- EDC warns EFCC to stop obstructing the repossession of the CRJ 1000 aircraft owned by JEM Leasing Limited.
- A petition filed by Sir Johnson Arumemi, founder of Arik Air, highlights that EFCC’s interference could impact future investments in Nigeria’s economy.
- EDC confirms the aircraft was mortgaged to them and supports the agreement between JEM Leasing Limited and the buyer, urging EFCC not to impede the buyer’s access to the aircraft.
Export Development Canada (EDC) has warned the Economic Financial and Crime Commission (EFCC) to stop obstructing the owner’s repossession of the CRJ 1000 aircraft.
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This interference came after a petition was filed by Sir Johnson Arumemi, founder of Arik Air.
The petition, dated June 14, 2023, was signed by Phillip Hinds, Director of JEM Leasing Limited, the aircraft owner. It was also copied to various directors, including those from Arik Air, Blue Marble Aviation Limited, Arik Air Aviation Centre, and Asset Management Corporation of Nigeria (AMCON).
Petition by Arik Air founder
The petition obtained by Nairametrics expressed concerns that EFCC’s interference in the airline’s affairs would significantly affect future investment decisions in Nigeria’s fragile economy.
The petitioner highlighted that the CRJ 1000 aircraft, owned by JEM Leasing Limited, was partly financed by EDC, and the aircraft was mortgaged to EDC as a condition of the financing.
The company’s letter confirmed the truth of the statements in the owner’s letter, which stated that the owner had an agreement with the new buyer, Alberta Aviation Capital Corp, to sell the aircraft with the consent and at the request of EDC.
The petition refuted the claim that the owner had disassociated itself from the aircraft sale and the plan to dismantle it, stating that these allegations were false. The owner had indeed agreed to sell the aircraft to the buyer, who also had authorization to dismantle it.
It added that Arik Air Limited had no interest in the said aircraft again.
- The letter added: “As stated in the owner’s letter, any interference action by Arik, or any other person, which impedes the buyer’s access to the aircraft, or any of the other steps, matters, processes or transactions outlined in 2(g) and 2(h) of the owner’s letter, will constitute improper interference with the owner’s (and/or the buyer’s) rights in respect of the aircraft.
- “Any such interference would also constitute improper interference with EDC’s rights as mortgagee of the aircraft. We therefore respectfully request that the EFCC does not impede the buyer’s access to the aircraft or any of the other steps, matters, processes or transactions outlined in 2(g) and 2(h) of the Owner’s Letter.”
EDC supports Aircraft agreement
Recent events, stemming from EFCC’s involvement following a petition by Sir Johnson Arumemi Ikhide regarding the sale of the aircraft by JEM Leasing Limited with EDC financing, have raised concerns in the sector.
The petitioner emphasizes the need for the Nigerian Government to prioritize preserving investor confidence and creating a stable and supportive environment for international lenders.
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Additionally, the company refutes the claim that Receiver Manager Omokide oversaw the dismantling of the CRJ 1000 aircraft without JEM Leasing Limited’s knowledge.
It maintained that it was necessary to establish the truth and hold accountable those responsible for disseminating false information.
- “EDC, as a Crown Corporation wholly owned by the Government of Canada, plays a pivotal role in driving economic growth and development through investments in various projects worldwide.
- “This episode superintended by the EFCC threatens not only future investments by EDC in Nigeria, but also sends a discouraging message to other potential lenders considering investments in Nigeria,” the petition said.”
