David O. Kuranga; Ph.D.
Managing Director
Kuranga & Associates Limited
David O. Kuranga
The administration of President Buhari announced over a year ago that they plan to overhaul Nigeria’s aviation sector. Waiting for the government to act on their announcement, Aero announced recently that they are halting operations and will likely cease to exist. Presently the Nigerian owned Arik Airways remains heavily indebted to NEXIM (Nigerian Export Import Bank) and AMCON (The Asset Management Corporation of Nigeria), owned by the government. Aero Contractors Limited is also largely owned by AMCON through its debt acquisition. Given that the government already has heavy interest in the largest indigenous airline in Nigeria, Arik Airways and also in Aero, through their heavy debt burden to two government banks, AMCON & NEXIM. It is in the interest of the government that they become profitable…
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