Jimoh Ibrahim To Pay $10 Million For Breach Of Contract

Controversial and billionaire business man, Jimoh Ibrahim was ordered by US District Judge Katherine to pay over $10 million for breach of contract between himself and US company, Aersale Inc. Jimoh Ibrahim failed to meet his obligations on two aircraft he personally leased for the operation of his defunct airline, Air Nigeria which was grounded and the airline’s air worthiness certificate revoked by Nigeria Civil Aviation Authority {NCAA}. He is to pay up an initial $8 million owed to Aersale Inc., the owners of the leased aircraft. The judge also ruled that Mr. Ibrahim must pay interests on the lease as well as legal fees incurred by Aersale Inc. to pursue the lawsuit against him.

Air Nigeria collapsed a few days after a Dana Airways flight crashed in a Lagos suburb, killing all passengers on board as well as some people on the ground.

it is reported by online Magazine, Sahara Reporters that anonymous staff who worked for Air Nigeria reaveled that Air Nigeria would have sustained a tragic air crash because Mr. Ibrahim was more interested in carting away profits than in maintaining the aircraft in his airline’s fleet and that he owed numerous service maintenance providers and lessors huge sums of debt which compelled the NCAA to revoke the airline’s air worthiness certificate, leading to its collapse.

Reports has it that Aersale, Inc. would likely seek the seizure of Mr. Ibrahim's private jet as part of a broader strategy to recouping debts owed to them.

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