The shareholders of Arik Air, a Nigerian airline currently managed by the Asset Management Corporation of Nigeria (AMCON), have denied claims that the airline’s debt has reached N455 billion. This claim was linked to Arik Air’s owner, Johnson Arumemi-Ikhide.
In a statement signed by their representative, Godwin Aideloje, the shareholders labeled AMCON’s debt record as false. AMCON’s Head of Corporate Communication, Jude Nwauzor, had previously announced that as of December 31, 2024, Arumemi-Ikhide’s total debt, across three investments, stood at N455.17 billion.
According to Nwauzor, Arik Air owed AMCON N227.6 billion, Rockson Engineering owed N163.5 billion, and Ojemai Farms owed another N14 billion. He stated that AMCON’s intervention in 2017 saved Arik Air from collapse and emphasized the corporation’s commitment to recovering the debts.
The shareholders, however, refrained from discussing the matter further, citing ongoing court proceedings. “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 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,” Aideloje said.
The shareholders referenced a Federal High Court ruling from March 31, 2023, which ordered AMCON to file financial reports with the Corporate Affairs Commission. Aideloje claimed that AMCON failed to present its financial records to the Financial Reporting Council and instead uploaded questionable financial documents on Arik Air’s website.
AMCON, on its part, argued that Arik Air’s financial instability necessitated government intervention to prevent the airline’s sale. However, the shareholders contested this narrative, highlighting Arik Air’s previous reputation for operational excellence and financial responsibility.
“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,” Aideloje added.
The shareholders criticized AMCON’s portrayal of the Federal Government’s role, calling it misleading. They asserted that the airline was forcefully taken over despite its achievements and recognition in the aviation sector.
