AMCON takes over OAS Helicopters

Ebun Francis with agency report

Less than a week after the take over of Arik Airline by the Asset Management Corporation of Nigeria (AMCON), the Corporation on Tuesday took over Odengene Air-Shuttle Services, known more as OAS Helicopters following a court order. OAS will be  the third aviation firm to be taken by AMCON, following the earlier take over of Aero contractors and Arik.

AMCON sealed the company’s Maryland office on Tuesday indicating that the company had been taken over by a COURT ORDER ON SUIT NO. FHC/4CS/1139/2016.

OAS is one of the leading helicopter chatter service companies in the country. The company was among the airlines that received the Federal Government intervention fund during the tenure of President Goodluck Jonathan.

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AMCON’s take over of embattled Air lines began in 2016 with  Aero Contractors, followed by last week’s take over of management of Arik Air..

The take overs were attributable to bad corporate governance, operational challenges, inability to pay staff salaries and heavy debt burden of the affected Airlines.