The Federal Government has resolved its long-running dispute with Bi-Courtney Limited over the Murtala Muhammed Airport Terminal Two in Lagos, ending a legal and commercial battle that lasted about two decades.
On Friday, the Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed that the decision was approved by the Federal Executive Council chaired by President Bola Tinubu.
Keyamo said both parties reached a settlement after over one year of negotiations aimed at breaking the long-standing deadlock.
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As part of the agreement, Bi-Courtney agreed to forgo the N132bn damages earlier awarded against the Federal Government by the court. The company also returned the old Murtala Muhammed Airport Terminal, which had been a major point of contention.
In addition, Bi-Courtney gave up its exclusive right to operate private or domestic airports in Lagos and agreed to begin payment of concession fees under the 2003 agreement.
On its part, the Federal Government wrote off all outstanding concession fees owed by the company over the years due to the dispute.
The government also returned a previously revoked hotel and conference centre project located near the airport to Bi-Courtney, with a directive that it must be completed within 24 months.
Furthermore, the government approved the movement of regional flights to the MM2 terminal, subject to available capacity, and granted additional land to the company to expand its apron for more aircraft.
The dispute, which had lingered for years, affected revenue generation and airport operations, with both sides losing income during the period.
The new agreement is expected to improve airport management, increase revenue, and support better use of facilities at the Lagos airport.
The settlement marks a major step towards resolving legacy issues in the aviation sector and restoring investor confidence.
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