Billionaire Entrepreneur and Founder, Tingo International Holdings, Mr. Dozy Mmobuosi, has stressed that the aviation sector in Africa required more investment to develop and meet the demand of a rapidly expanding population.
In a statement on Thursday, Mmobuosi has long held ambitions to make investments in the aviation sector driven by his belief that the sector in Africa requires investment.
In 2019, the billionaire investor established Tingo Airlines Ltd (UK) with the goal of acquiring a license and operating flights between Europe and Africa. However, due to the outbreak of Covid-19 in early 2020, Mmobuosi redirected resources towards Tingo Mobile to develop Nwassa and Tingo Pay.
While Tingo Airlines Ltd (UK) is in the process of being dissolved following the disruption to the global aviation sector, Mmobuosi and Omni-Blu Aviation Limited, a fast-growing airline incorporated in Nigeria to provide regular, customised, and specialised air transportation services, entered into a Joint Venture and Mutual Cooperation Agreement (JVMC) in 2020.
They incorporated in Nigeria, a Joint Venture Company (JVCo) called Omni-Tingo Aviation Services Limited as the commercial vehicle through which their mutual aspirations would be administered.
The JVMC flights are to be operated under Omni-Blu Aviation licences [the technical partners under the JVCo] with Mmobuosi’s Family Office providing the requisite funding resources for aircraft leasing and acquisitions towards their common objective.
Whilst the Covid 19 years of 2020 and 2021 slowed down the pace for their full launch, the Omni-Tingo JVCo have made significant progress since it resumed its project implementation plan; having completed the purchase of a Sirkosky S-76C++ Helicopter in November 2022: and currently completing a transaction for the purchase of a Challenger 605 Business Jet in the USA. The JVCo is also currently in active negotiations for the lease of several regional jets to commence domestic and regional flight operations in Nigeria and across the region.
Mmobuosi, and Omni-Blu Aviation Limited through its appointed representative, own 50% shareholding of Omni-Tingo JVCo respectively.