working capital, asset acquisition, pre-export, post-export, and supply chain activities, with businesses in fashion, film, music, design, and the wider creative industries among the intended beneficiaries.
It will also equip beneficiaries with the skills, tools, and market knowledge needed to develop their businesses, become export-ready, and access regional and international markets.
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Alongside the financing, Afreximbank and DBN will jointly develop a capacity-building programme to strengthen PFIs’ ability to support export-oriented SMEs.
Afreximbank plans to also provide access to its trade platforms, including MANSA, TRADAR, PAPSS and ATEX, and support market access through the Africa Buyer Programme, ATDC and the Intra-African Trade Fair.
Afreximbank, a Pan-African multilateral financial institution, is mandated to finance and promote intra- and extra-African trade.
Working with the African Continental Free Trade Agreement (AfCFTA) Secretariat and the AU, the bank has set up a $10 billion Adjustment Fund to support countries that participate effectively in the AfCFTA.
At the end of December 2025, Afreximbank’s total assets and contingencies stood at over $48.5 billion, while its shareholder funds totalled $8.4 billion.
DBN is a wholesale development finance institution established to address the major financing constraints MSMEs face in Nigeria.
DBN provides long-term financing and risk-sharing support through eligible participating financial institutions, enabling them to extend appropriate, sustainable financing to MSMEs across key sectors of the Nigerian economy.
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