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Aerocontractors to launch maintenance hangar for Boeing Aircraft soon

Onome Ohwovoriole by Onome Ohwovoriole
September 16, 2017
in Uncategorized
Aerocontractors to launch maintenance hangar for Boeing Aircraft soon
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Airline operators, who have been flying their planes abroad for maintenance have cause to cheer, as Aerocontractors has been given approval to carry out maintenance services at its hangar in Lagos.  The aircraft the facility can handle include B737-300, B737-500, and B737-500 aircraft. These models are commonly used by Nigerian Airlines. The company would also seek the assistance of the Federal Government to grant it Free Trade status to enable it operate the hangar effectively.

Implications of this

Domestic airlines that had to fly their planes abroad for maintenance, can now do so in the country. That will enable them to save foreign exchange, and shorten the downtime.  Prior to this, airlines spent millions of dollars to send their aircraft abroad for maintenance. Inability to pay these charges, has often lead to the planes being seized, or the airlines shutting down their operations, as was recently witnessed with FirstNation Airways. The hangar will also provide additional revenue for Aerocontractors.

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Aerocontractors was formed in 1959, but commenced operations in 1960. Aerocontractors was taken over by the Asset Management Company of Nigeria (AMCON).  At that time, it was wholly owned by Schreiner Airways BV, a Norwegian company.  It became a Nigerian company in 1977 in anticipation of the indigenization degree of 1977.

In January 2004, Schreiner Airways was bought by CHC helicopter, which acquired a 40% holding in Aero, while 60% was held by the Ibru family. In 2010, CHC sold its interests in Aero to the Ibru family. The Asset management Company of Nigeria (AMCON) took over the airline in February 2016, when it became the majority creditor.

 

Tags: AerocontractorsB737-500 aircraftBoeing AircraftNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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