AMCON seal, takes over Odengene Air-Shuttle Services

amcon
The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services (OAS) Helicopters in Lagos following a court order.

AMCON, on Tuesday, sealed the company at Maryland in Lagos, indicating that a takeover of the company.

The order on the company’s office reads: “POSSESSION TAKEN TODAY 14/2/17 BY AMCON COURT ORDER ON SUIT NO. FHC/4CS/1139/2016″.

There has not been a confirmation if the company is indebted to some banks which could have warranted the take over.

However, the company was among the airlines that received the Federal Government intervention fund during the tenure of President Goodluck Jonathan.

A source at the premises said that the notice by AMCON said it all, that the company had been taken over following a court order.

OAS is one of the leading helicopter chatter service companies in the country.

A helicopter landing on a helipad in the OAS Lagos base
A helicopter landing on a helipad in the OAS Lagos base

Prior to the recent takeover, AMCON on February 9 took over the management of Arik Air.

AMCON said that the development would save Arik Airlines currently immersed in heavy financial debt burden that was threatening to permanently ground the airline.

In a statement, the agency said: “For some time now, Arik airline, which carries about 55 per cent of the load in the country, has been going through difficult times. These are attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues.”

AMCON had earlier taken over the management of Aero Contractors in 2016. The airline is currently not doing well after the take-over.

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