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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Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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