Aero Contractors (N2, Lagos) is looking to dispose of a stake in its shareholding capital to an outside party the carrier's chief executive Ado Sanusi has revealed.

Speaking at a press conference in Lagos last week, Sanusi said nineteen proposals from local and foreign investors had been received thus far of which six had now been shortlisted. According to the Daily Trust newspaper, that list will be whittled down to just three - a preferred bidder, second bidder, and standby bidder.

According to the CEO, the decision to bring in a strategic investor is part of controlling shareholder AMCON's turnaround plan for Nigeria's oldest privately-owned airline. Aero Contractors was 100% owned by the Ibru family before state-controlled Asset Management Company of Nigeria (AMCON) secured a 60% stake as part of debt/equity conversion scheme. In February last year, AMCON exercised its majority-shareholder status when it fired Aero's entire board and undertook a forensic audit of its accounts.

Under its turnaround plan, AMCON has overseen the improvement of the airline's operational assets including its MRO unit. In September, the arm secured regulator approval to undertake C-checks of B737-300/400/500 and Dash 8-400 equipment. It is looking to secure European Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA) certification before the middle of next year.

Sanusi also confirmed that Aero is in talks with Airbus, Boeing, and Bombardier Aerospace among others over its fleet renewal plans.

Aero's operational fleet currently consists of one Dash 8-200, one Dash 8-300, and two Dash 8-400s used to ply routes throughout Nigeria. Its sole B737-400 and two B737-500s are currently inactive.