The Asset Management Corporation of Nigeria has celebrated Aero Contractors’ financial turnaround, highlighted by an 18 per cent profit margin in 2024 and a 33 per cent reduction in liabilities.

This marks an improvement from the -69 per cent loss the airline recorded in 2022.

Speaking with media executives in Lagos on Thursday, the Managing Director of AMCON, Gbenga Alade, attributed the success to the dedication of Aero’s new management and support from the Cross River State Government.

“Right now, they have only two aircraft flying, and yet they were able to make money from them. The two aircraft did not even belong to them; they were given to them to manage by the Cross River State Government. Now that they have started to make a profit, they are creating a pool of funds to refurbish their aircraft,” Alade said.

He further disclosed that Aero Contractors planned to add five Boeing 737-500 series to its fleet through a dry lease arrangement and had received an additional two aircraft from Cross River State.

“Imagine what will happen if they have their aircraft,” he enthused, describing the airline as one to watch in the Nigerian aviation market.

The AMCON MD also reiterated the agency’s determination to recover the N4tn outstanding debt in its portfolio.

“We will not be deterred from recovering this huge outstanding sum, no matter the gang-up by obligors who have done serious damage to the Nigerian economy,” he stated.

Alade commended the judiciary, law enforcement agencies, and other stakeholders for supporting AMCON’s recovery mandate, describing it as a national assignment. “This is one of the many AMCON success stories, and it demonstrates what is possible with integrity and pragmatic leadership,” he added.

The PUNCH reports that Alade called on the judiciary to speed up the judicial process on AMCON-related cases within the 60 to 90-day timeframe stipulated by the AMCON Act.