AMCON takes over OAS helicopters

….. As Arik suspends International operations
The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air Shuttle Services, OAS Helicopters in Lagos following a court order.

The management of AMCON on Tuesday sealed the helicopter company’s headquarters at Maryland in Lagos, indicating that the company has been taken over by AMCON.

It could not be ascertained if the helicopter company is indebted to some banks that will warrant such take over, but the company was among the airlines that received the federal government intervention fund during the tenure of President Goodluck Jonathan.

But the notice on the premises of the OAS says it all that the company has been taken over following a court order.

The Order on the company’s office reads: “POSSESSION TAKEN TODAY 14/2/17 BY AMCON BY COURT ORDER ON SUIT NO. FHC/4CS/1139/2016.

OAS is one of the leading helicopter chatter service companies in the country.
A top management staff of AMCON who does not want his name in print confirmed the taking over over.

It will be recalled that AMCON had on Thursday February 9 took over the management of Arik Air.

AMCON said development will save Arik Airlines currently immersed in heavy financial debt burden that is threatening to permanently ground the airline.

For some time now, the airline, which carries about 55percent of the load in the country, has been going through difficult times that are attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the call for authorities in the country to intervene before Arik goes under like many before it.

AMCON had earlier taken over the management of Aero Contractors in 2016.
The airline is currently not doing well after the take-over as it requires professional turn around.

Last year the federal government disclosed of plans to float a new national carrier.

The take-over of domestic airline companies here and there may not be unconnected with the federal government plan of floating a new national carrier.

Meanwhile the management of Arik airlines has announced its intention to suspend its international flight operations to enable them find permanent solution facing passengers.

A statement by the management of the Arik airlines said the suspension will enable it to carry out a thorough assessment of the situation.

“The strategic business decision is meant to realign our operations and refocus on satisfying our domestic and West Africa and other international passengers.

It will also present Arik with excellent opportunity to engage and discuss with creditors who have become restive since the intervention and have also understandably exhausted their patience due to non-payment of accumulated debt and non-performance on services and contracts.”

The statement said arrangements were being made to refund all international passengers of the airline that were affected by this decision.

“To our international creditors, Arik is most grateful for your patience and understanding. We reassure them that all pending issues with the airline will be duly addressed as a matter of priority as we plan to engage them in this regard.”

It further stated that the international route was very critical for the strategic turn around, growth strategy and stability of the airline saying that the airline intended to revisit the routes immediately all the problems inherited were addressed.