Obiora Okonkwo, the executive chairman of United Nigeria Airlines, has revealed that the carrier lost about N10 billion in a three-month stretch, induced by the maritime blockade and subsequent closure of the Strait of Hormuz.
The Strait of Hormuz is a strategic, narrow sea channel separating Iran and Oman and serves as the world’s most critical oil transit chokepoint, facilitating the daily passage of roughly 20 percent of global petroleum supplies.
The geopolitical shutdown of the channel has severely impacted local aviation sector.
Within the last two months alone, the Airline Operators of Nigeria (AON) recorded 266.7 percent surge in Jet A1 (aviation fuel) prices, which spiked from N900 to N3,300 per liter.
Okonkwo made these disclosures during the unveiling ceremony of two newly acquired Boeing 737-800 Next Generation (NG) aircraft by United Nigeria Airlines (registered as 5N-CFC and 5N-CFB). The aircraft were named in honor of two icons: the
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