{"id":352754,"date":"2025-01-18T05:04:23","date_gmt":"2025-01-18T04:04:23","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=352754"},"modified":"2025-01-18T05:04:23","modified_gmt":"2025-01-18T04:04:23","slug":"amcon-gives-account-of-ariks-30-aircraft-8-years-after-takeover","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/01\/18\/amcon-gives-account-of-ariks-30-aircraft-8-years-after-takeover\/","title":{"rendered":"AMCON Gives Account Of Arik\u2019s 30 Aircraft 8 Years After Takeover"},"content":{"rendered":"<ul class=\"marker:text-textOff list-disc pl-8\">\n<li><strong>AMCON is seeking to recover N227.64 billion from Arik Air, with total debts including affiliates exceeding N455 billion<\/strong><\/li>\n<li><strong>Arik Air&#8217;s fleet was in disarray at takeover, with only eight operational aircraft, and the airline was technically insolvent since 2014<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Assets Management Corporation of Nigeria (AMCON) has released an account of the aircraft in the fleet of Arik Air, eight years after its acquisition, even as it said that Arik Air is owing the corporation N227,637,469,394.34 billion.<\/p>\n<p>This is in addition to additional debts carried by the airline\u2019s founder, Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nigeria Limited (a power infrastructure firm), Ojeimai Farms Limited, and Ojemai Investment Limited.<\/p>\n<p>AMCON\u2019s Head of Corporate Communications, Mr. Jude Nwafor, explained that Rockson Engineering owes N163,502, 837, 397.75billion and Ojemai Farms owes N14, 031, 457, 980.71 billion, adding that the companies\u2019 debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455, 171, 764, 772.80 billion as of December 31, 2024.<\/p>\n<p>He spoke with newsmen in Lagos where he corrected reports regarding its administration of Arik Air which it took over in February 2017 and is still under receivership. \u00a0Since the takeover, shareholders of AMCON and Arik Air have been involved in legal drama, with multiple court lawsuits now pending.<\/p>\n<p class=\"yiv9952180306gmail-MsoNoSpacing\"><span lang=\"EN-GB\">Nwafor explained that irrespective of what he called, \u201csmear campaign\u201d against <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/07\/31\/amcon-returns-firm-to-imo-after-10-year-takeover\/\">AMCON<\/a>,\u00a0<\/span>\u201cthese debts must be recovered one way or the other.\u201d<\/p>\n<p class=\"yiv9952180306gmail-MsoNoSpacing\">He stated that AMCON in line with the provision of the Act establishing it has the option of liquidating the airline in order to recover its debt.<\/p>\n<p class=\"yiv9952180306gmail-MsoNoSpacing\">He stated that the leadership of AMCON knows that there is no nice way of recovering debt, adding, \u201cFor that, obligors go to any length to assassinate the characters of both AMCON staff and Management, they malign the name of AMCON, intimidate, and harass our personnel with every arsenal at their disposal.\u201d<\/p>\n<p class=\"yiv9952180306MsoNormal\">The AMCON spokesman stated that an audit report by PWC confirmed that Arik had been technically insolvent since\u00a0<b>2014<\/b>, with its liabilities exceeding its assets throughout\u00a0<b>2015<\/b>\u00a0and\u00a0<b>2016<\/b>, up until the commencement of the receivership in\u00a0<b>2017<\/b>.<\/p>\n<p class=\"yiv9952180306MsoNormal\">\u201cAs of\u00a0<b>December 2016<\/b>, Arik\u2019s negative shareholder capital stood at\u00a0<b>\u20a6<\/b><b>139 billion<\/b>, nearly equivalent to its debt to AMCON,\u201d he stated.<\/p>\n<p class=\"yiv9952180306gmail-MsoNoSpacing\">Giving an account of the aircraft inherited during takeover, he stated that the Receivership Team \u201cfound a fleet in disarray, with only eight operational aircraft (as against the inaccurate 30 being bandied about), many of which required urgent maintenance.\u201d<\/p>\n<p class=\"yiv9952180306gmail-MsoNoSpacing\">Nwafor further clarified that 21 Arik Air\u2019s aircraft were not available for service when AMCON took over while listing the countries where the aircraft were kept, adding that 16 aircraft were under the control of Arik Air as of August 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMCON is seeking to recover N227.64 billion from Arik Air, with total debts including affiliates exceeding N455 billion Arik Air&#8217;s fleet was in disarray at takeover, with only eight operational aircraft, and the airline was technically insolvent since 2014 The Assets Management Corporation of Nigeria (AMCON) has released an account of the aircraft in the [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":140018,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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