Assets Management Corporation of Nigeria (AMCON) has put up Jimoh Ibrahim's moribund Air Nigeria aircrafts for sale to recoup part of the over N35billion debt he is owing the Corporation.The assets according to report are three Boeing and Embraer planes as well as other assets belonging to the Airline. The Managing Director, AMCON, Mr. Mustafa Chike-Obi, confirmed the development on Thursday, He disclosed that Air Nigeria belonged to UBA Capital, an arm of the United Bank of Africa Group. We gathered that United Bank for Africa Plc took over Air Nigeria’s non-performing loans estimated to exceed N35billion when the company could no longer service the debt.
The company was formerly known as Nigeria Airways, later Virgin Nigeria when Richard Branson took over 49 percent stakes in the company. Mr Jimoh Ibrahim acquired the airline afterward and renamed it Nigerian Eagle Airlines and finally Air Nigeria. In 2012, following boardroom squabble Mr. Ibrahim announced that the management had fired its workers for disloyalty and that it would suspend all its local, regional and international operations.
Hoever, some of Nigeria's private airlines operating on our local routes are troubled. According to checks most of them operate with Bank loans and overdrafts. A Ministry of Aviation audit report released recently has it that Aero Contractors owned by the Ibru family, which is under AMCON's management owes Ecobank formerly Oceanic Bank a total debt of $200m (N34bn), the airline had free access to operational funds when Mrs Cecilia Ibru's held sway as the bank's CEO.Arik Air is said to be owing AMCON $600m (N102bn), IRS Airlines, was recently blacklisted by Unity Bank Plc over $55m (N9.4bn) debt, Chanchangi Airlines also has a debt of $55m (N9.4bn) hanging over it's neck
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