PanAm747 From United States of America, joined Feb 2004, 4242 posts, RR: 9 Reply 1, posted (7 years 9 months 3 weeks 6 days 3 hours ago) and read 1868 times:
A side question - how is the Virgin group dealing with Nigeria corruption and bribery?
Please do not flame me for that question - it is a well known fact that Nigeria has far more than its fair share of croneyism. I am referring to the ones that have made business there such a tribulation, not the vast majority trying to earn a decent life.
I truly hope Virgin Nigeria can help encourage change for the better!
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EurostarVA From Bahrain, joined May 2002, 1296 posts, RR: 8 Reply 2, posted (7 years 9 months 3 weeks 6 days 2 hours ago) and read 1852 times:
It's said that Virgin Nigeria is itself part of the reforms program undertaken by the democratic dispensation. The carrier is a purely-private concern, and as such, cannot accept nothing short of profitibility (and therefore, transparency). VK was rumoured to have fired its initial staff in Nigeria (one of the reasons mentioned was corruption and under-performance).
With regards to 419 con artists and other nuisances, the Nigerian govt. is pushing agead with its "war" on corruption and other financial crimes. Just look at http://www.efccnigeria.org for a quick look at the efforts so far. A Few success stories were recorded, but still Nigeria has a long way to go before claiming to be an investers' paradise!
As far as regulatory issues are concerned, what goes on under the table is anyone's guess. The problem is not so much the corrupt administrators as it is the urgent need to provide a level playing field for all operators. This is a natural requirement for any sane investor.