DANA Airline Suffers Heavy Debt, Goes Bankrupt!

The thought that would be skating through the minds of the owners of Dana Group

of Companies now is: where did we get it wrong to be caught in this state of unhealthy financial position.

 The company that has been seen to be flourishing with the various investments in their kitty seems to have exhausted the ‘oxygen” that has kept its life going on for some time.

Barely two years after the crash of their airline that many adjudged one of the best in the country, the parent company, DANA Group has been taken over by receiver manager over their inability to meet up with the facility given to the company by Sterling Bank.

After series of meetings that always ended in promises, the bank had no alternative than to conjure the constitution to take over the company.

Dana Group of companies which has investments in air and automotive, chemical, electronics, instant foods, paper, pharmaceutical, plastics, rice and steel has forfeited its ownership to Sterling Bank through Kunle Ogunba (ESQ) who owns Insolvency Forte.

Kunle Ogunba, who is gaining popularity everyday over his effective recovery of debts has taken over the premises of the company.

The company was said to have registered in the country with the Corporate Affairs Commission sometime in 2001 and has commenced operations since then.

The company faced a lot of criticisms and clamours for its exit from the business of flying people in 2012, after its airline crashed into a residential area at Iju-Ishaga, Lagos. But like a cat with nine lives, the airline bounced back and commenced operations with an assurance that mishap was just an abnormal occurrence that will never surface again.

Interestingly, with the new development, many may desert Dana Air because they may feel, they may not be able to take all the precautionary measures to guard and guide against unforeseen air mishap.