Apparently Venezuela is not the only country who doesn’t understand how to play well with others……
According to reliable sources within Lufthansa, it appears that Nigeria is another country where LH is having trouble repatriating ticket revenue due to unreasonable currency regulations. In Nigeria’s, $20 million is held captive there and Lufthansa has no way to bring the revenue out of Nigeria.
It may not be as dramatic as the $100+ million held by Venezuela, but it’s certainly a serious amount. So much so, that according to LH, if the number approaches $30 million over the coming months, LH will be forced to suspend operations to their 3 destinations in Nigeria. Currently LH services Lagos, Abuja (as technical stop), and Port Harcourt daily from Frankfurt.
Based on the information that I’ve read, it looks as though the airline industry as a whole has nearly $600 million stuck in Nigeria with no way to bring the money home to their balance sheets.
Related: Lufthansa Cancels Venezuela Service
Lufthansa owed over $100mm by Venezuela
