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Home Business News

AMCON’s reasons for denying Ethiopian Air’s bid for Arik

Onome Ohwovoriole by Onome Ohwovoriole
September 6, 2017
in Business News, Company News
Canadian company Warns EFCC To steer Clear of Arik’s CRJ 1000 aircraft

Arik Air Plane (Image credit: Nairametrics)

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Ethiopian Air’s hopes of taking over Arik anytime soon, may have to wait soon. In a notice signed by its Head of Corporate Communications Jude Nwauzor,  the Asset Management Company of Nigeria (AMCON) denied any knowledge of Ethiopian Air’s proposal and maintained that it had run the airline creditably since taking it over.

“It is on record that the Receivership Team has within the period stabilised the operations of the airline, marked by stability of schedules; improved On-Time-Performance (OTP) and revamped customer service among others. “Today, the Airline has regained its dominance as the most reliable carrier in the country with growing passenger patronage and confidence.“

Nwauzor however confirmed that AMCON would keep the public abreast of developments relating to the airline.

Why AMCON may have reacted that way

AMCON may have denied knowledge about the deal to avoid being put in a cross fire between the previous owners of Arik Air and any intending buyer.  A former Vice Chairman of the Airline, Senator Anietie Okon had alleged in a recent interview that some powerful individuals had conspired to take over the airline but for AMCON’s intervention.

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AMCON may also have issued the statement in order not to foreclose the possibility of other investors showing interest in the airline.

What this means for Arik

AMCON’s denial of the Ethiopian Air’s bid signals the bank may be in opposition to the deal. Arik may thus remain under AMCON’s management for the foreseeable future.  AMCON took over the affairs of Arik Air in February 2016. It has spent billions so far in order to stabilize the operations of the airline. Potential investors in the airline may also be wary of participating in the bid process as AMCON’s stance seems to be at odds with the Federal Government.

Tags: AMCON NewsArik airNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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