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AMCON takes over Aero Contractors from Cecilia Ibru & Children

AMCON takes over Aero Contractors from Cecilia Ibru & Children

The Asset Management Corporation of Nigeria ( AMCON) has dissolved the board of Aero Contractors and appointed a manager to oversee the affairs of the airline. The airline owned by the Ibru family was run to a large extent by Mrs. Cecilia Ibru and her children: Obaro and Oboden as directors.

The latest move by AMCON  is a way of saving the airline after years of supervision had yielded little fruits. AMCON has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last five years. Investigations reveal that the airline got N14 billion intervention funds in 2010 with additional investment by the AMCON which raised the debt profile of the airline to N20 billion.

A source said in the last five years, things went bad for the airline because of alleged mismanagement.  The source further said the takeover was “to ensure the business is sustained in order to ensure credit recovery”.

A statement issued by SY&T, the public relations firm handling the airline, said: “The takeover of the airline by the AMCON is in furtherance of the statutory responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner.

” 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 AMCON would like to assure the regulatory authorities, the travelling public and key stakeholders that the airline will continue to operate on the solid foundation of safety and security with excellent customer service. “

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

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

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