By Bennett Oghifo and Chinedu Eze
The assumption of full ownership of Aero Contractors, a premium airline in Nigeria, will not affect its flight operations, the Managing Director of the Asset Management Company of Nigeria (AMCON), Ahmed Kuru has said following the full take over of the airline by AMCON.
Also, forensic audit of the company, would be done by Ernst & Young, a multinational professional services firm headquartered in London, United Kingdom and, one of the "big four" audit firms.
Kuru told THISDAY in a telephone chat, last night, that a strong team of management professionals would be put in place to manage the affairs of the airline, as AMCON does not manage businesses.
Kuru said it was important to get a good management team for the airline because “beyond funding they had a problem with corporate governance.”
He said the airline deserved the best team of professionals “so that they can fly safely and operate profitably. So, we are going in to support them, with safety paramount on our mind.”
The AMCON boss said AMCON would announce an exit plan later after all the processes have been put in place, adding, “Aero is a strong brand that needs to be supported. We don’t want it to lose its prime position in the industry.”
As things stand now, he said the board of the company had been dissolved as is normal in this kind of situation.
The full acquisition of Aero by AMCON comes on the heels of many months of clamour by labour and other Nigerians.
AMCON absorbed the toxic assets of the company when it was headed down due to bloated debts to the defunct Oceanic Bank.
Ecobank, which bought over the then Oceanic Bank Plc, offloaded the debts on AMCON that has now invested about N20 billion of public fund in the airline.
The AMCON boss said AMCON would announce an exit plan later after all the processes have been put in place, adding, “Aero is a strong brand that needs to be supported. We don’t want it to lose its prime position in the industry.”
As things stand now, he said the board of the company had been dissolved as is normal in this kind of situation.
The full acquisition of Aero by AMCON comes on the heels of many months of clamour by labour and other Nigerians.
AMCON absorbed the toxic assets of the company when it was headed down due to bloated debts to the defunct Oceanic Bank.
Ecobank, which bought over the then Oceanic Bank Plc, offloaded the debts on AMCON that has now invested about N20 billion of public fund in the airline.
In 2010 when AMCON took over the company, it invested about N14 billion and owned 60 per cent of its stakes but with yesterday’s move, it now owns the company 100 per cent, as a creditor and manager.
AMCON, in a statement 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 (AMCON) 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.
“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 company.
AMCON, in a statement 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 (AMCON) 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.
“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 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.
“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 servic
“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 servic
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