……Founder Accused of Defaming AMCON in Debt Battle
The Asset Management Corporation of Nigeria (AMCON) has called on the media to collaborate with it in its efforts to recover a debt of N455 billion from Arik Air Limited and its owner, Sir Johnson Arumemi-Ikhide.
AMCON’s Head of Media and Communication, Jude Nwauzor while speaking with reporters in Lagos to explain the current debts of Arik and its founder, said, the corporation has been facing resistance from the debtors, who have been using the media to spread false narratives and discredit AMCON.
According to AMCON, Arik Air Limited, which is in receivership, owes the corporation N227 billion, while Sir Johnson Arumemi-Ikhide’s other companies, Rockson Nigeria Limited, Ojeimai Farms Limited, and Ojemai Investment Limited, owe a total of N455 billion.
“These companies’ 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 at December 31, 2024.Arik owes AMCON N227,637,469,394.34 billion; Rockson Engineering N163,502, 837, 397.75billion and Ojemai Farms N14, 031, 457, 980.71 billion”.
He accused Sir Johnson Arumemi-Ikhide of peddling false narratives about his debt to AMCON, claiming that Arik Air Limited never defaulted on its payment obligations to Union Bank and feigning ignorance of the debt owed to AMCON.
However, AMCON has disputed these claims, stating that the loan was sold to the corporation by Union Bank due to Arik Air Limited’s non-performance, and that Sir Johnson Arumemi-Ikhide has consistently defaulted on his obligations.
The corporation has also accused Sir Johnson Arumemi-Ikhide of using the media to spread false information and discredit AMCON, and has called on the media to hold him accountable for his actions.
“The fact of the matter is that no matter the smear campaign he is sponsoring against AMCON, these debts must be recovered one way or the other”.
AMCON also provided evidence of Arik Air Limited’s financial struggles, including a KPMG report that revealed the company’s balance sheet was insolvent, with a negative equity value of approximately N80 billion and total liabilities amounting to N289 billion as of December 31, 2016.
The AMCON spokesman stated that the receivership of Arik Air Limited was necessary to stabilize the operations of the airline and protect the interests of its employees and stakeholders.
In a document made available to the media, Nwauzor said, contrary to the 30 aircraft Sir Johnson claimed the airline had at receivership was not true.
According to him, yes, there were 30 aircraft in the fleet but only eight were functional while the others were either grounded, cannibalized or seized in other parts of the world namely in the UK, Malta and Jo’burg, South Africa.
“Upon receivership, the team found a fleet was in disarray”.
He therefore urged the media to ask Sir Johnson Arumemi-Ikhide questions about his debt to the corporation and his efforts to repay it, and has called on him to take responsibility for his actions and settle his debts.
“While the recovery process may take time, we remain committed to achieving an optimal recovery from Arik and its shareholders”.
