The Asset Management Corporation of Nigeria ( AMCON) has dissolved the board of Aero Contractors and appointed a manager to oversee the affairs of the airline.
The AMCON has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last five years.
Investigations reveal that the airline got N14 billion intervention funds in 2010 with additional investment by the AMCON which raised the debt profile of the airline to N20 billion.
A source said in the last five years, things went bad for the airline because of alleged mismanagement.
The source further said the takeover was “to ensure the business is sustained in order to ensure credit recovery”.
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