AMCON Seeks Revival For The Aviation Industry … As OGTAN Visits DPR Director

Chinazor Megbolu

The Asset Management Corporation of Nigeria (AMCON) is seeking a revival of the aviation sector.

The Federal Government conglomerate disclosed this in a statement signed by the Executive Director of Operations, AMCON, Mr. Aminu Ismail in Abuja, that the initiative from the Nigerian government will help the aviation sector define financial balance and resuscitate commercial activities in the airline business.

Ismail, who handles the aviation portfolio, recommended the move to help the sector bounce back from the havoc caused by Covid-19 pandemic.

He noted that AMCON’s efforts were instrumental to the acquisition of almost $1 billion worth of non-performing aviation loans taken by principal Nigerian airlines among, which are Arik Air and Aero Contractors.

Ismail further posited that the sector accounted for roughly eight per cent of AMCON’s restructuring portfolio despite the agency’s decision to restructure the airlines’ credit facilities in the best interest of the aviation industry.

“Government had a dream of restoring balance to airline operations beyond taking over the assets of airline operators in exchange for unpaid debts,” Ismail said.

He however, sought for a fresh credit support for the industry to revive the fleet transformation, business growth, employment generation and job retention.

Meanwhile, the Oil and Gas Trainers Association (OGTAN) led by its President, Dr. Mayowa Afe on Friday, paid a courtesy visit to the Director/Chief Executive Officer, Directorate of Petroleum Resources (DPR), Engr. Sarki Auwalu.

In statement, DPR disclosed that the officials of OGTAN were on a thank you visit to the Director for his well acclaimed presentation tagged,’ The Nigerian Oil and Gas Landscape: A world of opportunities for investments and partnerships ‘ at the recently held OGTAN webinar series.

Auwalu, while receiving the August visitors, assured them of his continued support.

He also promised to use all available resources to promote the mandate of OGTAN in the oil and gas sector.

On his part, the OGTAN President, Afe noted the association is impressed with the DPR Director/CEO for his participation and maintained the registration for the webinar was unprecedented. He, however, promised to continue to partner with DPR for the development of the oil and gas industry especially in the area of capacity building.