Top Nigerian Billionaires That Owns and Manages Airlines

In 2021, the Global General Aviation Market was valued at USD 25.92 Billion in 2021, and analysis shows that it's expected to reach a value of USD 36.72 Billion by 2028, at a CAGR of 5.10% over the forecast period (2022 - 2028).

In Nigeria, local airlines allow residents and tourists to travel to Lagos, Kano, Kaduna, Enugu, Calabar, Abuja, and other big cities that have airports. 

While International flights travel to different continents—most of these airlines are owned by multinational businesses. However, there are still companies in Nigeria that provide both local and international flights that are owned and controlled by Nigerians.

Let's have a look at Nigerians that own and manage airlines in the country. The list will give you an overview of the subject matter. 

1. Air Peace Limited – Allen Onyema

Allen Onyema is the founder of Air Peace Limited and the airline kicked off operations in 2013. Air Peace is a private Nigerian airline with its headquarters in Ikeja, Lagos State, Nigeria. It's the biggest airline in Nigeria and West Africa.

According to Onyema, he founded the airline with the aim of utilizing it as a vehicle to promote economic possibilities to Nigerian youth. The airline started off with Dornier 328s and Boeing 737s. The first international service to Kotoka International Airport in Accra, Ghana, was inaugurated in 2017. By 2018, Air Peace held the greatest market share in Nigeria's domestic airline business. The airline received its first Boeing 777s the same year, and operations to Sharjah began in 2019 while flights to Johannesburg, South Africas began in 2020.

2. Arik Air – Michael Arumemi-Ikhide

Joseph Arumemi-Ikhide founded the corporation in 2004 from Nigeria Airways, which was dissolved in 2002.

Arik Air is a Nigerian airline that primarily operates out of two hubs in Lagos and Abuja: Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja. 

The Arik Air Aviation Centre is located on the premises of Murtala Muhammed International Airport in Ikeja.

The Federal Ministry of Aviation gave Arik Air permission to fly to Trinidad & Tobago, as well as Amsterdam, London, and Madrid in Europe, in August 2006. The airline also intended to travel to Atlanta, Miami, and Houston in the United States, as well as Birmingham in the United Kingdom.

3. United Nigeria Airlines – Obiorah Okonkwo

Prof. Obiorah Okonkwo, who is a Russian-trained political scientist, businessman, and entrepreneur, founded United Nigeria Airlines in 2020. It is owned entirely by United Nigeria Airlines Limited.

During Q2 2020, the airline received four 50-seat Embraer ERJ-145LR aircraft. The Nigerian Civil Aviation Authority (NCAA) awarded the airline an AOC on 1 February 2021 after a thorough assessment that included test flights. The first AOC is valid until January 31, 2023.

On February 1, 2021, the new start-up acquired its Air Operators Certificate (AOC). United Nigeria Airlines, headquartered in Enugu, with an office in Abuja and an operations base at Enugu International Airport, began with four aircraft to operate scheduled flights between nine Nigerian cities: Abuja, Anambra, Asaba, Bayelsa, Delta, Enugu, Imo, Lagos, and Port Harcourt.

4. Azman Air – AbdulMunaf Yunusa Sarina

AbdulMunaf Yunusa Sarina founded Azman Air in 2010 and commenced operations in 2014 with its maiden commercial flight from Kano to Nnamdi Azikiwe International Airport on May 15, 2014. The airline commenced domestic operations in Nigeria with two Boeing 737-500 aircraft.

Azman Air leased a secondhand Airbus A330 from an Egyptian charter airline (now bankrupt Air Leisure) in October 2017 to operate international routes to the Middle East and Asia. The airline has now stopped leasing the A330 and is now only operating local flights inside Nigeria as of February 8, 2020.

5. ValueJet – Adekunle Soname

Kunle Soname, Chairman of the sports betting website Bet9ja and owner of the Portuguese football team C.D. Feirense, created ValueJet Airline in 2018.

Kunle Soname is a Nigerian politician, entrepreneur, sports fan, and the founder of Bet9ja, a betting website he launched in 2013. He is also the first Nigerian to own a European football club, C.D. Feirense, which he purchased in 2015. He is the founder of ValueJet (Nigeria), a private Nigerian airline. On October 10, 2022, the airline began operations with flights to Abuja, Port Harcourt, Asaba, and Jos.

6. Green Africa Airways – Babawande Afolabi

Green Africa Airways was created on June 15, 2015, by Babawande Afolabi, who also serves as CEO. It was a new low-cost airline aimed at the Nigerian aviation sector. The operations were scheduled to begin in 2019, but have already been postponed. The Nigerian Civil Aviation Authority issued the airline the operating licenses in mid-2018.