EFCC begins probe of ex-Aero Contractors board

http://newtelegraphonline.com/efcc-begins-probe-ex-aero-contractors-board/

• AMCON appoints Fagbemi as new MD

• Ernst &Young begins forensic audit

A large-scale investigation to unravel alleged massive fraud in Nigeria’s oldest airline, Aero Contractors, has begun. Sources said that the Economic and Financial Crimes Commission (EFCC) have concluded plans to swoop on the past management of the firm for allegedly misappropriating over N100 billion finances of the carrier.
 
One of the new constituted managers of the carrier told New Telegraph on condition of anonymity that the books of the airline are already being scrutinised. 

“Heads will roll. We are trying to reposition the airline and to ensure that we maintain its brand integrity,” the source said.The source further disclosed that the interrogation of officials could be done before the conclusion of the audit by Ernst and Young, the company engaged to carry out the ‘forensic’ audit. Consequently, Asset Management Corporation of Nigeria (AMCON) has appointed Mr. Tunde Fagbemi as its interim managing director with a view to repositioning the company and to make it viable.