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AMCON takes over Aero Contractors, dissolves board

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The Asset Management Company of Nigeria (AMCON) has taken over Aero Contractors after dissolving its board of directors.

The Asset Management Company of Nigeria (AMCON) has taken over Aero Contractors after dissolving its board of directors.

It has also appointed a manager over the affairs of the airline “to provide the highest level of professional competence which would ensure a quick re-positioning of the company,” it said.

Also, to ensure accountability, it had also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last 5 years. 

In a statement issued on Friday, AMCON said the takeover was in furtherance of its 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 re-positioning of the company,” it said. 

“The management of AMCON decided to make changes in the management of the airline to protect the brand heritage of the airline, a very well cherished value. 

“AMCON also maintains that its intervention is in the public interest to sustain and improve the robust and premium quality service which Aero is known for in the country.” 

It assured regulatory authorities, the travelling public and key stakeholders that the airline would continue to “operate on the solid foundation of safety and security with excellent customer service”. 

Aero Contractors is Nigeria’s oldest aviation company. 

It commenced business in 1959, initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000. 

AMCON currently owns 60% of the company, with the remaining 40% held by the Ibru family.

It is also both the majority shareholder and creditor of Aero. 

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