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Investors meet AMCON over Aero Contractors

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Three investors have currently showed interest in acquiring Aero Contractors.

They are in talks with the management of Aero Contractors, Asset Management Corporation of Nigeria (AMCON) to acquire Aero Contractors.

Confirming this on Sunday, Ado Sanusi, the Managing Director of Aero Contractors, said these investors are interested in the entire assets of the company including its maintenance, repair, and overhaul facility.

Mr Ayo Obilana, an aviation expert and the Chief Executive Officer of Selective Securities International Limited, said that the lack of transparency, due diligence and policy summersaults on the part of the Government would make it difficult for the nation’s aviation industry to attract willing investors.

Since AMCON took over the management of Aero Contractors in 2016 when it was failing, it has attracted 19 local and international investors.

In December 2017 six investors were shortlisted and now its been narrowed down to three.

However its not the same with Arik since it has not attracted any known investors except a Chinese company that showed interest in acquiring the company in March 2017, one month after the company went into receivership.

Though the management of Arik Air are saying otherwise.

Probably if they had merged with Aero Contractors in May 2017, they might have been benefiting from current patronage and investments.

About AMCON and Aero Contractors
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 stabilising and re-vitalising tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.

AMCON have acquired some companies in the past few years, like Aero Contractors, Wokson International Ltd, Gateway Portland Cement and some others.

Aero Contractors Company of Nigeria Limited, known as Aero Contractors or simply Aero on the other hand is a state-controlled Nigerian aviation company based at the Murtala Muhammed International Airport in Ikeja, Lagos State, Nigeria.

It was formed in 1959 and officially registered in Nigeria in 1960.

SOURCE; NIPC INTELLIGENCE

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