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| Aero |
The
Asset Management Corporation of Nigeria ( AMCON) has dissolved the board of
Aero Contractors and appointed a manager to oversee the affairs of the airline.
The
AMCON has also engaged a reputable accounting firm to undertake a forensic
audit of the airline’s accounts over the last five years.
Investigations
reveal that the airline got N14 billion intervention funds in 2010 with additional
investment by the AMCON which raised the debt profile of the airline to N20
billion.
A
source said in the last five years, things went bad for the airline because of
alleged mismanagement.
The
source further said the takeover was “to ensure the business is sustained in
order to ensure credit recovery”.
He said:”The intervention by the AMCON is based on public interest to ensure
there is a viable transport system and continuity without compromising safety
standards.”
A statement issued by SY&T, the public relations firm
handling the airline, said: “The takeover of the airline by the AMCON is in
furtherance of the statutory responsibility of acquiring eligible bank assets
and putting them to economic use in a profitable manner.
” An industry based management team will be put in place to
provide the highest level of professional competence which would ensure a quick
repositioning of the company
” The AMCON would like to assure the regulatory authorities,
the travelling public and key stakeholders that the airline will continue to
operate on the solid foundation of safety and security with excellent customer
service. “
Currently, the AMCON owns 60 per cent of the company with the
remaining 40 per cent held by the Ibru family.
Aero Contractors is Nigeria’s oldest airline.It commenced
business in 1959, initially providing services to oil and gas sector before
venturing into fix wing operations in the year 2000.
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