Aero Contractors (N2, Lagos) has attracted three investors who are now in advanced talks with government agency Asset Management Corporation of Nigeria (AMCON), the current owner of the airline, Punch has reported.

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. Following a near-collapse of the airline in 2016, Aero Contractors underwent deep-cutting restructuring. AMCON has since been looking at selling the carrier to a private entity and initially attracted as many as 19 prospective investors.

The list of potential bidders was subsequently narrowed down to six, of which three have now been shortlisted.

Aero Contractors operates one B737-400, three B737-500s, one Dash 8-200, and one Dash 8-300 on an exclusively domestic network out of Lagos and Abuja.

AMCON also owns the struggling flag carrier Arik Air (W3, Lagos) since the 2017 takeover. Although the state-run agency is planning to divest from Arik Air, no investors have so far been found for the debt-ridden airline.