Arik’s Revival May Take Years, Say Aviation Experts

Arik air
  • Arik’s Revival May Take Years, Say Aviation Experts

Experts in the aviation sector have said that it may take the Asset Management Corporation of Nigeria several years to revive Arik Air due to the rot in the airline’s system.

AMCON had last week said that the former management of the carrier systematically plunged the airline into about N387bn in debts.

The Chief Executive Officer, Centurium Aviation Services, Capt. John Ojikutu, said it would take AMCON almost 20 years to recover the airline’s debts.

He said, “It will take AMCON and Arik in full operation not less than 15 to 20 years to pay the debts in addition to operational costs.

“That is working with professional commercial aviation operators and not bank managers; so, AMCON had better start thinking out of its banking box.”

The Managing Director, Merchant Express Cargo Airlines Limited, Capt. Sina Akinfenwa, said the revival of Arik could take two or more years because of the rot that was allowed to permeate the airline.

Akinfenwa alleged that the airline took money from the Aviation Intervention Fund but wasted it, adding that the former managers of the airline should be made to account for the fund.

He stated, “I want Nigerians to ask the former managers of Arik what happened to that fund. At that time, they collected the intervention fund, they claimed it was meant to bail out the airline, so what happened to the money? If it is gone, should the government pump in another fund without asking questions?”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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