TheCable

The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services (OAS) Helicopters in Lagos.

This comes five days after the agency took over Arik Airlines, which is currently immersed in heavy financial debt burden.

On Tuesday, AMCON sealed the head office of the company in Maryland, Lagos.

A court order on the company’s office reads: ‘POSSESSION TAKEN TODAY 14/2/17 BY AMCON COURT ORDER ON SUIT NO. FHC/4CS/1139/2016’.

NAN said it could not confirm if OAS is indebted to some banks, but listed the company among the airlines that received intervention fund from the federal government during the tenure of former President Goodluck Jonathan.

OAS is one of the leading helicopter chatter service companies in the country.

For some time now, the airline, which carries about 55 percent of the load in the country, has been going through difficult times.

These are attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues.

AMCON took over Aero Contractors in 2016, but the airline has not regained stability since then.