Arik Air shareholders dismiss AMCON’s N455bn debt claims, calling them fallacious and accusing AMCON of misrepresenting facts in the ongoing dispute
The shareholders of Arik Air, currently under the management of the Asset Management Corporation of Nigeria (AMCON), have strongly refuted claims that the airline’s owner, Johnson Arumem-Ikhide, owes a total of N455 billion in debt.
The shareholders, through a statement signed by their representative Godwin Aideloje, described the debt allegations as a fallacy, accusing AMCON of spreading false information.
Earlier, AMCON’s Head of Corporate Communications, Jude Nwauzor, had announced that the total debt owed by Arumem-Ikhide across his three investments amounted to N455.17 billion as of December 31, 2024.
The breakdown of the debt included N227.6 billion owed by Arik Air, N163.5 billion by Rockson Engineering, and N14 billion by Ojemai Farms.
AMCON had stated that its intervention in Arik Air in February 2017 saved the airline from liquidation, adding that it would pursue the full recovery of debts from various companies linked to the airline.
However, in a pointed response, Arik Air’s shareholders refused to comment on the matter in detail, stating that the issue is currently being addressed in court.
They also took issue with AMCON’s lack of respect for the judicial process, claiming that the corporation was attempting to undermine the court’s authority with its public statements.
The shareholders dismissed the N455 billion debt claim as “fictitious” and challenged AMCON’s narrative, citing the case in which AMCON took Arik Air into receivership in 2017.
According to them, AMCON’s claims are contradicted by the court case filed under Suit No. FHC/L/CS/175/17, in which the court ordered AMCON and its Receiver Manager to submit a statement of affairs and audited financial reports.
In addition, Aideloje criticized AMCON’s failure to comply with the Federal High Court’s judgment on March 31, 2023, which directed the submission of these reports to the Corporate Affairs Commission.
Instead of appearing before the Financial Reporting Council, AMCON reportedly uploaded the audited accounts on the Arik Air website, a move that the shareholders have rejected.
AMCON had earlier defended its actions, stating that without its intervention, Arik Air would have faced liquidation due to insolvency.
The corporation’s Head of Corporate Communications suggested that the Federal Government had mandated the takeover to prevent the collapse of the airline.
In response, Aideloje strongly objected to AMCON’s statement, questioning the legitimacy of the government’s involvement in the airline’s forced takeover.
He emphasized that prior to AMCON’s intervention, Arik Air had been a leading airline in Nigeria, meeting its financial obligations and earning international recognition.
For instance, recently, Afreximbank had praised Arik Air for its operational excellence at an International Aircraft Leasing and Finance Conference in Dublin, Ireland.
