The Federal Government and Bi-Courtney Aviation Services Limited have ended a 20-year legal and financial dispute following the approval of a comprehensive settlement by the Federal Executive Council.

Minister of Aviation and Aerospace Development, Festus Keyamo, announced the breakthrough, describing the agreement as a major step towards resolving the long-running dispute.

Under the new agreement, Bi-Courtney completely wrote off a massive N132 billion judgment debt and interest claim against the government.

In exchange, the government removed exclusive clauses and restored specific concessions, allowing the federal administration to finally earn revenue from the Murtala Muhammed Airport Terminal Two, MM2, operations.

Keyamo also highlighted a major upcoming initiative to establish an aircraft leasing company backed by international investors to tackle domestic fleet constraints.

He said the collaborative steps are designed to generate high-quality jobs, modernise airport infrastructure and empower Nigerian carriers to reclaim market share amid competition from foreign airlines.