VIDEO: FULL DETAILS OF AGREEMENT BETWEEN FG AND BI-COURTNEY LTD OVER OWNERSHIP OF MM2 AIRPORT, LAGOS
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By: Fasasi Hammad
…. fg, bi-courtney resolve 20-year MM2 dispute, reach landmark settlement
The Federal Government has approved landmark settlement with Bi-Courtney Limited, effectively ending a protracted 20-year dispute over the operation of the Murtala Muhammed Airport Terminal 2 (MM2) in Lagos.
The resolution was approved on Friday by the Federal Executive Council (FEC), presided over by President Bola Tinubu, following over a year of negotiations between both parties aimed at resolving longstanding legal and operational disagreements.
As part of the agreement, Bi-Courtney has agreed to waive the N132 billion in court-awarded damages previously granted against the Federal Government.
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In a significant concession, the company will also relinquish its claim to the Murtala Muhammed Airport Terminal 1 (MM1), also known as the old domestic terminal, which the Supreme Court had earlier ruled should be handed over to it.
Bi-Courtney further agreed to give up its exclusive rights previously affirmed by the courts, to operate any private or domestic airport within and around Lagos State.
Additionally, the firm will begin payment of concession fees in line with the original concession agreement signed on April 24, 2003. The payments are to commence upon the execution of the settlement agreement. The dispute had stalled such payments for nearly two decades, resulting in revenue losses for the Federal Government.
In return, the Federal Government has agreed to write off all outstanding concession fees owed by Bi-Courtney over the past 20 years.
The government also approved the return of a previously revoked uncompleted hotel and conference centre located opposite the airport to Bi-Courtney. The company is expected to complete and operationalise the facility within 24 months, with revenue-sharing arrangements to benefit the government.
Furthermore, the Federal Government committed to relocating regional flight operations to MM2, subject to the terminal’s capacity, an initiative that had been approved but remained unimplemented for years.
To support expansion, Bi-Courtney will also receive additional land to enlarge the apron at MM2, enabling the terminal to accommodate more aircraft and enhance operational efficiency.
The agreement marks a major breakthrough in resolving one of Nigeria’s longest-running aviation disputes and is expected to boost investor confidence, improve airport infrastructure, and enhance service delivery within the country’s aviation sector.
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