Ceiba Intercontinental reportedly redirects Abayak revenues via Cronos
By the AFREEQUE newsroom, based on Radio Macuto
Equatorial Guinea's state-owned airline Ceiba Intercontinental reportedly leases an aircraft from Cronos Airlines and covers only about 10% of its services this way. Ticket revenues are paid to the Abayak group, linked to the Obiang family, according to industry sources cited by Radio Macuto.
Equatorial Guinea's state-owned airline Ceiba Intercontinental is using an aircraft leased from Cronos Airlines to operate some of its flights, while ticket revenues are collected by Cronos and transferred to the Abayak holding company, linked to the family of President Teodoro Obiang Nguema Mbasogo, according to industry sources cited by Radio Macuto. The leased aircraft reportedly covers only about 10% of Ceiba Intercontinental's services, which maintains low-frequency domestic and regional routes.
Radio Macuto claims that Cronos Airlines was founded in 2007 by Greek entrepreneur Andreas Kaïafas, its chief executive, but attributes its effective ownership to Constancia Mangue, the Equatorial Guinean president's wife. The media outlet also claims that Cronos funds reach Abayak through a network of front men whose composition has changed over time.
The situation comes as Ceiba Intercontinental has been seeking solutions to maintain its operations for several years. According to Radio Macuto, the Equatorial Guinean vice-president has chaired meetings on the airline's recovery since 2024, initially with Ethiopian Airlines and then with Lufthansa Consulting.
The arrangement described by Radio Macuto also concerns GETESA, Equatorial Guinea's state-owned telecommunications operator, whose funds the media outlet claims are also directed to Abayak. Cronos Airlines had also cancelled flights to mainland Equatorial Guinea on 29 October, according to a previous publication.
