Fastjet signs MoU with Red 1 Airways to operate in Nigeria.
Fastjet plc (fastjet) on Thursday signed a Memorandum of Understanding, MoU, with Nigeria’s Red1 Airways Ltd, to create a low cost airline operating within Nigeria and to destinations across Africa.
The MoU brings together fastjet’s strong brand, reputation, management experience and economies of scale, and Red1’s extensive local market knowledge within Nigeria.
The airline will be branded Fastjet Nigeria.
Fastjet plc is the holding company for African airline Fly540, which operates in Tanzania, Kenya, Ghana and Angola. Flights under the Fastjet brand commenced operations in Tanzania, November 2012.
The airline has introduced Airbus A319s into its fleet and by adhering to international standards of safety, quality, security and reliability; it claims to have brought a new flying experience to the African market at unprecedented low prices.
Red 1 is a Nigerian commercial aviation business and airline holding company based in Abuja, Nigeria. It is in the process of obtaining an Airline Operating Certificate (AOC) and finalizing plans to start a low-cost airline operation to service Nigeria and the rest of Africa from Nigeria.
A statement by the media handlers of the firms said the capital required for the venture will be the responsibility of Red 1.fastjet plc, which will have a minority shareholding in fastjet Nigeria; while a commercial arrangement will exist between Red 1 and fastjet for the provision of the fastjet Brand, Operational Framework and Management Services.
It added, “Fastjet will provide further details on the signing of binding contracts.
Since launching in Tanzania in November 2012, Fastjet has established itself as a provider of safe, reliable and high quality air travel in Africa; Fastjet Nigeria intends to bring this same level of service to Nigeria, the most populated country in Africa with more than 165 million people.
“The Fastjet Nigeria management team will be led by Red 1, who will oversee day to day operations, while the Fastjet plc management team will bring its extensive experience and expertise of the lowcost airline industry to the partnership. Operating within Fastjet’s growing Pan-African organisation the partnership is planned to provide Fastjet Nigeria with an extensive distribution network.”
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