Although AMCON has stated that it has recovered the huge sums in acquired loans, the shareholders, led by Sir Johnson Arumemi-Ikhide, have accused the asset managers of falsehood and mismanagement of the carrier.
Recall that Asset Management Corporation of Nigeria (AMCON) took over Arik Air in February 2017 as part of measures to “save” the airline from “imminent collapse”.
AMCON had mentioned gross mismanagement by the owners of Arik and debt of over N300 billion.
After seven years of difficult operations and a long, hard-fought battle with shareholders, AMCON in 2024, hinted at plans to withdraw from ownership and operations by creating the botched NGEagle Airline exit plan.
The Head of Corporate Communications at AMCON, Jude Nwauzor, told journalists in Lagos that the total debts of Arumemi-Ikhide, the owner of Arik Air, currently stand at N455 billion as of December 31, 2024, in all his investments.
With the breakdown of the total debts, Nwauzor stated that Arik as of December 2024, owed AMCON N227.6 billion; Rockson Engineering, N163.5 billion, while Ojemai Farms owed the corporation another N14 billion, totalling N455 billion. Arumemi-Ikhide owns the three indebted companies.
The spokesperson further said that Arumem-Ikhide, in some of its agreements with AMCON, agreed to the debts owed the corporation, and signed a payback agreement, but failed to honour his words.
AMCON insisted that despite the campaign of calumny against it, it would ensure the debts were recovered and return the companies to profitability. Nwauzor noted that Arik Air was taken over through due process. He said AMCON had been part of Arik Air since 2011 but was compelled to take over the company in 2017 by appointing a receiver manager after several interventions failed.
He explained that the receiver manager also had the option of either managing or selling off the assets of a debtor company like Arik Air. Still, AMCON decided to keep the airline running through the intervention of the Federal Government.
In reaction, the Arik shareholders denied all wrongdoing. The Media Office spokesperson for Arik shareholders, Godwin Aideloje, said that the airline’s financial state claims were false.
Aideloje said: “One notable incident involved the seizure of a Boeing 737-800NG in Lithuania in 2023 due to AMCON’s failure to meet the airline’s financial obligations. Another Boeing 737-700NG was abandoned in Malta, where it was later dismantled and sold in the grey market.
“AMCON’s mismanagement of Arik Air under AMCON’s receivership has caused immeasurable harm to the airline, its employees, and Nigeria. AMCON must stop its pattern of misinformation and be held accountable for the destruction it has caused.
“It is about the need for proper governance and accountability within AMCON to prevent further damage to Nigeria’s corporate and aviation sectors.
“This is not just about Arik Air; it’s about ensuring that AMCON does not continue to harm Nigeria’s corporate landscape while avoiding accountability,” he said.
Source: www.mynigeria.com
