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Monday, September 24, 2012

UNCERTAINTY AS AMCON TAKES OVER AERO CONTRACTORS

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

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.


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