Arik Air shareholders deal with AMCON over N455bn debt declare

The shareholders of Arik Air, an indigenous airline at the moment beneath the management of the Asset Administration Company of Nigeria, have debunked claims that the debt accruable to the airline’s proprietor, Johnson Arumem-Ikhide, has risen to N455bn.

The shareholders, by an announcement signed by their consultant, Godwin Aideloje, described as fallacy the debt document of AMCON in opposition to Arik founder.

Earlier, AMCON, by its Head of Company Communication, Jude Nwauzor, mentioned the overall debt of Arumem-Ikhide was N455.17bn as of December 31, 2024, in all his three investments.

AMCON additionally mentioned that its intervention within the troubled airline in February 2017 saved the service from liquidation, insisting that it will make sure the restoration of the overall money owed owed to the company by numerous enterprise organisations in Arik Air.

Giving the breakdown of the overall debt, Nwauzor alleged that Arik as of December 2024 owed AMCON N227.6bn; Rockson Engineering, N163.5bn, whereas Ojemai Farms owed the company one other N14bn, totaling N455bn.

Reacting to this, Arik shareholders refused to touch upon the matter saying it was at the moment earlier than the courtroom.

“It is a matter earlier than the courtroom. In contrast to AMCON who haven’t any respect for the courts, we is not going to resort to subjudical remarks. We is not going to be a part of the determined try by AMCON to overreach the courts and desecrate our justice system.

“The fictional declare of N455bn as alleged Arik Air indebtedness to AMCON by Mr Jude Nwauzor is a fallacy. It appears clear that AMCON is invested in doubtful storytelling and falsehoods.

This allegation is defeated by AMCON’s declare in its Go well with No. FHC/L/CS/175/17 with which it took Arik Air into receivership and gained full management and administration of operations, belongings, and liabilities of the airline,” they acknowledged within the assertion.

The shareholders recalled a Federal Excessive Court docket judgement of March 31, 2023, ordering AMCON and its Receiver Supervisor to file an announcement of affairs and audited monetary reviews with the Company Affairs Fee to steadiness and evaluate the books, Aideloje mentioned AMCON refused to seem earlier than a Monetary Reporting Council to defend it positions.

The shareholders mentioned quite than seem earlier than the reporting council, AMCON uploaded the audited account of the enterprise(es) on the Arik Air web site, a doc the shareholders have additionally dismissed.

Through the press briefing, the Head of Company Communication at AMCON mentioned contemplating the state of Arik Air’s insolvency on the takeover time, the airline would have been bought in its entity if not for the intervention of the Federal Authorities which directed that the airline ought to be managed.

However within the shareholders’ response, Aideloje burdened that “It’s instructive to notice the brand new model of the explanation why AMCON took over Arik is a authorities mandate. What a preposterous assertion from a Federal Authorities worker! It is a gross misrepresentation of the Federal Authorities as being within the enterprise of arbitrary takeover of personal companies with a stroke of pen. That is certainly a disservice to the federal government and folks of Nigeria by AMCON.

“We want to state once more that earlier than the forceful takeover, Arik Air was acknowledged for its operational excellence and vital contributions to Nigeria’s aviation sector. Opposite to AMCON’s claims, the airline was assembly its monetary obligations, as evidenced by remarks and recognition by world establishments; lately Afreximbank acknowledged legacy Arik as a mannequin in Africa at a just-concluded Worldwide Plane Leasing and Finance Convention in Eire Dublin just a few days in the past.”