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AMCON floats national carrier ‘Nigeria Eagle’, on air June

A new international airline, to be named Nigeria Eagle, may take to the sky with at least 10 planes as early as June, 2021

The Asset Management Corporation of Nigeria has reached an advanced stage towards launching a multibillion naira airline by pooling together its aviation assets especially planes in debt-ridden Arik Air and Aerocontactors Airlines.

AMCON is expected to make an official statement on the deal very soon.

It was learnt that AMCON, a Federal Government-owned bad debt manager which owns controlling stakes in both Arik and Aero, chose to establish the new airline as a clever means of wriggling out of the multibillion naira liabilities currently hanging on the two carriers.

The debts are believed to be hindering new buyers from showing interest in the two carriers which AMCON has been willing to sell to new investors.

AMCON was established by the Federal Government in 2010 to buy over bad debts from commercial banks in order to save the banking system from imminent collapse. This followed the 2009 financial industry crisis in the country.

The bad debt manager has a mandate to recover bank loans from several companies whose bad debts had been bought over by AMCON.

AMCON took over the management of Arik and Aero some years back, following the two carriers’ inability to continue servicing their debts running into several billions of naira.

# Look out for another related story entitled ..Why must AMCON float an airline?

About Younews Ng

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