The shareholders of Arik Air have strongly disputed the claim made by the Asset Management Corporation of Nigeria (AMCON) that the airline’s owner, Johnson Arumem-Ikhide, owes a staggering N455 billion. In a statement issued on January 19, 2025, the shareholders dismissed the debt figure as “a fallacy,” labeling it as part of AMCON’s “dubious storytelling and falsehoods.”
AMCON had earlier announced that as of December 31, 2024, Arumem-Ikhide owed N227.6 billion through Arik Air, with additional debts of N163.5 billion owed by Rockson Engineering and N14 billion by Ojemai Farms, totaling N455 billion. The corporation emphasized that its intervention in February 2017 prevented the airline’s liquidation, and it remains committed to recovering the debts.
However, the shareholders, represented by Godwin Aideloje, refuted these claims, emphasizing that the matter is currently before the courts and that they would not engage in any public remarks while legal proceedings are ongoing. They also accused AMCON of disrespecting the court system and attempting to bypass judicial processes.
“The fictitious claim of N455 billion as alleged Arik Air indebtedness to AMCON is a fallacy,” the shareholders stated. “This allegation contradicts AMCON’s own claims in the legal proceedings, including its 2017 suit which took Arik Air into receivership and gave it full control over the airline’s operations.”
The shareholders also highlighted a judgment from the Federal High Court in March 2023, which ordered AMCON and its Receiver Manager to file a statement of affairs and audited financial reports with the Corporate Affairs Commission. They claimed AMCON failed to comply with this ruling and instead uploaded a controversial audited account to the Arik Air website, which they dismissed as inaccurate.
In response to AMCON’s assertion that the airline’s insolvency at the time of its takeover would have led to a sale, the shareholders refuted the narrative that the Federal Government had mandated the takeover. “AMCON’s new version of events is a gross misrepresentation of the Federal Government’s role in this matter,” said Aideloje. “Arik Air was recognized for its operational excellence, and before AMCON’s intervention, the airline was meeting its financial obligations.”
The shareholders also pointed to recent recognition of Arik Air by Afreximbank at an International Aircraft Leasing and Finance Conference in Dublin, Ireland, calling it a testament to the airline’s legacy and significant contributions to Nigeria’s aviation industry.
As the legal dispute continues, the Arik Air shareholders remain committed to pursuing justice through the appropriate judicial channels, while rejecting AMCON’s claims as baseless.
