By Jide Kazeem
The Asset Management Corporation of Nigeria, AMCON has promised to recover debts owed by Arik Air Limited in Receivership and its founder, Sir Johnson Arumemi-Ikhide.
The Head Corporate Communications Department, of AMCON, Mr. Jude Nwauzor, stated this at a news conference in Lagos.
Mr. Nwauzor explained that Arik Air’s debts, alongside those of associated companies, amount to ₦455.17 billion as of December 31, 2024.
According to Nwauzor, Arik Air’s, under its founder, Sir Johnson Arumemi-Ikhide’s management, owes AMCON ₦227.64 billion, while related entities, Rockson Engineering owe ₦163.50 billion and Ojemai Farms ₦14.03 billion.
“In February 2017, the Asset Management Company of Nigeria, AMCON, placed Arik Air under receivership due to the airline’s financial instability and operational challenges” he stressed.
He emphasized that these debts, classified as non-performing, were acquired by AMCON after being sold by financial institutions, including Union Bank and Bank PHB, following defaults.
According to the AMCON
Head Corporate Communications reports by KPMG and PwC Nigeria confirmed Arik’s insolvency, with liabilities exceeding assets since 2014.
“No matter the blackmail these monies will be recovered to the last kobo no matter who is involved”.
He therefore clarified that despite Arik’s insolvency, it chose to manage the airline to mitigate the impact on Nigeria’s aviation sector, rather than liquidate it outright.
Mr. Nwauzor dismissed claims by Sir Johnson Arumemi-Ikhide of having 30 aircraft at take over and questioning the legality of the receivership, labeling such actions as insincere.
“Upon taking over the company, the receivership team found a fleet in disarray with only eight aircraft as against the 30 that he claimed in all his communication, yes, he had 30 aircraft but those 30 aircraft where scattered all over the world, some have been seized, some have been cannibalized, grounded here and there”
He assured the public of its unwavering determination to recover debts from Arik Air, its associated entities and many others to the tune of over ₦4 trillion in debts, adding that, liquidation is still an option after all legal cases have been closed.
