TheCable

The Asset Management Corporation of Nigeria (AMCON) says it has received commendation from airline passengers for its intervention efforts in Arik Air and Aero Contractors.

In a statement received by TheCable and signed by Jude Nwauzor, the corporation said Arik Air is “now the number one when it comes to keeping to flight time schedules”.

In February 2016, AMCON took over Aero Contractors, one of the domestic airlines in the country, in furtherance of its statutory responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner.

AMCON had acquired 60% shares in the company with the other 40% being owned by the Ibru family.

A year later, in February 2017, AMCON also took over Arik Air, saying the airline was on the brink of collapse with a debt profile of over N300 billion.

“A good number of passengers who spoke to us at the terminal of Arik at the local airport wing, Ikeja said it was refreshing to see that all the delays and flight cancellations, which Arik was known for before AMCON came have all regularised,” AMCON said in a statement.

“Aero Contractors airlines, which like Arik is also under the receivership of AMCON has made history by conducting the first C-check on a Boeing B373.

“Recall that Aero under the able leadership of Ado Sanusi, chief executive officer, was certified by the Nigerian Civil Aviation Authority (NCAA), which issued approved maintenance organisation (AMO) certificate to Aero, qualifying it to carry out aircraft maintenance up to C-check level on Boeing Classics: B737-300, B737-400 and B737-500.

“The airline also hopes to secure European Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA) certification before the middle of next year.

“The implication of this is that other airlines in Nigeria would save a lot of money by making use of Aero facilities for their C-checks instead of doing so abroad.”