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AMCON Takes Over OAS Helicopters

February 14, 2017

The takeover followed a court injunction obtained by the company.

Just five days after the takeover of Arik Air by the Asset Management Corporation of Nigeria (AMCON), the company has taken over one of the leading helicopters companies in Nigeria, Odengene Air-Shuttle Services Limited (AOS).

The takeover followed a court injunction obtained by the company.

A source close to the helicopter company told our correspondent that AMCON took over the company because it failed to pay its debts to AMCON.

As at the time of filing this report, AOS’ debt owed to AMCON could not be ascertained, but a source said it might be in the area of N100 billion.

At the Lagos office of the helicopter company on Tuesday, AMCON officials assisted by security operatives pasted the court order on the wall of the company.

The seal pasted on the wall of AOS reads, "Possession taken today, 14/2/17 by AMCON by Court order on suit no: FHC/4CS/1139/2016."

Our correspondent could not speak to any AOS employees when he visited the site, as they had all vacated the headquarters.

OAS is a domestic aviation company that was registered by the Corporate Affairs Commission (CAC) on February 4, 1992 and licensed by the Nigerian Civil Aviation Authority (NCAA) to render flight services.

According to the company’s website, the entity’s flight outfit covers two areas of flight activities: rotary and fixed wing.

The rotary wing is operated under OAS Helicopters while the fixed wing is operated as Odengene Air.

The helicopter wing of the company commenced commercial flights in February 2006.