The Federal Government has signed settlement agreements with the Federal Airports Authority of Nigeria (FAAN), Bi-Courtney Limited and Stabilini Visinoni Limited to resolve nearly two decades of disputes over the Murtala Muhammed Airport Terminal Two (MM2) in Lagos and an uncompleted hotel and conference centre opposite the airport.
The Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), disclosed this yesterday, saying the agreements followed a negotiated settlement initiated under President Bola Ahmed Tinubu’s directive about two years ago.
Keyamo said the signing ceremony was attended by directors of the Ministry of Aviation, the Managing Director of FAAN, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC) and other ministry officials.
Bi-Courtney Limited was represented by its chairman, Dr Wale Babalakin, and members of his team.
According to the minister, the settlement was reached after extensive negotiations between the parties to resolve complicated legal issues that had remained unsettled for nearly 20 years.
He said the negotiations involved both legal teams and eventually produced an agreement to end the prolonged dispute.
The minister explained that the signing followed the approval granted by the Federal Executive Council (FEC) on April 30, 2026, for the negotiated settlement.
He added that the dispute had generated several claims and counterclaims, with litigation progressing from courts of first instance to the Supreme Court.
Keyamo identified increased government revenue and the expansion of MM2’s operations to include regional flights within Africa among the immediate benefits of the agreement.
He said the Federal Government would, for the first time in nearly two decades, begin receiving its share of revenue from the terminal.
The settlement is expected to provide a resolution to the long-running disagreements surrounding the airport terminal and the uncompleted hotel and conference centre, although the minister’s announcement did not provide details of the financial terms or the specific obligations assigned to each party under the agreements.
