Virgin Nigeria dropping the U.K. company's brand, Virgin Atlantic and seek fresh funding

The carrier new brand will be known as Nigerian Eagle Airlines and plans a private placement.

Virgin Atlantic, which has a 49% stake in the Nigerian carrier, has been reassessing its ties in recent months. Nigerian institutional investors hold majority control.

Virgin Nigeria dropped all its international flights in January to focus on what it called its "profitable domestic and regional operations."

Virgin Nigeria was part of an array of international affiliates launched by entrepreneur Sir Richard Branson, including airlines in Belgium, Australia and the U.S.