AMCON Takes Over Aero, Appoints Ibru CEO

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Following a restructuring by the Asset Management Company of Nigeria on Aero Contractors Airlines, the Managing Director, Captain Akin George has resigned, said a statement by the company.

For some months now, AMCON has been involved in the running of Aero after it took over some of its debts running into billions of naira from banks.

The statement read, “Following the commencement of a restructuring exercise initiated by the AMCON with the support of the board of Aero, the Managing Director of Aero, Capt. Akin George, has resigned. This is the beginning of a restructuring exercise that will make the airline slimmer and stronger, with the aim of making it more competitive. George has served Aero for 24 years in various capacities.”

The Chairman of the board, Mr Funso Kupolokun, was quoted as saying, “The board accepts the resignation of Capt George and appreciates the services he rendered to the airline over the past two decades. We wish him success in his future endeavours.”

The statement also said that the Deputy Managing Director, Mr Obaro Ibru, has now been appointed as the acting Managing Director. He has a vast experience in aviation and banking, ranging from Aviation Project Development, Consumer Banking, Product Development, Strategy, Internal Control and Compliance and Business Process Engineering among others.

The resignation of the CEO confirms the rumours that had been going around throughout last week. This is after the Managing Director of AMCON, Mustapha Chike-Obi had a few months ago said AMCON was planning on restructuring the company.

Chike-Obi told the National Assembly at a recent public hearing that airlines owed AMCON N135bn. It has also been learnt that the government agency might force partnerships between local and foreign airlines for better management, as Nigerian airlines are generally facing financial distress.

However, the Federal Government is mooting the idea of setting up an aircraft leasing firm to assist domestic airlines acquire airlines.

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