Business
AMCON sacks Aero board, plans forensic audit of accounts
The management and financial crisis facing Nigeria’s oldest surviving airline, Aero Contractors may have come to a head as the Asset Management Corporation of Nigeria (AMCON) has dissolved the board of the company and appointed a manager to oversee the affairs of the airline. An accounting firm was also engaged to carry out a forensic audit of the airline’s account over the last five years.
SY&T, the public relations agency handling the airline, in a statement, comfirmed the take over, adding that it was in furtherance of AMCON’s statutory responsibility of acquiring Eligible Bank Assets and putting them to economic use in a profitable manner.
AMCON owns 60 percent of the company while the Ibru family holds the remaining 40 per cent.
The PR firm said further in the statement: “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.
“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.”
It would recalled that Aero got N14 billion intervention fund in 2010 with additional investment by AMCON which has raised the debt profile of the airline to N20 billion.
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