Reports say three Boeing and Embraer planes as well as other assets belonging to Air Nigeria will soon be sold by the Asset Management Corporation of Nigeria.
The process that will lead to the sale of the assets has been commenced by the bad debt manager, while the assets, which were acquired by AMCON several months ago, will be sold to recover the debts owed banks, but which were taken over by the corporation.
The Managing Director, AMCON, Mr. Mustafa Chike-Obi, who confirmed that the corporation would sell the assets, was, however, silent on the transaction process and its stages.
Reports have it that Air Nigeria belonged to UBA Capital, an arm of the United Bank of Africa Group.
Chike-Obi added that AMCON has converted some of Aero-contractors Airlines’ debts to equity but the carrier still owed the corporation some money.
It would be recalled that On September 28, 2004, the Federal Government and the United Kingdom-based Virgin Group signed an agreement to establish a new national carrier for the country to be called Virgin Nigeria Airways. Local institutional investors owned 51 per cent of the company, while Virgin Atlantic Airways owned the balance.
On June 2, 2010, following the acquisition of a majority share in the airline, a businessman, Mr. Jimoh Ibrahim, announced that it had undergone a further name change to Air Nigeria Development Limited, but branded as Air Nigeria.
On September 6, 2012, Air Nigeria announced that the management had fired its workers for disloyalty and that it would suspend all its local, regional and international operations. Air Nigeria stopped operations on September 10, 2012.
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