AMCON Dissolves Aero Board

As part of its statutory responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner, the Asset Management Company of Nigeria (AMCON) has dissolved the Board of Aero Contractors and appointed a Manager over the affairs of the airline.

This is just as the company said that it has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last five years.

The decision to dissolve the board is coming on the heels of the numerous protests by aviation unions; Air Transport Services Senior Staff Association (ATSSSAN) and the National Union of Air Transport Employees (NUATE) against the management of the company for allegedly mismanaging the embattled airline.

In a statement, AMCON stated that an industry based management team would be put in place to provide the highest level of professional competence which would ensure a quick repositioning of the company. AMCON decided to make changes in the management of the airline to protect the brand heritage of the airline, a very well cherished value.

The statement further maintained that its intervention was in the public interest to sustain and improve the robust and premium quality service which Aero is known for in the country.

However, AMCON assured regulatory agencies, air travellers and stakeholders that it would continue to provide safe flights and excellent service
“AMCON would like to assure the regulatory authorities, the traveling public and key stakeholders that the airline will continue to operate on the solid foundation of safety and security with excellent customer service,” the statement reads.

Presently, AMCON owns 60 per cent of the company with the remaining 40 per cent held by the Ibru family.
It currently provides aviation solutions for the oil and gas industry, in particular and other industries in general, and combines Rotary Wing, Fixed Wing, maintenance and logistical support in one package.

AMCON is both the majority shareholder and creditor of Aero.