• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Aviation

Arik Air challenges AMCON’s high debt exposure claim, says value exceeded liabilities

...Founder Joseph Arumemi-Ikhide insists Arik's debts was less than 5% of total value before AMCON takeover

Charles Ayodele by Charles Ayodele
June 20, 2023
in Aviation, Business News
Arik Air challenges AMCON's high debt exposure claim, says value exceeded liabilities
Share on FacebookShare on TwitterShare on Linkedin
  • Arik Air shareholders have disputed AMCON’s claim of high debt exposure, stating it was less than 5% of the airline’s value before the takeover.
  • The shareholders asserted that Arik Air was valued at $3.7 billion by Deloitte UK in 2014 after an extensive forensic review of assets and global stations.
  • In the meantime, AMCON’s activities in the airline are under investigation by the EFCC, and the shareholders call for respect and non-interference in the ongoing probe.

The shareholders of Arik Air have hit back at the Asset Management Corporation of Nigeria (AMCON), saying that its total debt exposure before the takeover was less than 5 per cent of its value.

The shareholders, led by the founder of Arik Air, Sir. Joseph Arumemi-Ikhide explained in a statement that before the receivership by AMCON, Arik Air was valued at the sum of $3.7 billion by Deloitte UK.

Ongoing Investigation and Respect for Due Process

The shareholders further explained that this valuation was a product of months of forensic review of all assets and visits to all worldwide stations, including the Nigerian base by the valuers in 2014.

RelatedStories

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

June 13, 2025
AMCON

AMCON struggles to recover N4 trillion debt in Nigeria, urges media to hold debtors accountable

March 15, 2025

According to the shareholders, before the takeover by AMCON on February 9, 2017, the total assets of the airline were over N141 billion.

The shareholders said that the ongoing investigations of AMCON activities in the airline by the Economic Financial Crimes Commission (EFCC) in the last six years should be respected by all parties and allow it to run its course without interference.

The statement hinted that it was public knowledge that Arumemi Ikhide at the instance of AMCON was investigated by the EFCC on February 8, 2017, a day before AMCON took over the running of the airline and complained of being bullied by AMCON and resorted to name calling.

It added that as part of Arik Air’s continuous engagement with AMCON over the years, the management of the airline led the team of Deloitte valuers to present its report of the airline to the Minister of Finance, the Central Bank of Nigeria, and the management of AMCON in 2014. The statement added: 

  • “It should be noted that in 2021, Arik Air shareholders through the airline’s Vice Chairman, Sen. Aniete Okon made a public demand for AMCON to file the statement of affairs of the company in order for the shareholders to ascertain the state of the alleged indebtedness, but AMCON bluntly refused and resorted to name calling.
  • “Now, it is interesting that after over 80 days that the Federal High Court Lagos in suit no FHC/L/CS/1175/2021 ruled on March 31st, 2023, that the Receiver Manager and AMCON should within 14 days of the judgement file the audited accounts of Arik Air since receivership with the Corporate Affairs Commission, the receiver manager and AMCON are yet to obey the court order to file that account.
  • “In addition, the receiver manager disobeyed the order of the court for unfettered access for the shareholders/directors into the Arik Air offices at the Murtala Mohammed Airport, Lagos.”

The shareholders emphasised that its lawyers carried out an investigation, which confirmed that its assets were being stripped and resorted to petitioning the who in turn visited the airline’s headquarters in Lagos for its own independent investigation.

AMCON’s Defense and Explanation

AMCON had over the weekend in a statement said that the airline was technically insolvent and being kept alive only by its magnanimity and that of the federal aviation agencies.

AMCON also denied a petition filed on behalf of Arumemi-Ikhide by Femi Falana Chambers, which claimed a criminal intent in respect of the JV financing of certain wet-lease aircraft for the airline.

AMCON also clarified the concerns raised about the teardown of a Boeing 737-700 aircraft registered as 5N-MJI, which had been abandoned and cannibalised in Malta since 2013 by Arik under the then leadership of its former owners.

AMCON insisted the JV financing options were innovative ways of raising capital for the airline due to restrictions on Arik borrowing powers.

The corporation insisted that the decision it took was a professional one that was Beyond Economic Repairs (BER) and stood the chance of being sent to the graveyard by authorities of the relevant airport in Malta.

According to AMCON, the pre-teardown valuation of the aircraft by McLarens, an aircraft valuation company, valued the aeroplane at $1.5 million.


Follow us for Breaking News and Market Intelligence.
Tags: AMCON NewsArik airArik Air Debt
Charles Ayodele

Charles Ayodele

Related Posts

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 
Financial Services

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

June 13, 2025
AMCON
Business News

AMCON struggles to recover N4 trillion debt in Nigeria, urges media to hold debtors accountable

March 15, 2025
Keystone Bank now fully owned by FG following Sigma Golf’s dissolution by Court
Company News

Keystone Bank now fully owned by FG following Sigma Golf’s dissolution by Court

February 12, 2025
EFCC, NOUN, Sunflower Hotel
Legal & Regulations

EFCC arraigns ex-AMCON MD, Ahmed Kuru, 4 others for N76bn, $31.5m fraud 

January 20, 2025
Court rules Canadian financier can repossess Arik Air aircraft under Cape Town Convention 
Aviation

AMCON vows to recover N227 billion debt from Arik Air amid liquidation plans 

January 18, 2025
Court rules Canadian financier can repossess Arik Air aircraft under Cape Town Convention 
Aviation

Court rules Canadian financier can repossess Arik Air aircraft under Cape Town Convention 

January 3, 2025
Next Post
Redmi 12C price slash: The biggest discount of this year

Redmi 12C price slash: The biggest discount of this year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 
  • South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG
  • 15 things you don’t need to start a business in Nigeria 

Follow us on social media:

Recent News

Sterling Bank concludes core application migration, leads the way for African Banking

Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 

July 15, 2025
Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics