– The Asset Management Company of Nigeria (AMCON) has dissolved the board of Aero Contractors
– A new manger has taken over the affairs of the airline
Emerging reports suggests that the board of Aero Contractors has been dissolved.
The Cable reports that the dissolution was carried out by the Asset Management Company of Nigeria (AMCON).
According to AMCON, the takeover was in furtherance of its statutory responsibility of acquiring Eligible Bank Assets and putting them to economic use in a profitable manner.
AMCON is both the majority shareholder and creditor of Aero, currently having 60% of Aero, with the remaining 40% held by the Ibru family.
In its statement on the takeover, AMCON said: “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.”
“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, ” the statement read in parts.
It also 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”.
AMCON further informed that it had also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last 5 years.
Aero Contractors is Nigeria’s oldest aviation company, having commenced business in 1959, initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000.
It would be recalled that the Minister of State for Aviation, Hadi Sirika had ordered for an immediate investigation into the use of a ladder by Aero Contractors Airlines to disembark passengers from a charter flight at the Bauchi Airport on Saturday, December 19.
Following the uproar stirred by the ladder saga and investigations into the matter, the Nigerian Civil Aviation Authority (NCAA) imposed a fine of several millions of naira on the airline management and the captain of the flight for the incident.
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