One of the largest Nigerian owned airlines, Arik Air has said it secured a loan worth $1 billion from Exim Bank to acquire at least additional 26 aircraft between now and 2016.

This is coming even as the airline disclosed that plans are in the works to enlist the carrier on the floor of the Nigerian Stock Exchange, NSE, by May 2016.

With the acquisition of another 26, aircraft, the fleet of the airline would increase to 54 as it presently has 28 aircraft.

The Chairman of the airline,  Joseph Arumemi-Ikhide revealed this in Lagos during a forum organized by the Aviation Round Table, ART.

Arumemi-Ikhide said: “We have secured a $1 billion loan from Exim Bank to acquire more aircraft for our operations. Lots of people run their companies for several years before going public, which is what we are planning to do with Arik Air.”

The airline boss also explained that getting listed on the floor of the NSE was part of efforts by the management to boost its capital base and acquire even more fleet.