….challenge AMCON’s Claims Over Receivership
The Media Office of Arik Air Shareholders has responded sharply to recent statements made by the Asset Management Corporation of Nigeria (AMCON) regarding the airline’s receivership entitled: Arik Air Receivership…Why is AMCON jittery?
AMCON held a press conference on January 17, 2025, at the Radisson Blu Hotel, Ikeja, addressed the media presenting claims about the alleged financial state of Arik Air.
The shareholders, however, have dismissed these claims as a campaign of misinformation aimed at diverting attention from legal and operational challenges facing AMCON.
According to the statement signed by Mr. Godwin Aideloje of the Arik’s Air staholders’ media office, the shareholders described AMCON’s presentation of Arik Air’s fleet inventory as misleading and inaccurate.
They alleged that the receivership, which began on February 9, 2017, was imposed forcefully, leaving no opportunity for a proper inventory to be jointly verified.
According to them, AMCON inherited 30 aircraft but has mismanaged the fleet, reducing it to just three operational planes over eight years.
Related story: https://newsbulletinng.com/amcon-details-n455-billion-debt-recovery-efforts-against-arik-air-owner/
They pointed to the significant reduction in Arik Air’s route network and the loss of valuable slots at London Heathrow and New York JFK as evidence of AMCON’s operational failures.
The shareholders also refuted AMCON’s assertion that Arik Air was insolvent before the takeover, noting that, the audited financial reports for 2014 were completed by Arik’s management, while the 2015 accounts were prepared and submitted for audit.
They argued that AMCON’s receivership disrupted the process and further accused AMCON of submitting false financial documents and failing to comply with a 2023 Federal High Court ruling that mandated it to file accurate financial statements for the period of receivership.
The statement highlighted several instances of alleged mismanagement under AMCON’s receivership, including; seizure of a Boeing 737-800 in Lithuania due to unmet financial obligations, abandonment and cannibalization of aircraft in Malta, South Africa, and Ethiopia and unreturned spare engines and missing aircraft parts worth millions of dollars.
The shareholders claimed that these actions were part of a calculated effort to declare the airline insolvent and justify its takeover.
They criticized AMCON’s disregard for ongoing court proceedings, including a six-count charge filed by the Federal Government against key AMCON officials over their handling of Arik Air’s receivership.
The shareholders also rejected AMCON’s claim of a ₦455 billion debt, arguing that the figure contradicts earlier court filings by AMCON.
The statement accused AMCON of engaging in propaganda to mask its failures in managing Arik Air and other receiverships. It alleged that AMCON’s interference in unrelated businesses, such as Rockson Engineering, has caused setbacks in critical national projects.
The shareholders urged AMCON to desist from spreading falsehoods and to focus on being accountable for its actions, emphasizing that Arik Air, under its original management, was a model of excellence in Nigeria’s aviation sector, contributing significantly to the economy and maintaining international recognition.
As legal proceedings continue, the stakeholders called on AMCON to respect the judicial process and provide a transparent account of its stewardship of Arik Air over the past eight years.
