AMCON Takes over Aero Contractors

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AMCON Takes over Aero Contractors

By Correspondent

The board of Aero Contractors has been dissolved by the Asset Management Corporation of Nigeria (AMCON). AMCON subsequently appointed a manager to oversee the affairs of the airline. The corporation further engaged the services of an accounting firm to undertake a forensic audit of the airline’s accounts over the last five years. Investigations revealed 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. According to a statement by their public relations team, “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 “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.”  

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