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AMCON seizes control of Odengene Air Shuttle Services

Not less than a week after it seized control of Arik Air (W3, Lagos), the Asset Management Corporation of Nigeria (AMCON) has now moved on Odengene Air Shuttle Services (OHS, Lagos).

The News Agency of Nigeria (NAN) said in a report that the carrier is one of the many that secured bailout funding from government during the Goodluck Jonathan administration. Images on social media indicate AMCON moved on the helicopter operator on Wednesday, February 15, after it secured a court order.

Aside from helicopter charter services operated primarily for the oil and gas sector under the OAS Helicopters brand, Odengene Air Shuttle Services also operated a single E135 for Air Taraba.

To date, AMCON has taken control of several aviation-related entities including the defunct Air Nigeria (Lagos), Aero Contractors (N2, Lagos), Arik Air, Afrijet Airlines (Lagos) (defunct) and now Odengene Air Shuttle Services.

AMCON fires Aero Contractor's board; prepares for audit

The Asset Management Company of Nigeria (AMCON) has fired the board of directors at Aero Contractors (N2, Lagos) amid plans to undertake a forensic audit of the airline’s accounts over the last five years.

In a statement, AMCON said the removal of the current board was in the interests of the company.

“The management of AMCON decided to make changes in the management of the airline to protect the brand heritage of the airline, a very well cherished value,” it said. “An industry-based management team will be put in place to provide the highest level of professional competence which would ensure a quick re-positioning of the company."

State-owned AMCON acquired a 60% controlling stake in Aero Contractors in 2011 when it took over the airline's USD200 million worth of debt at the time. The remaining 40% is owned by the Ibru family.

Since then, AMCON has pumped in NGR20 billion (USD100.58 million) in added capital into Aero Contractors, Nigeria's oldest existing airline, in a bid to transform the carrier into a revenue generator.