Nigeria - Uncertainty As AMCON Takes Over Aero Contractors
https://nigeriaafrica1.blogspot.com/2012/09/nigeria-uncertainty-as-amcon-takes-over.html
THE Nigerian aviation sector seems to have been further plunged into another uncertainty, with the take-over of Aero Contractors by the Assets Management Corporation of Nigeria (AMCON).
The development has thrown the corporate clients of the airline, especially the multinational oil companies to confusion.
The Ibru family-owned airline was taken over due to massive debt amounting to $203 million.
Besides its take-over by AMCON, the Central Bank of Nigeria (CBN) also dealt another blow to the airline, by announcing on Friday that all credits to it should be halted because of the debt.
Confirming this in a statement, Chief Financial Officer of the airline, Omoke Enyi, said “we can confirm that Aero’s debt has been taken over by AMCON. Currently Aero is going through a restructuring exercise under AMCON, pending final approval by AMCON board, which is expected very soon.”
According to him, Aero was allowed limited access to funds by the banks through AMCON for its working capital.
The Ibru family-owned airline was taken over due to massive debt amounting to $203 million.
Besides its take-over by AMCON, the Central Bank of Nigeria (CBN) also dealt another blow to the airline, by announcing on Friday that all credits to it should be halted because of the debt.
Confirming this in a statement, Chief Financial Officer of the airline, Omoke Enyi, said “we can confirm that Aero’s debt has been taken over by AMCON. Currently Aero is going through a restructuring exercise under AMCON, pending final approval by AMCON board, which is expected very soon.”
According to him, Aero was allowed limited access to funds by the banks through AMCON for its working capital.
