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Infinity Media
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Aero Contractors Wealth Profile
When you hear the name Aero Contractors, what might come to mind is one of Nigeria’s oldest and most resilient airlines. This company, which has been soaring the Nigerian skies for over six decades, has experienced the highs and lows of the aviation business — from profitable years to deep financial crises. But in recent years, something remarkable has been happening behind the scenes: Aero Contractors is making a powerful comeback.
This blog post takes you through the wealth profile of Aero Contractors, exploring its history, challenges, financial restructuring, and recent resurgence that now positions it for sustainable growth in the aviation sector.
A Legacy That Began in 1959
Aero Contractors, often simply called “Aero,” was established in 1959. The airline started primarily as a helicopter service provider to the oil and gas sector, particularly servicing offshore oil rigs. Over time, Aero expanded into scheduled passenger services and gained a reputation for safety and professionalism.
The airline’s ownership has seen several shifts over the decades. In the early 2000s, Canadian Helicopter Corporation (CHC) acquired a 40% stake in the company, while the Nigerian Ibru family held onto 60%. This partnership didn’t last long, and by 2010, CHC divested its interests, making the Ibru family the sole owners.
However, financial mismanagement and a harsh operating environment eventually pushed the airline to the brink of collapse, leading to a government intervention that would prove to be the beginning of its turnaround story.
AMCON's Timely Intervention
By 2016, Aero was neck-deep in debt. Reports estimated the airline’s debt profile at around ₦20 billion, with many of its aircraft grounded and workers unpaid for months. The economic recession in Nigeria during that period only worsened matters. In September 2016, the airline was forced to suspend operations temporarily.
To salvage the situation, the Asset Management Corporation of Nigeria (AMCON) stepped in and took over 60% of Aero Contractors, reducing the Ibru family’s stake to 40%. AMCON dissolved the existing board and appointed new management to restructure and rescue the company.
The intervention was aimed not just at saving Aero’s business, but also at protecting its legacy as a pioneering aviation brand in Nigeria.
A New Era of Restructuring and Discipline
Following AMCON’s intervention, a new CEO, Ado Sanusi, was appointed in 2017. Sanusi was not new to aviation; he brought with him years of experience and a clear vision for turning around the troubled airline.
One of his first steps was a painful but necessary decision — reducing the airline’s workforce by about 70%. While this move was controversial, it significantly reduced the company’s operating costs and allowed management to focus on stabilizing the core business.
The airline also began consolidating its flight routes, focusing on the most profitable and frequently traveled domestic destinations. Over time, this improved both efficiency and customer satisfaction. According to reports, Aero reduced its liabilities by 33%, and many outstanding staff salaries were eventually paid off.
Climbing Back to Profitability
After years of losses and uncertainty, 2024 marked a turning point for Aero Contractors. The airline recorded an 18% profit margin — a major improvement when compared to its 69% loss in 2022.
In the first half of 2024 alone, Aero posted an operating profit of nearly ₦500 million (about $309,000). By the end of the year, projections estimated that the airline could reach up to $2 million in operating profit. That’s an extraordinary comeback for a company that was nearly grounded less than a decade ago.
A key contributor to this profitability was lean operations. At one point, Aero was operating with just two aircraft — both of which were provided by the Cross River State Government. Even with this limited fleet, Aero was able to operate up to 18 flights a day and carry over 1,400 passengers daily.
Expanding the Fleet and Network
Aero Contractors isn’t resting on its laurels. Plans are already underway to add more aircraft to its fleet. By the end of 2024, the airline aims to deploy two more Boeing 737-500 planes. With these additions, the daily flights could increase to over 20, while daily passenger numbers may surpass 2,000.
Currently, Aero covers major Nigerian cities including Lagos, Abuja, Port Harcourt, Benin, Calabar, Kano, Asaba, Sokoto, and Yola. The airline also has plans to reintroduce destinations like Enugu, Owerri, Maiduguri, and Uyo.
MRO Expansion: A Game-Changer for Aero
One of Aero’s most strategic assets is its Maintenance, Repair, and Overhaul (MRO) facility. Known as AeroMRO, this division has transformed the airline from just a passenger carrier into a regional aviation hub.
AeroMRO is certified to handle complex checks on aircraft like the Boeing 737 series, Bombardier Q series, Hawker 125s, and even helicopters. It now offers MRO services to other airlines within and outside Nigeria, including clients from countries like Morocco, Ghana, Senegal, and Mongolia.
This has opened up a new revenue stream for the airline, helping to reduce dependency on ticket sales and solidify its financial footing.
Commitment to Safety and Strategic Partnerships
In March 2025, Aero Contractors signed a Memorandum of Understanding (MoU) with the Nigerian Safety Investigation Bureau (NSIB). This agreement is focused on safety training, research, and technical collaboration, reaffirming Aero’s dedication to maintaining the highest safety standards in the industry.
Such partnerships not only improve Aero’s internal operations but also boost its reputation among international stakeholders and potential investors.
Looking Ahead: Attracting Investors and Sustaining Growth
With its profitability now restored and operations steadily expanding, Aero Contractors is preparing to attract new investors. The airline’s management has already begun discussions with potential local and foreign investors who are interested in partnering for long-term growth.
The future looks bright. With a growing domestic network, an increasingly profitable MRO business, and a solid safety reputation, Aero Contractors is well on its way to becoming one of Africa’s most reliable and profitable airlines.
Conclusion
The story of Aero Contractors is one of resilience, strategic leadership, and a determination to rise above adversity. From near financial collapse to profitability, Aero’s journey is a lesson in business recovery, innovation, and the power of government intervention when used responsibly.
As it continues to invest in people, planes, and partnerships, Aero Contractors is flying higher than ever — and this time, with a clearer direction and sustainable wings.
