‘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

Bharti Airtel: 72% Net Profit Fall Powered by Forex, Africa Acquisition

Sunil Bharti Mittal Chairman/Group CEO Bharti Airtel India's Bharti Airtel has reported...

NAICOM Migrates to Online Operations Effective Sept 1

The National Insurance Commission (NAICOM) says its operations will...

Why Investors Should Not Ignore Opportunities in Fragile States

Africa is experiencing fewer wars than it did two decades ago but conflict, insecurity and the fragility of states is still a major concern for business. Politically motivated instability can be seen in countries like Burundi, South Sudan, Mali, eastern DRC, Libya and Somalia, while Nigeria and Kenya are dealing with terrorist activities. But American entrepreneur Jake Cusack believes there are “genuine economic opportunities” in these fragile markets. He says companies need to be strategic about what parts of a country they invest in, and whom to partner with, as opposed to writing off an entire country.

CBN Unveils Draft Guidelines for Regulation of MFBs

The Central Bank of Nigeria (CBN) has issued a...

Emerald Zone to Empower Preteens, Teenagers with Coding Skills in August

In line with its annual social project, Emerald Zone,...