AMCON injected ₦50billion to stabilise aviation, urges FG to bailout sector over covid-19

Asset Management Corporation of Nigeria (AMCON) said it has injected around N50billion into the aviation sector solely to stabilize airline operations in the country between 2012 and 2020. This was disclosed on Wednesday by Mr. Aminu Ismail, the executive director, Operations at AMCON. He said AMCON’s intervention led to the purchase of about $1 billion Non-Performing Loans (NPL’s) from Nigerian banks owed by major Nigerian airlines including Aero Contractors, Arik Air amongst others. Although the aviation sector accounts for around 8 per cent of AMCON’s restructuring portfolio, Ismail explained that…

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