AMCON takes over Aero, to audit airline’s accounts

The Asset Management Company of Nigeria has taken over the management and operations of Aero Contractors airline and has appointed a manager for the carrier.  It also announced that it had hired a reputable firm to undertake a forensic audit of the airline’s books.

Currently, AMCON owns 60 per cent of the company with the remaining 40 per cent held by the Ibru family.

AMCON, in a statement signed by its management and issued by the media consultancy firm of Aero Contractors on Friday, said, “In furtherance of the statutory responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner, the Asset Management Company of Nigeria has dissolved the Board of Aero Contractors and appointed a manager over the affairs of the airline.

“AMCON is both the majority shareholder and creditor of Aero.”

According to the asset management company, 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 Aero Contractors.

It added, “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.

“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.

AMCON has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last five years.”

AMCON was established on the July 19, 2010 to be a key stabilising and re-vitalising tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.