After Losses, AMCON Sells NG Eagle To Unnamed Investors

After losing several billions of naira to non-issuance of Air Operating Certificate (AOC), to NG Eagle by the Nigerian Civil Aviation Authority (NCAA), the Asset Management Company of Nigeria (AMCON), has sold its rights in NG Eagle to some unnamed investors who continued with the Air Operating Certificate (AOC) processes of the Airline 

Recall that AMCON had disclosed that Nigeria Eagle lost about $53.4 million (about N22.214 billion at the official rate of N416 to a dollar) in six months due to the non-issuance of AOC by NCAA.

70% AMCON Recovery Rate, Highest in World – Management

Salaries, insurance, engine lease/shipment, procurement, IT, logistics, rent, repair/renovation (offices), preservation maintenance, contracted engineering personnel, heavy maintenance and revenue as some of the line item categories the airline had suffered losses on since September 2021 till March 2022.

Also, LEADERSHIP exclusively reported that the NCAA, finally granted NG Eagle an AOC to operate in Nigeria airspace.

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However, the refusal of the NCAA to name the new investors for NG Eagle, however continues to fuel speculations that the airline would be granted national carrier status after the Nigeria Air project failed.

Confirming the new status of NG Eagle, the director general of NCAA, Capt. Musa Nuhu, has confirmed that a new investor has taken over the airline.

Nuhu, in an exclusive chat with LEADERSHIP, stated that the unnamed new investor continued with the process of getting AOC for the airline.

“NG Eagle now has an AOC because the Asset Management Company of Nigeria (AMCON), sold the company to an investor who completed the process,” Capt. Nuhu disclosed to LEADERSHIP.

Recall that the NCAA was set to issue the airline an AOC in September 2021, which would have enabled it to operate as a passenger, cargo, scheduled and charter flight operator.

 The certificate with the number, NGE/AOC/08- 21/001, was to expire on September 20, 2023. However, the licence was delayed following opposition from the National Assembly and some aviation unions.