After over five years of been in murky waters due to the diversion of funds and inflation of aircraft price by its the management, Aero Contractors has finally announced its plans to suspended flight operations from tomorrow, Thursday, September 1, 2016, SR reports.
The airline, which was taken over by the Asset Management Company of Nigeria (AMCON), took the decisive decision when its current management led by Capt. Fola Akinkuotu as the Chief Executive Officer (CEO), could not rescue the airline from going further down.
AMCON debt in the troubled airline has grown to N20 billion from the initial N11 billion in 2011 when AMCOM took it over. With the initial N14 billion, AMCON had 60% shares in the airline and with the current N20billion, AMCON had completely taken over the running of the airline and decided to liquidate it.
The airline has over 1,000 staff including engineers and pilots. The airline before 2011 crisis and AMCON take over, had about 18 aircraft and multiple helicopters, but as at July this year, the fleet had depleted to only two aircraft…. and 5 plane tyres….