AMCON takes over OAS Helicopters

OAS Helicopters

The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services, known more as OAS Helicopters in Lagos following a court order. It was the third aviation firm to be taken over by the bad bank in four months.

The News Agency of Nigeria (NAN) gathered that AMCON had on Tuesday sealed the company at Maryland in Lagos, indicating that the company had been taken over by AMCON.

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

NAN could not authoritatively confirm if the company is indebted to some banks that could have warranted such take over.

However, the company was among the airlines that received the Federal Government intervention fund during the tenure of President Goodluck Jonathan.

A source at the premises told NAN that the notice by AMCON said it all that the company had been taken over following a court order.

OAS is one of the leading helicopter chatter service companies in the country.

AMCON had on Thursday Feb.9, taken over the management of Arik Air.

AMCON said that the development would save Arik Airlines currently immersed in heavy debt.

For some time now, the airline, which carries about 55 per cent of the load in the country, has been going through difficult times.

These are attributable to its bad corporate governance, operational challenges, inability to pay staff salaries and heavy debt burden among other issues.

AMCON had earlier taken over the management of Aero Contractors in 2016.

The airline will resume flights, with the appointment of a new CEO.

In this article:
AMCONOAS Helicopters


1 Comment
  • GentlemanLen

    Most indicators and measurements point to a conclusion that AMCON is replacing CEO’s and other key personnel in these failed companies – with people – LESS qualified – and LESS capable than the people being replaced. Also, because the failed companies are ‘decayed’ and insolvent from the ground up – not just at the top – the entire company must be ‘cleaned out’. Arik Air is a totally failed enterprise – it cannot be rehabilitated – if it is to be saved – it must be REBUILT. AMCON is a huge element in the problem.

Related