‘AMCON Killed AERO Contractors’

A senior management staff of Aero Contractors has alleged that the Asset Management Corporation of Nigeria [AMCON] was the brain behind the recent indefinite suspension of scheduled air services by Aero Contractors, the nation’s second largest airline.

The official alleged that the management of AMCON connives with the former management of Aero to siphon vital revenue from the airline, making it difficult for Aero to meet basic day-to-day operational needs.

The Aero top management staff told Business Journal: “If you want to know what happened to Aero, go to AMCON because the AMCON people were working with former management of Aero to siphon funds meant for the running of the airline. It is an open secret at the airline but nobody could speak up to avoid being sacked. Buhari cannot be fighting corruption without looking at AMCON. They are more corrupt than the politicians the EFCC is running after. I can tell you clearly that AMCON killed Aero Contractors.”

Business Journal made spirited efforts to reach Mr. Jude Nwauzor, Head of Corporate Communication at AMCON for clarification on the allegation. He did not respond to phone calls and SMS sent to his phone line.

Hot this week

Stanbic IBTC Bank PMI: Strongest Growth of Output Since February 2022

September data signalled strengthening growth momentum in Nigeria's private...

Stanbic IBTC’s AAA (nga) Rating, Unbroken for a Decade, Reaffirmed by Fitch

Stanbic IBTC has been reaffirmed at 'AAA (nga)' by...

A&G Pitches 5-Point ‘Extra Mile’ CSW 2026 Strategy to Brokers Driven by Recapitalisation Strength

Alliance & General Insurance Plc has initiated a strategic...

Recapitalisation: The Road to Strong Capital Adequacy, Growth for Insurance Industry

The recent conclusion of the recapitalisation exercise in the...

AXA Mansard’s New Campaign Seeks to Deepen Insurance Penetration as Path to Economic Growth

AXA Mansard Insurance Plc has unveiled a new strategic...

Topics

NAICOM, Kaduna State Partner on Compulsory Insurance

President, National Association of Insurance and Pension Correspondents (NAIPCO),...

TLcom’s TIDE Africa Fund Closes at $71m

   TLcom, the Africa-focused Venture Capital firm says it has...

Sovereign Trust Insurance Earn TEXEM’s Recognition Award

L-R: Segun Bankole, DGM/Head, Corporate Communications & Investor Relations,...

Union Bank Earns BBB+, Stable Rating from GCR

Global Credit Ratings Co. (GCR) has affirmed Union Bank...

SMILE Excites Customers with New Device, Bonus Offers

Smile, pioneer 4G LTE telecommunications service provider in West...

Pension Industry Will Invest in Infrastructure, Real Estate to Diversify Investment

As the new Contributory Pension Scheme (CPS) continues to celebrate its runaway successes, Mrs. Chinelo Anohu-Amazu, Director General, National Pension Commission (PenCom) speaks on the challenges of the scheme and the way forward. Review of Pension Industry in 2014 The activities in the Pension Industry were guided by the need to ensure sustainability and safety of pension funds as well as payment of retirement benefits. In the course of the year, and in line with the dynamics of the operating environment, some of the supervisory and regulatory frameworks were modified.

Africa CEO Forum Taps into Private Sector Growth Plan

The 4th Africa CEO Forum – meeting place for...