Aero crisis: AMCON dissolves airline’s Board, appoints firm to conduct forensic audit of airline’s account for five yrs



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) said it has dissolved the Board of Aero Contractors and appointed a Manager over the affairs of the airline.


AMCON said it is now both the majority shareholder and creditor of Aero.


It said 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 service.


“AMCON has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last 5 years”, a statement signed on behalf of AMCON and sent by SY&T communications Ltd, media consultant to Aero, said.


The management assured the general public of continued operations and strict adherence to safety as all aviation regulations would be followed in the whole process.



The Travel Port recalls that Aviation unions and workers of Aero had two weeks ago, declared the Chairperson of the Board of the airline and other members brought in by Asset Management Company of Nigeria(AMCON ) some years ago, persona non grata for allegedly mismanaging the airline and refusing to review the over eight years old organogram that has outlived its usefulness.


Benjamin Okewu, President of ATSSSAN had posited that board members brought into the airline were not helping matters as they were allegedly busy collecting money and not bothered about the sustenance and survival of the airline.


In the ensuring milieu, Aero contractors management reported the activities of two main aviation unions, Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and National Union of Air transport Employees (NUATE), to the Labour and Productivity Ministry, the Aviation ministry, Nigerian Civil Aviation Authority (NCAA) and State Security Service (SSS), over what it called ‘unwholesome practice of these Associations’, saying it poses threat to safety in the organization.


But the issue led to the suspension of the union leader in the airline whom the Senate directed Aero to recall on Monday.



Aero Contractors is Nigeria’s oldest aviation company which commenced business in 1959, initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000. Currently, the Asset Management Company of Nigeria (AMCON) owns 60% of the company with the remaining 40% held by the Ibru family.


It currently provides aviation solutions for the oil and gas industry, in particular, and other industries in general, and combines Rotary Wing, Fixed Wing, maintenance and logistical support in one package.


Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law.


AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.


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