ECONOMIC RECESSION? NIGERIA'S AERO CONTRACTORS TO HALT OPERATION FROM SEPT 1ST

In a statement from Aero Contractors Chief Executive Officer, Capt. Fola Akinkuotu states,the airline had faced grave challenges in the past six months which impacted its business and by extension the scheduled services operations.These factors, according to him are both internal and external environmental factors that have made it difficult for the foremost airline to continue its scheduled services.This business decision, which is a result of the current economic situation in the country, has forced some other airlines to suspend operation or out rightly pull out of Nigeria.He said during the period in review, Aero, which was hitherto revered for its safety, timeliness among other virtues witnessed epileptic operations and services to the external publics that are caused by non-alignment of fundamental issue of the business, which in some cases have been frustrating and embarrassing to all parties including staff, customers and indeed all stakeholders.Since AMCON’s intervention in Aero Contractors in 2011, it has provided support for the airline to meet working capital requirements and fleet expansion. These were to ensure the airline remains a going concern providing services to various clients and the general public.Unfortunately, the operating environment within and outside the airline have hindered any possible progress especially in the last six months when the naira depreciated against the dollar thus making it impossible for the airline to achieve its operational targets.