N20bn Suit against FG and Ethiopian Airlines by Arik Air Ltd

A N20bn suit against FG and the Ethiopian Airlines was filed by the shareholders of Arik Air Limited over the takeover negotiations between them. Mr. Chris Ndulue, the Director of Arik Air, in a 20-paragraph affidavit asked the court to stop the first and second defendants from the negotiations on the takeover of the airline, Ethiopian Airlines and Mr. Abubakar Malami (SAN), the Federal Ministry of Transportation and the Minister of Justice.

Mr. Babajide Koku, Mrs. Ezinne Emedom, and Mr. Chukwuuemeka Nwigwe, Arik Air’s counsel filed the N20bn suit against FG and the Ethiopian Airlines on the 6^th of September 2017 at the Federal High Court, Lagos. According to Mr. Chris Ndulue the Director of Arik Air Limited, the asset Management Corporation of Nigeria had on the 8^th of February 2017 taken over the airline in addition to being challenged by the erstwhile Arik management through 2 suits akready pending before the Federal High Court, Lagos.

Ndulue claims that these negotiations by the defendants Ethiopian Airlines and Mr. Abubakar Malami (SAN), the Federal Ministry of Transportation and the Minister of Justice, would affect the outcome of the pending law suits.

The Asset Management Corporation of Nigeria (AMCON)’s Chief Executive, Ahmed Kure, has denied all claims of the Ethiopian Airlines supposed bid for Arik Air. The plaintiff appealed that the court charge the defendant N20bn for punitive damages against the first defendant for having induced the interference of the rights of the plaintiff and the administration of justice.