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Three Investors in Talks With AMCON to Acquire Aero Contractors

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Aero Contractors Airlines
  • Three Investors in Talks With AMCON to Acquire Aero Contractors

Three investors are in talks with the Asset Management Corporation of Nigeria to acquire Aero Contractor, our correspondent has learnt.

It was gathered that the airline had attracted 19 investors since it was acquired in 2016 and the number had been narrowed down to six and later three.

An industry source said on Sunday that the investors had met with the AMCON on the possibility of acquiring the airline.

The Managing Director of Aero Contractors, Capt. Ado Sanusi, who confirmed the information, said the investors were looking at all the assets of the airline including its maintenance, repair and overhaul facility.

“There are so many investors that have come forward. They are looking at all the core assets,” he said.

The source, however, stated that the contrary had been the case with Arik Air, which was taken over by AMCON in 2017.

According to the source, Arik has not attracted any known investors except a Chinese company that indicated interest in March 2017, one month after the airline went into receivership.

The Chinese firm was said to have commenced talks with the former management of the airline, but had to allegedly withdraw when it learnt of the airline’s debt profile.

It was gathered that the Chinese investors went ahead to invest in African World Airlines, a Ghana-based airline.

“Since AMCON took over Arik Air in 2017, only Chinese investors indicated interest in the airline and that was one month after the government agency took over. It will be difficult to sell Arik because of the heavy debt burden and the ownership structure,” the source said.

“But, it is not the same with Aero where 19 investors indicated interest and these have been reviewed down to six and recently to three. Those Chinese investors that initially indicated interest in Arik Air have invested in AWA and they aim to take over the West African market with time,” the source added.

An aviation expert and the Chief Executive Officer of Selective Securities International Limited, Mr Ayo Obilana, said that the lack of transparency, due diligence and policy summersaults on the part of the government would make it difficult for the nation’s aviation industry to attract willing investors.

Obilana said the government needed to show sincerity of purpose as well as consistency in its policies to change the poor perception that investors had.

“In Nigeria, government policies change and because of this, a lot of people are very reluctant to put their money in such an economy,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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