Tag
ARIK AIR
News and analysis about Arik air
The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering the N227 billion debt owed by Arik Air, as the agency intensifies efforts to liquidate the airline.
Nigeria’s Federal High Court in Lagos has ruled that Export Development Canada (EDC), a Canadian financier, can repossess an aircraft leased to Arik Air, marking the first application of the Cape Town Convention in the country.
Arik Air resumed flight operations on Thursday after successfully resolving a $2.5 million debt dispute with Atlas Petroleum, which had led to three of the airline's aircraft being grounded by the Nigeria Civil Aviation Authority (NCAA) following a court order.
Asset Management Corporation of Nigeria (AMCON) has claimed that the three companies owned by the founder of Arik Air, Sir. Johnson Arumemi-Ikhide owed it a total of N400 billion in debts before the takeover.
As the controversies continue to trail the impact of Asset Management Corporation of Nigeria (AMCON) in the Nigerian aviation industry, the immediate President of Aviation Round Table (ART), Dr. Gabriel Olowo has described the corporation’s performance in the aviation industry as suicidal.
Shareholders of Arik Air have debunked the claim by AMCON) that it was indebted to lessors and financial institutions.
The Assets Management Corporation of Nigeria (AMCON) has advised Arik Air’s Chairman, Johnson Arumemi-Ikide, to devise a plan for debt recovery if he wishes to regain ownership of the airline.
NAAPE has called on the Asset Management Corporation of Nigeria (AMCON) to continue to execute its interventionist strategy in Arik Air, which would ensure the survival of the troubled carrier.
The $34 million down payment with Boeing Manufacturing can be used to revitalize the operations of the struggling Arik Air, the General Secretary of the National Union of Air Transportation Employees (NUATE), Comrade Ocheme Aba has said.
Arik Air shareholders have disputed AMCON's claim of high debt exposure, stating it was less than 5% of the airline's value before the takeover.
Export Development Canada (EDC) has warned the Economic Financial and Crime Commission (EFCC) to stop obstructing the owner's repossession of the CRJ 1000 aircraft.
Arik Air has removed the CRJ 1000 aircraft from its fleet due to the decision of JEM Leasing Limited and Export Development Canada to sell the aeroplane.