Arik Airline Will Return To The Owner If Reasonable Debt Is Paid -AMCON


By Oladele Eniola

The Assets Management Corporation of Nigeria (AMCON) has advised the Chairman of Arik Air, Johnson Arumemi-Ikide, to present a reasonable debt recovery plan in order to recover the airline.

The Managing Director of AMCON, Mr Ahmed Kuru, gave the advice at a media interactive session in Lagos State.

The News Agency of Nigeria (NAN) recalls that AMCON, the special debt recovery vehicle of the Federal Government, took over Arik Air in February 2017.

The take over was part of measures to “save” the airline from “imminent collapse” citing gross mismanagement by Arik owners, and debt above N300 billion.

Arumemi-Ikide, in July had attempted to reclaim the airline’s headquarters in Lagos following a Federal High Court ruling that faulted AMCON on transparency, transfer of Arik’s asset to float a new airline, and barring of Arumemi-Ikide from the airline’s facilities.

Arik had on at least two occasions – in 2018 and 2022 – called for amicable settlement…

Source: News Agency of Nigeria