Is Ibru Family Ready to Take Back Control of Aero Contractors?

May 2, 2017

The Ibru family has expressed its willingness to take back control of Aero Contractors, which was taken over by Asset Management Corporation of Nigeria (AMCON) due to indebtedness, reports ThisDay.


According to an aviation source who disclosed this to THISDAY, AMCON is willing to sell the airline to Ibru family or any other interested party at a good price.


Aero Contractors was initially owed by the Ibru family and CHC Helicopters of Canada. But CHC, some years ago, relinquished its stakes in the airline, leaving the Ibru family as sole owner.


The airline was taken over by AMCON when it could not offset the credit facility it secured from Oceanic Bank and later Ecobank, which absorbed the assets and liability of the defunct Oceanic bank.

THISDAY gathered from inside Aero source that First Capital, which was appointed to oversee the sale of the airline hinted that about 18 companies from Nigeria and overseas have indicated interest to buy the airline.


But according to the reports, the Ibru family is making moves to buy back the airline and is willing to pay about 50 per cent of the total debts owed AMCON, which was put at about N35 billion.


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