This Day On The Street
Continue to site
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

Nigeria Starts Dismantling Its Plane 'graveyard'

Planes sit at airports across the country, partly due to local regulations allowing airlines to park their planes for free at any airport they declare as their base of operations, Omeogu said. Some companies became insolvent and left planes still loaded with first-class china service and large briefcases for captains containing flight manuals.

Other aircraft sit parked on the apron nearby, including one for Air Nigeria, which collapsed last year amid allegations that owner Jimoh Ibrahim hadn't paid staff for at least four months, despite receiving millions of dollars from a government bailout fund. An airplane from Ibrahim's Nicon Airways, which collapsed after one year of operations in 2007, sits in the graveyard as well.

For years, the planes sat, partly out of the inertia that often grips government in Nigeria, an oil-rich nation earning billions that has an ailing state-run power company that can't provide reliable supplies of electricity for the nation's more than 160 million people. But in the last few weeks, government officials decided the planes must go, partly out of security concerns as a radical Islamist sect continues to launch bloody attacks in the country.

Officials decided to offer the planes free to those who applied for them. On Thursday, workers used hammers and saws to tear apart fuselages as landing aircraft roared overhead. Seats rose up in the tall grass, as oxygen masks and paperwork littered the ground. Most of the planes appear to be heading to scrapyards.

The removal of the planes come as Nigeria's federal government is remodeling terminals, some of which haven't seen much work in as many as 50 years. The government also has announced plans to buy planes and begin its own national carrier. However, corruption allegations still lurk. In September, Nigeria's largest carrier, Arik Air, halted its domestic flights and alleged that Aviation Minister Stella Oduah had a financial interest in seeing their business fail. Oduah denied the claims through a spokesman and the airline began flying again days later.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $117.48 0.04%
GOOG $693.73 0.20%
TSLA $231.98 -0.15%
YHOO $35.96 -0.15%
AAPL $94.94 -0.25%


Chart of I:DJI
DOW 17,693.45 -57.46 -0.32%
S&P 500 2,052.60 -10.77 -0.52%
NASDAQ 4,739.23 -23.9940 -0.50%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs