The longstanding financial dispute between the Asset Management Corporation of Nigeria (AMCON) and Arik Air shareholders has reignited with both parties exchanging fresh accusations over the airline’s debt of over N455 billion.
AMCON has reiterated its determination to recover the substantial debt accumulated by Arik Air and other entities owned by its founder, Sir Johnson Arumemi-Ikhide.
According to AMCON’s Head of Corporate Communications, Jude Nwauzor, the debt breakdown includes N227.6 billion owed by Arik Air, N163.5 billion by Rockson Engineering, and N14 billion by Ojemai Farms, all tied to Arumemi-Ikhide’s investments.
Nwauzor stated, “The sum of N455 billion represents the total debts owed as of December 31, 2024. Arumemi-Ikhide, in some of its agreements with AMCON, agreed to the debts owed the corporation and signed a payback agreement, but failed to honour his words.”
AMCON defended its 2017 takeover of Arik Air, saying it was carried out through due process to prevent the airline’s collapse.
Nwauzor noted that the Federal Government’s intervention was necessary to keep the airline operational and preserve its assets, Investors King reports.
However, Arik Air shareholders have strongly disputed AMCON’s claims, accusing the corporation of financial mismanagement and providing misleading information about the airline’s state.
Godwin Aideloje, the spokesperson for Arik shareholders, described AMCON’s portrayal of Arik Air’s financial status as “misleading and dishonest.”
He said the airline’s challenges were not due to mismanagement by its shareholders but were exacerbated by AMCON’s poor handling during the receivership process.
“One notable incident involved the seizure of a Boeing 737-800NG in Lithuania in 2023 due to AMCON’s failure to meet the airline’s financial obligations. Another Boeing 737-700NG was abandoned in Malta, where it was later dismantled and sold in the grey market,” he alleged.
He also pointed to deteriorating assets in Johannesburg and Addis Ababa, where aircraft were left in poor condition with missing engines.
“AMCON’s mismanagement of Arik Air under AMCON’s receivership has caused immeasurable harm to the airline, its employees, and Nigeria,” Aideloje added.
The shareholders have urged the public to demand greater transparency from AMCON, warning that the corporation’s actions have broader implications for Nigeria’s corporate and aviation sectors.
“This is not just about Arik Air; it’s about ensuring that AMCON does not continue to harm Nigeria’s corporate landscape while avoiding accountability,” Aideloje stated.