Nigerian Eagle Airlines : VK : VGN :

Virgin Nigeria has formally rebranded its operation as Nigerian Eagle Airlines, and is intending to secure a capital injection for the carrier.
The new name is part of an agreement to drop the Virgin brand following shareholder [Vous devez être inscrit et connecté pour voir ce lien]'s decision to withdraw from the airline it helped to establish.
Nigerian Eagle Airlines says the previous identity "ceases to be" and the company has taken on a new logo as part of the change.
The eagle, it adds, "typifies strength and foresight" and the choice followed intensive research into African culture. The carrier's loyalty programme is named 'Eagleflier'.
Virgin Atlantic is to shed much of its 49% stake. Nigerian Eagle says it plans to obtain additional operating funds through a private placement, although chief executive Dapo Olumide admits that lack of access to long-term capital, and expensive cost of borrowing, is a serious obstacle to the country's civil aviation development.
But he says that the carrier nevertheless has strong potential and that its executives aim to maintain the "culture of excellence" from which the airline has benefited.
"We are glad that, under the new management of the airline, we are going to fill the gaps in the aviation sector," says Olumide.
Nigerian Eagle will operate a fleet of [Vous devez être inscrit et connecté pour voir ce lien] and [Vous devez être inscrit et connecté pour voir ce lien]/190 aircraft on a network of domestic and regional African routes.

Nigerian Eagle Airlines, formerly Virgin Nigeria, is looking to convert its Embraer aircraft order to a lease arrangement and, if unsuccessful, may tap rock-bottom prices to grow its Boeing 737-300 fleet.
The Lagos-based carrier placed an order for seven Embraer 170s and three 190s, with six options, in late 2007. To date, it has received two of the 190s, which will be joined by two 170s in December.
But speaking to Flight International at the AFRAA general assembly in Maputo, Nigerian Eagle chief executive Dapo Olumide said the airline "can't afford" the new aircraft, so is looking to switch to a lease arrangement. It is also keen to sell the aircraft that have already been delivered, along with the six options.
"This was a very ambitious order," says Olumide. "Where were they going to get the money from? We are in discussions with Embraer on how to restructure the order. By that I don't mean delaying the order, but how to make it more affordable."
Nigerian Eagle operates a two-type fleet comprising five leased 737-300s and two owned Embraer 190s. Olumide says the global financial crisis has caused 737-300 lease rates to plummet to about $80,000 a month and that this "giveaway price" makes them a tempting alternative to the new Embraers, even if the latter are "ideal for the west African market".
"Because of the rock-bottom [737] prices, it's like going to the $1 store," he says. "I've got a serious dilemma over whether I go for the cheap or the quality option."
Nigerian Eagle is looking to operate a fleet of about 20 aircraft by 2011, says Olumide. One option is an all-Boeing 737-300 fleet. Another is to retain the five 737-300s, which are needed on longer sectors, and lease 15-16 Embraers in order to lower Nigerian Eagle's finance costs. Discussions are under way with dedicated Embraer lessor Aldus Aviation.
"If the talks with Embraer fall apart, we will go with 20 geriatric 737-300s," says Olumide.

Nigerian Eagle Airlines rebrands to Air Nigeria

Nigerian Eagle Airlines is to change its name to Air Nigeria under the leadership of Jimoh Ibrahim, a Nigerian tycoon.

Ibrahim said that the airline is to receive its first branded aircraft early this month and plans to double its fleet to 10 aircraft by Octobert his year.

The flag carrier was renamed from Virgin Nigeria to Nigerian Eagle Airlines only last September after Virgin Atlantic owner Richard Branson cut ties with the airline.

Branson is looking to divest his 49 per cent stake in the airline.