This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nigeria Starts Dismantling Its Plane 'graveyard'

By JON GAMBRELL

LAGOS, Nigeria (AP) â¿¿ Landing in Nigeria's largest city, one of the first thing visitors see as they peer out of their airplane's windows is the moss-covered metal carcasses of what used to fly in Africa's most populous nation.

Workers at Murtala Muhammed International Airport in Lagos call it "the graveyard," an overgrown field filled with about a dozen cargo and passenger airplanes long since abandoned and left to rot by insolvent airlines. At least 65 abandoned airplanes, ranging from small commuter jets to one massive Boeing 747, sit at airfields across the country and serve as a haunting reminder of Nigeria's chaotic and disaster-filled aviation history.

Now, however, workers have begun dismantling the planes as part of a government plan to remake Nigeria's aviation industry. While some the federal government's plans seem aspirational at best, the modest goal of simply removing the derelict aircraft represents at least a change in a nation where corruption often ensures things remain exactly the scrambled way they are.

Nigerians "need to fly," said Henry Omeogu, director of airport operations at the Federal Airports Authority of Nigeria. "They need to fly and feel safe in their airplanes."

Not many Nigerians have felt safe flying since June 3, when a Dana Air passenger jet had both of its engines fail and crashed just north of the Lagos airport, killing 163 people. The crash came after a series of other major crashes in the country, where airlines often have shaky financing and rely on aged aircraft.

The graveyard at Murtala Muhammed, at the far north end of the runway where planes come in, is where the derelict planes serve as tombstones for those failed airlines. An airline called Space World has two aircraft there â¿¿ Hallelujah 1 and Hallelujah 2. Bellview Airlines has two planes there, left after the carrier collapsed following an October 2005 crash that killed 117 people.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,117.46 +10.76 0.06%
S&P 500 1,997.85 -2.17 -0.11%
NASDAQ 4,564.6660 -5.9710 -0.13%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs