Managing Director of Asset Management Company of Nigeria, AMCON,
Mustapha Chike-Obi has revealed that a total of one hundred and thirty five
billion naira have been sunk into reviving ailing airline companies in Nigeria.
The AMCON boss made this known at the resume public hearing
of the joint committee on aviation investigating the Dana and Allied air
crashes.
Chike-Obi who recommended that airlines should be supported with
low interest guarantees over a longer period, said for the industry to run
effectively without hitches, modalities must be put in place to ease financial burdens
on airline operators.
He emphasized that for improved service in the aviation sector,
there is need to set up monitoring systems to ensure that operators use
allotted funds appropriately.
Chairman of the joint committee, Senator Hope Uzodinma however
urged Chike-Obi to submit to the committee long and short term programmes that
would further strengthen the aviation industry.
Also appearing before the joint committee, Chief Executive Officer
of United Bank for Africa, UBA, Phillip Oduoza explained that no amount was
diverted from the thirty five point five billion it received on behalf on Air
Nigeria but rather the sum was used to service the airline’s existing loan.
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