The Nigerian low-cost startup airline Green Africa Airways has secured an undisclosed amount in funding, seven months after launching operations.
Leadway Assurance Company Limited, one of Nigeria’s leading insurance providers made the investment, expected to boost the airline’s fleet size as well as help the startup carrier scale up operations in the region, according to Green Africa Airways’ founder and CEO, Babawande Afolabi. “We are excited to collaborate with Leadway not only to build Green Africa, but also to positively change the industry narrative for all stakeholders.” he said.
A Green Africa Airways spokeswoman said both parties had agreed not to disclose the sum being invested while noting that the airline planned to become “one of the largest operators of the ATR72-600 in the region”.
Leadway Assurance’s Managing Director and CEO, Tunde Hassan-Odukale, stated, “Since entering service about six months ago, it has been refreshing to see Green Africa gradually stabilizing and building a strong operational track record. We look forward to assisting the new carrier as it embarks on the next phase of its journey to transform the region’s air travel landscape.”
The airline made headlines in 2020 after placing an order of 50 Airbus A220 aircraft – the largest ever coming from the continent – which were then put on hold due to the harsh economic realities brought by the COVID-19 pandemic, favoring the Avions de Transport Régional turboprops.
Right now, the Murtala Muhammed International Airport based carrier operates a fleet of three ATR72-600s leased from ACIA Aero.
