SAN FRANCISCO, February 05, (THEWILL) – The Asset Management Company of Nigeria, AMCON, has dissolved the board of Aero Contractors and appointed a manager over the affairs of the company. This is in furtherance of its statutory responsibility of acquiring eligible bank assets and deploying them to profitable economic use.
Disclosing this in a statement issued on Friday, AMCON, which is the majority shareholder and creditor of Aero, stated that “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.”
At the moment, AMCON owns 60 per cent of the nation’s oldest aviation company, with the Ibru family owning the remaining 40 per cent. At its commencement of business in 1959 Aero was initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000.
The statement which announced the takeover 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.
“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.”
While assuring regulatory authorities, customers and other stakeholders that the airline would continue to “operate on the solid foundation of safety and security with excellent customer service,” AMCON promised to engage a reputable accounting firm to undertake a forensic audit of the airline’s accounts since the last five years.
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