AfricanEagle21

A cursory look at the income & expenditure for Afrijet Airlines between the period in question, January 2008 to November 2009 shows the following:

Income

2008 N420,475,550

2009 N629,097,101

Total Income N1,249,57,2560


Expenditure

2008 N1,199,909,586

2009 N773,165,129

Total Income N1,882,074,715

Deficit N632, 502,155


FuelN700m

SalaryN471m

HotelN80m

CateringN90m

OthersN550m

CAS N1,125,000,000

*Figures from Afrijet Airlines Finance Department (verifiable)

One wonders why monies paid to the hotel (N80 million) which forms 4% for the both years, 2008 & 2009, for services rendered to Afrijet – for which some of the personnel which have been eating and sleeping in the hotel since May - form the main issue. Whereas the N1,125,000,000 removed by CAS owned by Vitalis Ibe, from the Afrijet system is concealed. It is clear that these are diversionary tactics to hoodwink staff and management from the actual truth.

If you subtract the deficit of N632,502,155 to the monies removed by Vitalis Ibe's CAS (N1,125,000,000), Afrijet would have a surplus of N4,924,978,845, not the debit balance of N1,757,502,155, which we have today occasioned by the removal of the N1.13 billion by CAS.

These diversionary tactics have been used by the perpetrators of these removals by employing the activities of Alhaji Mohammed Tukur, who has up till now has now not accounted for the $1.3million collected from Idah Cargo Abuja and the N15million that is still unaccounted for the military charters. Tukur's hasty exit Afrijet Airlines was a ploy to cover up these nefarious activities. Alhaji Mohammed Tukur and Vitalis Ibe have resulted sponsoring articles in Encomium and other tabloids – whose reporters collect brown envelopes in order publish their falsehoods as diversionary tactics from the real issues.

How can N80million (accounts for 4% expenditure) paid to Hillcrest Hotel in one year, be more relevant than the N1.2 billion removed by CAS (which forms 200% of the deficit)?

Rani

Curious to know, since when are financial statements of private companies published online ?

Since we're at it: The above doesn't remotely resemble a financial statement! "Deficit?" Definitely not FASB/UK/Nigerian standards! This puts a question mark on the credibility of the above "statement".

Aggrieved ex-employees have other options to get even!

AfricanEagle21

Congratulations, you're an accountant.

First of all, clearly this was published without the company's full knowledge, and secondly it wasn't "published" as you so eloquently put it, as it is not an official document only a summary of those official financial documents that were analyzed. Please try to keep up.

And while were at it, we're not getting even, we are merely exposing the truth for those pilots who have previously flown for us and left because of the dire financial situation we were put in. Those that were at fault have been perpetuating lies and falsehoods for some time.

Rani

No sir I am not an accountant! Just someone with a critical eye and doesn't take "information" in an internet age at face value!!!

"Flown for us..." <-- This disclosure wasn't necessary at all. Just a word of advice, some professionalism can go a long way in what you disclose to the world about the very same company you *apparently* still work at!

It sounds like a huge mess is going on in the company and I do hope you resolve this ASAP cuz the biggest loser is Nigerian aviation and its reputation.

menatti

Westcoaster! Enough with the Nigeria bashing already, we know how you feel about Nigerian aviation already. Why all the negativity? It may not be perfect but things are way better than they were 5 years ago and yes not all expat's who've worked here hated it.