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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Covid19: Aligbe calls for Govt grants to airlines to stay afloat, advocates allocations to agencies

Aviation analyst and the chief executive officer, CEO of Belujane Konzult, Mr. Chris Aligbe has raised alarm on the impending collapse of the aviation industry over the severe impact of coronavirus (Covid-19) pandemic. Aligbe said this was as a result of the travel restriction which was imposed globally as a measure to contain the covid-19 pandemic. Aligbe in a chat with newsmen said the entire spectrum of the industry – the aviation agencies, the airlines, the handling companies and other aviation allied support service providers – are reeling from the…

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