Billionaire dumps Nigeria amid recession, launches airline in Swaziland

With the Nigerian government calling for local and foreign investments to rescue the country from its current recession, Aghalieku took his business farther from Nigeria's shores.

According to Daily Post, Aghalieaku Airways commenced operations last month at the Manzini King Mswati III International Airport, Swaziland.

"Aghalieaku Airways is an aviation company that has a business strategy to set up base in the Beautiful Country of Swaziland,” a statement on the airline’s website said.

"Developing the cargo aviation sector with a powerful and dynamic vision to create a hub site that will become your channel partner to servicing the aviation sector, locally, nationally, globally."

Arinze was quoted as saying: “Driven by passion for people, development, growth and positive changes coupled with a strong will and sheer determination, my dream is to capture the aviation market sector and develop the african continent.

“My vision is to leave a legacy behind that will inspire and motivate the future generation to strive for greater heights, leaving no stones unturned in achieving their goals and vision, by beating all odds in turning their dreams into reality.”

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Pulse recalls that two weeks ago, one of Nigeria's major airline operators, Aero Contractors, shut down operations due to the economic recession, followed by First Nation airline.

While another major carrier Arik Air is battling issues relating to insurance and payment for aviation fuel.