British investment firm Rubicon has bought the unit for £55.1m and will now make plans to launch a carrier named 'FastJet' with Stelios.
As part of the deal easyJet-founder easyGroup will own five per cent of Rubicon.
"Under a licensing agreement with easyGroup, the airline will be branded FastJet and will use modern jet aircraft and operate to European standards," Lonrho said in a statement.
The airline already has operational hubs in East, West and South West Africa and strategic hubs in Kenya, Tanzania, Ghana and Angola
David Lenigas, executive chairman of Lonrho commented: "I am delighted that Sir Stelios Haji-Ioannou and easyGroup have studied this market and concluded that the Lonrho aviation division provides a unique entry platform for the development of a true low cost carrier for Africa, to be branded FastJet."
"The combination of Lonrho's experience in Africa; the aviation experience of Sir Stelios Haji-Ioannou and easyGroup; the route network and operations already established by Lonrho Aviation across Africa and Rubicon's cash resources will enable Fastjet to quickly develop its low cost airline."