The shareholders of Arik Air, currently managed by the Asset Management Corporation of Nigeria (AMCON), have rejected claims that the airline’s owner, Johnson Arumemi-Ikhide, owes a total of N455 billion.
In a statement signed by shareholder representative Godwin Aideloje, the group labeled AMCON’s debt assertions as false. AMCON, through its spokesperson Jude Nwauzor, had previously reported that Arik Air’s debts amounted to N227.6 billion, with additional liabilities of N163.5 billion from Rockson Engineering and N14 billion from Ojemai Farms, totaling N455 billion as of December 31, 2024.
Arik’s shareholders refrained from detailed comments, citing ongoing legal proceedings. They criticized AMCON for allegedly disregarding the judiciary, stating, “Unlike AMCON, which disrespects the courts, we will not make sub judice remarks or participate in attempts to undermine the judicial system.”
The shareholders referenced a Federal High Court ruling from March 31, 2023, which required AMCON and its Receiver Manager to provide audited financial reports to the Corporate Affairs Commission for reconciliation. They accused AMCON of failing to comply and instead posting unaudited financial records on Arik Air’s website, which they dismissed as inaccurate.
AMCON maintained that its intervention in 2017 prevented Arik Air’s liquidation, describing the airline’s state at the time as insolvent. However, Arik’s shareholders countered, asserting that the airline was operationally sound and fulfilling its financial obligations prior to AMCON’s takeover.
They highlighted international recognition of Arik Air’s contributions to the aviation sector, including commendation from Afreximbank at a recent aircraft leasing and finance conference in Dublin, Ireland.
The shareholders also criticized AMCON’s narrative of acting under a government mandate, calling it a misrepresentation of the Federal Government’s role and a disservice to Nigeria’s aviation industry.
Peoplesmind