Monday, December 10, 2012

■ NIGERIA: AeroContractors appoints Ibru as Interim MD after Akin George resigns.

Captain Akin George, the Managing Director of Nigeria's second largest domestic airline, Aero Contractors (AJ), has announced his resignation following a restructuring exercise undertaken by the Assets Management Company of Nigeria (AMCON).

An AeroContractors 737 in Accra, Ghana
AeroContractors 737 in Accra, Ghana (Oluniyi D. Ajao)
AMCON took over Aero Contractors in September at the behest of the Nigerian Central Bank over debts estimated to be USD200million.

In a statement, Aero Contractors said the carrier's Deputy Managing Director, Obaro Ibru, had been appointed Acting Managing Director in the interim.
Following the commencement of a restructuring exercise initiated by the AMCON with the support of the board of Aero, the Managing Director of Aero, Capt. Akin George, has resigned. This is the beginning of a restructuring exercise that will make the airline slimmer and stronger, with the aim of making it more competitive. George has served Aero for 24 years in various capacities.
Source [Punch] 

AeroContractors have subsequently accepted George's resignation.

Established under the Asset Management Corporation of Nigeria Act, 2010 (AMCON Act), AMCON is mandated to 'efficiently' resolve all problems associated with non-performing loans in Nigerian banks, financial institutions and corporations.