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.