AMCON dissolves Aero Board at last

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…calls for forensic audit of the airline

By Isaac Tersoo Agber

The Asset Management Company of Nigeria (AMCON) has dissolved the Board of Aero Contractors and appointed a new Manager over the affairs of the airline.

The company 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.

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This was made known in an online statement made available to aviation correspondents. It stated that AMCON, being the majority shareholder and creditor of Aero, would put in place an industry based management team to provide the highest level of professional competence which would ensure a quick repositioning of the company.

It further explained that 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.

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

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AMCON assured regulatory agencies, air travelers 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 read.

Aero Contractors is one of Nigeria’s oldest aviation companies, which commenced business in 1959, initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000.

The airline suffered mismanagement for a couple of years and has been struggling all the while to stay in business, when AMCON eventually came to its rescue in 2012. But the woes haven’t ended since then. AMCON owns 60 per cent of the company’s equity while the remaining 40 per cent is held by the Ibru family.

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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 was established July 19, 2010, when the AMCON Act was signed into Law by the Federal Government to serve as a key stabilizing and resuscitating tool to the financial system of the economy. It is saddled with the responsibility of efficiently resolving the non-performing loan assets of the banks in the Nigeria economy.

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