The Managing Director of Assets Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, said the corporation took over Arik because the airline was owing it N146 billion.
He made this known at a meeting with the Senate Committee on Banking, Insurance and other Financial Institutions on Wednesday in Abuja.
AMCON took over the management of Arik on February 9.
Kuru said that the N146 billion owed the corporation was part of a total of N352.5 billion debt profile of the airline.
He stated that non-performing loans of Arik were acquired in 2011 from two banks in line with AMCON’s statutory mandate and listed the banks as Union Bank which was owed N71 billion and Keystone, N14 billion.
According to him, the facilities were granted to Arik Air for purchase of additional aircraft and to refinance existing loans and the default in repayment posed systemic threat to the banks…
Read More…..PM News
