6 investors emerge as frontliners in the race to take over Aerocontractors

Managing Director of the Aerocontractors Captain Ado Sanusi this in a parley with journalists recently disclosed that 6 investors had been shortlisted to buy Asset Managment Company of Nigeria (AMCON)’s  stake. 19 potential investors had initially applied for a stake in the carrier.

Plugging the leak

Aerocontractors interim management has paid part of the salary arrears owed staff, leaving a balance of N1.8 billion.

Going forward

Sanusi also gave a hint of the airline’s plans going forward.  The carrier is discussing with major aircraft manufacturers about purchasing new aircraft.  Aerocontractors will also leverage on its maintenance hangar, for which it had gotten approval for in September. Sansusi also expressed optimisim that the workers that had been laid off could be recalled once the airline expanded operations.

Aerocontractors was formed in 1959, but commenced operations in 1960. At that time, it was wholly owned by Schreiner Airways BV, a Norwegian company.  It became a Nigerian company in 1977 in anticipation of the indigenization degree of 1977.

In January 2004, Schreiner Airways was bought by CHC helicopter, which acquired a 40% holding in Aerocontractors, while 60% was held by the Ibru family. In 2010, CHC sold its interests in Aero to the Ibru family. AMCON took over the airline in February 2016, when it became the majority shareholder and creditor.