Less than 48 hours after dissolving the board of the oldest airline in Nigeria, Aero Contractors, the Assets Management Corporation of Nigeria (AMCON) has appointed Mr. Tunde Fagbemi as the new Managing Director of the airline.
AMCON is both the majority shareholder and creditor of Aero. It currently owns 60% of the company with the remaining 40% held by the Ibru family.
Over N20 billion was invested in the company five years ago when it was taken over by AMCON.
After months of bickering and wrangling between the airline and the labour unions, AMCON wielded the big stick by dissolving the board of the airline on Friday.
AMCON explained its intervention was informed by the need to protect the brand heritage of the airline.
According to a statement by the corporation, its intervention was in public interest and the need to protect shareholders’ money.
In line with its promise, the corporation appointed Fagbemi who has over 35 years’ experience in the aviation industry.
He was the Managing Director of Maevis Aviation Services Limited, one of the biggest concessionaires of the Federal Airports Authority of Nigeria (FAAN).
It would be recalled that FAAN had on October 31, 2007, entered into a concession agreement with Maevis Limited for the acquisition, installation, operation and management of an Integrated Airport Operation Management System (AOMS), Common User Self Service System (CUSS), Flight Information Display System (FIDS), Airport Pricing and Billing System, a proactive revenue management system and an Electronic Payment gateway system.
The Agreement covered the nation’s four major Airports including Murtala Muhammed Airport (MMA), Ikeja, Nnamdi Azikiwe International Airport (NAIA), Abuja, Port-Harcourt International Airport, Port-Harcourt and the Mallam Aminu Kano International Airport (MAKIA), Kano.
FAAN later terminated the deal worth over N10 billion citing irreconcilable differences, forcing Maevis to seek redress in court. The case is still pending.