The Asset Management Corporation of Nigeria (AMCON) has taken over another airline, 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.

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

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



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 however reports that it 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.

Recall that AMCON had on Thursday Feb.9, taken over the management of Arik Air, after it had earlier taken over the management of Aero Contractors in 2016.

http://www.metronaija.com/2017/02/amcon-takes-over-another-airline.html

Effects of recession.

JacksonD7:
Effects of recession.

You mean full blown depression.

Airline industry is the first sector of any economy to feel the effects of an economic slump or gain.
As air travel is directly related to economic activity.

I wonder if ds good news or bad news for Nigeria

What is happening to all these airlines now

If u started a business and have burrowed millions running to billions to set it up but were unable to settle ur installments for over a long period of time after over 2-3 restructure, then this will definitely happen to u. Let the truth be said, Banks in Nigeria are broke because of the inflow of stolen Government's monies and these banks do not have other source except through the masses savings, that's the reason they are now waking up to run after their debtors. You wonder why the ATM's were empty during the December period, no more free monies.

AMCON and taking over of other people's properties are like 5 & 6

JacksonD7:
Effects of recession.

Effects of Bubu inefficiency rather.

AMCON=mad over airlines #kilonshele qan qan

In 1984 many airlines folded up under the poor leadership of Buhari so I am not suprised

That man jonadumbfuck would always feature in every bad news in this country. What a curse to humanity.

but a thread below says the economy was recovering in full speed...LOL

Let us see if AMCON can do better.

How can a nation progress if all this fake companies are owing money upadown

AMCON AIRLINE loading.....

As the economic crunch bites harder, folks will jettison flying and airlines loss revenue.. It is that simple. buhari has made flying a luxury again.

Who will be next? Very soon AMCON will take over every business, but the question is will they manage them well? Will people not lose their jobs?
Is this the ONLY way to turn around the fortunes of these businesses

They should not seal the company. If they are still carrying out operations, it makes sense to have a management take over rather than sealing the company premises which sends a bad impression to its customers. Smh

When you have airlines who run the companies like their private homes (Ibru family and Aero) instead of like a true business, then AMCON has a right to take them over. How come airlines are owing billions of Naira to banks while their top management are living very opulent lifestyles? Business owners should live within the incomes of their businesses for them to survive.

And I wanted to book a ticket for Gazzuzz at least to cure his curiosity...

SalamRushdie:
In 1984 many airlines folded up under the poor leadership of Buhari so I am not suprised

Name them you liar.

holluwai:
but a thread below says the economy was recovering in full speed...LOL

Even when you are experiencing growth, some businesses still file for bankruptcy. People should stop analyzing like they did not pass common entrance exams in primary school without cheating.

It is not about your post alone but thousands we have read over time.

metronaija:
The Asset Management Corporation of Nigeria (AMCON) has taken over another airline, 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.

Bad bank? What does that mean?

omenkaLives:
That man jonadumbfuck would always feature in every bad news in this country. What a curse to humanity.

This your lame attempt at deflecting to GEJ no go work again.

Azman, Medview, Air Peace and Dana airlines entered Nigerian aviation industry under GEJ.

Under your useless Buhari, Arik has gone under

Or was GEJ responsible for Foreign airlines threatening to exist our airspace over shoddy forex regulations rolled out by this highly incompetent APC govt under the dullard?


Forex scarcity, increasing cost of fuel, increasing tax and levies and a depressed economy with nothing moving are all what led to Arik going down.



All your silly cheap propaganda tactics no dey work again.

BMC staff that is paid to insult Jonathan allover social media

And someone will tell me Nigeria is getting better

arsenal33:


Name them you liar.

When Buhari took over from Shagari he inherited a Nigeria Airways which was then the biggest airline in Africa and the middle east with 33 operational aircraft but under Buhari's poor leadership 15 months later the same airline would cut over a thousand jobs and was reduced to a 6 aircraft airline from where it never ever recovered ..

Na to go apply for work there ooo

omenkaLives:
That man jonadumbfuck would always feature in every bad news in this country. What a curse to humanity.

What a stupid post!

arsenal33:

Name them you liar.

he is not lying.