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NEWS

FG considers converting Arik, Aero Airlines to National Carriers – AMCON

August 27, 2024 • 2 min read

August 27, 2024

By Samuel Ogunsona

The Asset Management Corporation of Nigeria (AMCON) has revealed that the Federal Government is exploring the possibility of converting Arik Air and Aero Contractors into national carriers.

AMCON Chief Executive Officer, Gbenga Alade, revealed this move on Monday during an interactive session with media executives in Lagos.

According to AMCON, this move is aimed at revitalizing the country’s aviation sector and providing a robust national airline that can compete globally.

Arik Air and Aero Contractors, two of Nigeria’s major airlines, have been under AMCON’s management since 2017 due to financial difficulties.

“The former management of AMCON presented the idea of converting Arik and Aero to a national carrier. But the former aviation minister did not buy the idea. We will present it again because that is the best option.

“Unfortunately, the special purpose vehicle that was created by the former management of AMCON for the conversion of Arik and Aero to a national carrier had been sold. But we can create another SPV this,” he explained.

The launch of Nigeria Air by former Aviation Minister Hadi Sirika, mere days before the conclusion of President Muhammadu Buhari’s administration, raised eyebrows among stakeholders due to its contentious ownership arrangement.

The Ethiopian Airlines held a significant 49% stake, while the Federal Government and a Nigerian investor consortium possessed 5% and 46%, respectively. The House of Representatives denounced the deal as fraudulent in June 2023, calling for its suspension. Subsequently, incumbent Minister Festus Keyamo announced the project’s indefinite suspension in August 2023.

According to Keyamo, “It remains suspended. It was never Air Nigeria. It was not Air Nigeria. That’s the truth. It was only painted Nigeria Air. It was Ethiopian Airlines trying to flag our flag.

“If it is so, why not allow our local plane to fly our flag? So nobody should dispute that it was Nigeria Air.

“Air Nigeria must be indigenous, must be wholly Nigerian, and must be for the full benefits of Nigeria, not that 50 per cent of the profit is for another country.”

However, the Federal Government’s decision is expected to shape the future of Nigeria’s aviation industry, providing a national carrier that can compete with global giants.