Arik Air Shareholders Tackle AMCON Over N455bn Debt Claim

Arik Air shareholders have rejected claims by the Asset Management Corporation of Nigeria (AMCON) that the airline’s founder, Johnson Arumemi-Ikhide, owes N455 billion.

In a statement signed by their representative, Godwin Aideloje, the shareholders labeled AMCON’s debt figures as false and misleading.

Earlier, AMCON’s Head of Corporate Communications, Jude Nwauzor, stated that as of December 31, 2024, Arumemi-Ikhide’s total debt across three investments stood at N455.17 billion.

This included N227.6 billion for Arik Air, N163.5 billion for Rockson Engineering, and N14 billion for Ojemai Farms.

Nwauzor also emphasized that AMCON’s intervention in 2017 saved Arik Air from collapse, and the corporation was committed to recovering debts owed by various businesses linked to the airline.

However, Arik’s shareholders dismissed the debt claims, stating that the matter is already in court.

“This is a matter before the court. Unlike AMCON who have no respect for the courts, we will not resort to subjudical remarks. We will not join the desperate attempt by AMCON to overreach the courts and desecrate our justice system,” the statement read.

“The fictitious claim of N455bn as alleged Arik Air indebtedness to AMCON by Mr Jude Nwauzor is a fallacy. It seems clear that AMCON is invested in dubious storytelling and falsehoods.

“This allegation is defeated by AMCON’s claim in its Suit No. FHC/L/CS/175/17 with which it took Arik Air into receivership and gained full control and management of operations, assets, and liabilities of the airline.”

The shareholders also referred to a Federal High Court ruling from March 31, 2023, which directed AMCON and its Receiver Manager to submit audited financial reports to the Corporate Affairs Commission (CAC).

According to the shareholders, AMCON has failed to comply with the court order or present its case before the Financial Reporting Council.

Instead, they said AMCON uploaded financial documents to the Arik Air website, which the shareholders dismissed as unreliable.

During a press briefing, AMCON maintained that Arik Air was insolvent at the time of the takeover and would have been liquidated without Federal Government intervention.

In response, Aideloje criticized AMCON’s narrative, calling it a misrepresentation of the government’s role.

Aideloje highlighted that Arik Air had been acknowledged for its operational success, noting that Afreximbank recently praised the airline as a model for Africa at an international aviation finance conference in Dublin, Ireland.

Aideloje stressed that “It is instructive to note the new version of the reason why AMCON took over Arik is a government mandate. What a preposterous statement from a Federal Government employee!

“This is a gross misrepresentation of the Federal Government as being in the business of arbitrary takeover of private businesses with a stroke of pen. This is indeed a disservice to the government and people of Nigeria by AMCON.

“We wish to state again that before the forceful takeover, Arik Air was recognized for its operational excellence and significant contributions to Nigeria’s aviation sector.

“Contrary to AMCON’s claims, the airline was meeting its financial obligations, as evidenced by remarks and recognition by global institutions; recently Afreximbank acknowledged legacy Arik as a model in Africa at a just-concluded International Aircraft Leasing and Finance Conference in Ireland Dublin a few days ago.”

KanyiDaily had also reported how AMCON seized a mansion belonging to the former Governor of Kwara State, Abdulfatah Ahmed, over the alleged N5billion debt he’s owing the corporation.