The Asset Management Company of Nigeria (AMCON) has fired the board of directors at Aero Contractors (N2, Lagos) amid plans to undertake a forensic audit of the airline’s accounts over the last five years.
In a statement, AMCON said the removal of the current board was in the interests 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,” 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 re-positioning of the company."
State-owned AMCON acquired a 60% controlling stake in Aero Contractors in 2011 when it took over the airline's USD200 million worth of debt at the time. The remaining 40% is owned by the Ibru family.
Since then, AMCON has pumped in NGR20 billion (USD100.58 million) in added capital into Aero Contractors, Nigeria's oldest existing airline, in a bid to transform the carrier into a revenue generator.
At one point, AMCON had considered using Aero as the foundation for a proposed new national carrier - Nigerian Eagle (2013) (Lagos) - which would also have incorporated another of the firm's assets, the defunct Air Nigeria (Lagos). The plan, however, failed to materialize after government failed to reach an agreement with the Ibru family over funding and equity holdings in Nigerian Eagle.
At present, Aero operates a fleet of seven B737-400s, six B737-500s, one Dash 8-200, one Dash 8-300, and two Dash 8-400s on flights throughout Nigeria as well as to Ghana.
