Shareholders of Arik Air have strongly refuted claims by the Asset Management Corporation of Nigeria (AMCON) that the airline owes a staggering N227.6 billion. In a statement released on Saturday, the shareholders accused AMCON of spreading misinformation and mismanaging the airline’s assets since taking over its operations in 2017.
The shareholders, represented by spokesperson Godwin Aideloje, described AMCON’s debt claim as part of a deliberate campaign to divert attention from its alleged failures. They linked the timing of this claim to an upcoming court case scheduled for Monday, January 20, 2025, where former AMCON Managing Director Ahmed Kuru and other officials are set to be arraigned over their handling of Arik Air’s receivership.
“Where Are the Planes?” Shareholders Demand Answers
The shareholders criticized AMCON for reducing Arik’s fleet from 30 aircraft at the time of takeover to just three currently in operation. They alleged that several planes were abandoned in poor conditions abroad, including one seized in Lithuania and others left in South Africa and Ethiopia. Additionally, they claimed that 24 aircraft engines sent abroad for maintenance in 2019 have yet to be returned, while spare parts and ground equipment have gone missing under AMCON’s watch.
“AMCON inherited a thriving airline with 30 aircraft. Nigerians deserve to know how this was reduced to just three planes flying today,” the statement read. “The public can testify to the drastic reduction in routes, the loss of key international slots like London Heathrow and JFK New York, and the collapse of Arik’s reputation.”
Before AMCON’s intervention, Arik Air was widely regarded as a leader in Nigeria’s aviation sector, operating extensive domestic and international routes. The shareholders argued that the airline was not insolvent or mismanaged prior to its takeover. They pointed to audited financial reports from 2014 and management accounts from 2015 as evidence that Arik was financially stable before AMCON stepped in.
They also accused AMCON of failing to comply with a Federal High Court ruling from March 2023, which required it to file audited financial reports for its period of receivership. “AMCON has not only mismanaged Arik but also failed to account for its actions during these eight years,” they alleged.
The shareholders have served AMCON with a 90-day pre-action notice as they prepare to take legal action over what they describe as the “mismanagement and destruction” of Arik Air. They also dismissed AMCON’s claim that the takeover was mandated by the federal government, calling it a gross misrepresentation.
In response to allegations that Arik owes Union Bank and other creditors, the shareholders maintained that these claims are still being contested in court and should not be used to justify AMCON’s actions.
This latest development adds another layer of complexity to Arik Air’s troubled history under AMCON receivership. Once Nigeria’s largest airline, Arik is now a shadow of its former self, with most of its domestic routes shut down and all international operations suspended.
As both parties prepare for legal battles ahead, Nigerians will be watching closely to see how this dispute unfolds, and whether it will bring any hope for the revival of one of the country’s most iconic airlines.
