Fastjet makes move into Nigeria
13-Jun-2013 Budget African airline Fastjet (LON:FJET) is to launch a low cost carrier in Nigeria after striking an alliance with Red 1 Airways.
The memorandum of understanding will see the creation of 'Fastjet Nigeria', which will be funded by Red 1.
Fastjet will have a minority shareholding in the new venture.
Fastjet CEO Ed Winter said: "The combination of Fastjet's brand and experience and Red 1's extensive knowledge of the local aviation market and Nigerian business landscape, is a perfect foundation for a great airline.
"The Nigerian people deserve a new airline offering great value and operating to international standards of safety and reliability."
Fastjet, which was spun out of Lonrho and is backed by easyJet founder Sir Stelios Haji-Ioannou, launched in Tanzania in November last year.
The airline recently signed a memorandum of understanding with Blockbuster, a South African investment company, to set up to operate a service between Johannesburg and Cape Town. It said South Africa will be a key market for the company.
Shares shot up 14% to 1.17p each on the news.