Aviation Portfolio: AMCON Exploring New Options – Spokesperson

File photograph Managing Director/CEO, Asset Management Corporation of Nigeria AMCON Mr Ahmed Lawan Kuru (left) in a chat with Jude Nwauzor, Head of Corporate Communications Department at an event

The Asset Management Corporation of Nigeria (AMCON) has come out strongly to dispel speculations in some quarters that it is rebranding Arik Air, which it took over some years back following a humongous indebtedness of over N300billion.

In a statement issued on Thursday by AMCON’s image maker, Jude Nwauzor, the government recovery agency clarified that its proposal to aviation authorities in the country was to enable the bad bank ensure that it meets its mandate of recovering some trillions of naira owed it by obligors.

The full press release, which was signed by Nwauzor reads as follows, “Following its mandate especially as it relates to the aviation sector of the Nigerian economy, it is public knowledge that the Asset Management Corporation of Nigeria (AMCON) had approached the aviation authorities in the country seeking a licence for an independent entity where all of its aviation assets would be transferred and efficiently managed in a synergetic manner.

“AMCON currently has more than five airlines in its aviation portfolio among other assets that are scattered all over. The proposed new entity therefore has nothing to do with the rebranding any of the airlines within its portfolio as being speculated in several online publications.

“The objective of AMCON’s intervention in the aviation sector is targeted at supporting the sector, given its importance, save thousands of jobs, make the aviation sector a catalyst for the growth of the Nigerian economy and recover the huge debt owed the Corporation by these aviation entities,” the statement concluded.

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