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). |
| 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.