Three big companies – Aero Contractors, INNOSON Motors and First
Nation Airlines – have suspended their operations following the harsh
economic environment with thousands of workers dumped unto the labour
corners of Nigeria as more businesses are crumbling with those alive
From Aero Contractors to INNOSON Motors and First Nation Airlines,
they have joined the legion of companies that have suspended operations.
The Kayode Odukale-led airline which began operations in 2011, closed
shop a year later. Its three aircraft were repossessed in October
about two weeks ago when it again suspended its operations, claiming it
will reappear soon.
of 17, depleted to three – and yesterday (Wednesday, August 31), it
announced suspension of scheduled flights, with 1,700 staffers sent on
foreign exchange and escalating dollar rate to high cost of aviation
fuel. And many airlines are dying, with international businesses
relocating. Now, Nigeria is no longer the West African hub as GHANA is
the new bride.
Innocent Chukwuma is being splashed sour by recession. Sourcing foreign
exchange for the 30 percent components of its vehicles, from Japan,
China and Germany has been impossible. And production has stopped for