Bi-Courtney Aviation Services Limited (BASL) has agreed to write off a N132 billion judgment debt owed by the Federal Government, following a landmark settlement brokered by the Minister of Aviation and Aerospace Development, Festus Keyamo, effectively ending a dispute that has spanned more than two decades.
The breakthrough agreement, which resolves longstanding concession issues surrounding the Murtala Muhammed Airport Terminal 2 (MM2), was formally approved by the Federal Executive Council (FEC) on April 30, 2026, in Abuja.
As part of the settlement terms, Bi-Courtney not only forfeited the N132 billion Supreme Court judgment debt but also relinquished the exclusivity clause tied to the MMA2 concession and handed over the Murtala Muhammed Airport Terminal 1 (MMA1) back to the Federal Government.
In return, the Federal Government restored the company’s rights to complete and operate its long-delayed hotel and conference centre project under a mutually agreed revenue-sharing arrangement.
The deal also includes plans to relocate regional flight operations to MMA2, alongside apron expansion to accommodate increased traffic. This is expected to boost operational efficiency and enable the government to begin earning immediate revenue from the revamped arrangement.
Industry stakeholders have described the agreement as a “win-win”, noting that it unlocks the full commercial potential of MMA2 while removing longstanding bottlenecks that have hindered critical infrastructure development, including the proposed Lekki International Airport.
The settlement further aligns with ongoing aviation sector reforms, particularly plans to establish a private-sector-driven aircraft leasing company aimed at improving Nigerian airlines’ access to modern fleets on competitive terms.
Keyamo commended all parties for prioritising dialogue and national interest, stressing that the resolution demonstrates the Federal Government’s commitment to fostering a business-friendly environment and accelerating growth in the aviation industry.
Chairman of Bi-Courtney, Wale Babalakin, was also acknowledged for his role in achieving the breakthrough, as both sides leveraged mutual trust and professional rapport to close the long-running dispute.
The agreement signals a new phase of public-private collaboration and is widely seen as a major step toward repositioning Nigeria as a leading aviation hub in Africa.