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AMCON appoints Fagbemi new Aero MD

By Lawani Mikairu

The Assets Management Corporation of Nigeria, AMCON, has appointed Mr. Tunde Fagbemi as the new Managing Director of Aero Contractors. Until his appointment Fagbemi was the Chief Executive Officer, CEO, of Maevis Nigeria Limited.

Last Friday, AMCON took over the daily running of Aero Contractors and sacked the management of the company. AMCON is the airline’s creditor and major shareholder.

Fagbemi as the CEO of Maevis provided the first IT based passenger facilitation system at the Murtala Muhammed Airport, Lagos, which reduced the time spent by passengers before they are checked in to their flights.

AMCON, last Friday dissolved the board of Aero Contractors Airlines. The debt management company had said the reason behind the takeover is to protect the brand heritage of the airline maintaining that its intervention is in the public interest to sustain and improve the “robust and premium quality service of the airline.”

AMCON has also engaged a reputable accounting firm to undertake a forensic audit of the airline’s accounts over the last 5 years.

Aero Contractors is Nigeria’s oldest aviation company, which commenced business in 1959, initially providing services to oil and gas sector, before venturing into fix wing operations in the year 2000.

Currently, AMCON owns 60 percent of the company, with the remaining 40 held by the Ibru family.

AMCON had, in 2010, invested 15 billion Naira in Aero and later injected five billion Naira, bringing their total financial exposure to 20 billion Naira.


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