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Airline shops for investors as liabilities down 33%
L-R: Emmanuel Adeyeye, technical director, Aero Contractors; Charles Grant, chief financial officer, Aero Contractors; Ado Sanusi, managing director, Aero Contractors; and Imoleayo Adebule, director of flight operations, at a press conference held at Aero Contractors corporate headquarters in Lagos, recently
Sade Williams/Business a.m.
Aero Contractors, one of Nigeria’s oldest carriers is offering fares as low as N80, 000 across all destinations to passengers in a move it says is aimed at easing travellers’ ordeals during the festive period.
Ado Sanusi, the airline’s managing director, during a recent media briefing at its headquarters at the Lagos airport, said the special fare regime is already on and will end by the end of January 2025.
He said the airline has three aircraft and will not take more than its capacity even with the discounted fare.
“We have introduced a pocket friendly fare of N80,000 for Christmas to allow Nigerians to travel to all destinations without paying too much. As a company with a very old history, we believe it is time to give back to travellers and our loyal customers. We intend to make it affordable to the flying public, we have looked at the market and seen surplus capacity, we have also studied the economic situation of the country, this is holiday sales, it will be profitable,” he said.
Sanusi disclosed that the airline is now ready for investors as it has reduced its liabilities by 33 percent.
“We have successfully turned around the company and we are at a recovery stage, we are ready for investors, we have reduced our liabilities by 33 percent, the place is ready and conducive for investors to come and invest, we believe we will get investors to put more aircraft. We need investors to be on board with us to take the liability to zero. We have successfully paid members of the National Union of Air Transport Employees and Air Transport Services Senior Staff Association of Nigeria and we are about to start paying that of the National Association of Aircraft Pilot and Engineers. We have paid outstanding salaries and it’s remaining just one month. We have successfully stabilized the airline and [are] only waiting for investors,” Sanusi stressed.
Sanusi, who said he is looking at a 10-aircraft company for the would-be investors, however added that “it depends on the type of aircraft the investors want, the investor may want outright purchase or lease but we are looking at 10 aircraft.”
He disclosed that the airline recorded 14 percent profit as its Maintenance, Repair and Overhaul (MRO) facility continued to attract airlines across the region.
“We have continued to grow the MRO to accommodate bigger aircraft, we are in partnership with Senegal, Morocco, Ghana and others, we expanded the MRO to accommodate B737, we are looking at CRJ, we intend to make it a one stop shop for all airlines,” he added.
