The Asset Administration Company of Nigeria (AMCON) has reaffirmed its dedication to recovering the N227 billion debt owed by Arik Air, because the company intensifies efforts to liquidate the airline.
This disclosure was made by AMCON’s Head of Company Communications, Mr. Jude Nwauzor, throughout an interactive session with aviation correspondents in Lagos on Friday, as reported by the Information Company of Nigeria (NAN).
Nwauzor said that regardless of quite a few makes an attempt to revive Arik Air, the airline’s {financial} scenario has remained dire, prompting AMCON to proceed with its liquidation plans.
The debt, which stays a big {financial} burden, is a part of a broader concern regarding a number of corporations underneath the possession of Sir Johnson Arumemi-Ikhide, together with Rockson Engineering and Ojemai Farms. AMCON’s willpower to get well these money owed is underpinned by Sections 6 and 48 of the AMCON Act, which empowers the company to take such actions.
“Nwauzor added that Arik Air owed AMCON N227.63 billion, whereas Rockson Engineering owed it N163.50 billion and Ojemai Farms, N14 billion.
“He emphasised that AMCON was decided to get well the money owed,” the NAN report learn partly.
The NAN assertion highlighted that AMCON’s technique is centered on recovering a complete of N455.17 billion in non-performing loans owed by corporations by which Sir Johnson Arumemi-Ikhide has pursuits. These money owed have been transferred from varied banks to AMCON as a result of corporations’ failure to fulfill compensation obligations.
Past Arik Air’s ongoing troubles with AMCON, a Federal Excessive Courtroom in Lagos lately dominated that Export Improvement Canada (EDC) can repossess an plane leased to Arik Air, marking the primary utility of the Cape City Conference in Nigeria.
The plane had been out of service since 2019, and efforts to repossess it had been blocked by the EFCC. The court docket’s determination clears the trail for EDC to implement its rights, marking a milestone within the enforcement of worldwide aviation legal guidelines in Nigeria.
