The Asset Management and Corporation of Nigeria has disclosed that Arik and Aero Contractors airlines may be put together and transformed to a national carrier.

The AMCON Managing Director/Chief Executive Officer, Gbenga Alade, made this known on Monday, August 26, 2024, while speaking to the media in Lagos.

Alade revealed that both Arik and Aero Contractor owe so much money and may be unable to pay them.

He added that the corporation presented the idea of converting Arik and Aero Contractor to the former aviation minister but it was rejected.

Alade stated: “The former management of AMCON presented the idea of converting Arik and Aero to a national carrier.

"But the former aviation minister did not buy the idea. We will present it again because that is the best option.

“Unfortunately, the special purpose vehicle that was created by the former management of AMCON for the conversion of Arik and Aero to a national carrier had been sold. But we can create another SPV this.”

Recall that ex-Minister of Aviation, Hadi Sirika, launched the Nigeria Air a few days before the end of former President Muhammadu Buhari’s administration.

Concerns were raised among stakeholders over the ownership arrangement which gave Ethiopian Airlines a 49 per cent equity stake in the company.

The Federal Government had a 5 per cent equity, while a consortium of three Nigerian investors had 46 per cent.

Reacting to the deal in June 2023, the House of Representatives asked the Federal Government to suspend the operations of Nigeria Air, describing it as a fraud.

In August 2023, the incumbent minister, Festus Keyamo stated that the national carrier project was suspended till further notice.

Keyamo said: “It remains suspended. It was never Air Nigeria. It was not Air Nigeria. That’s the truth. It was only painted Nigeria Air. It was Ethiopian Airlines trying to flag our flag.

“If it is so, why not allow our local plane to fly our flag? So nobody should dispute that it was Nigeria Air.

“Air Nigeria must be indigenous, must be wholly Nigerian, and must be for the full benefits of Nigeria, not that 50 per cent of the profit is for another country.”