The Asset Management Corporation of Nigeria (AMCON) has intensified efforts to liquidate Arik Air, just as the agency has reaffirmed its commitment to recovering the N227 billion debt owed by the airline.
This disclosure was made by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, during an interactive session with aviation correspondents in Lagos on Friday, 17 January, 2025, Nwauzor stated that despite numerous attempts to revive Arik Air, the airline’s financial situation has remained dire, prompting AMCON to proceed with its liquidation plans.
The debt, which remains a significant financial burden, is part of a broader issue concerning several companies under the ownership of Sir Johnson Arumemi-Ikhide, including Rockson Engineering and Ojemai Farms.
AMCON’s determination to recover these debts is underpinned by Sections 6 and 48 of the AMCON Act, which empowers the corporation to take such actions.
Nwauzor added that Arik Air owed AMCON N227.63 billion, while Rockson Engineering owed it N163.50 billion and Ojemai Farms, N14 billion.
According to him, AMCON’s strategy is centered on recovering a total of N455.17 billion in non-performing loans owed by companies in which Sir Johnson Arumemi-Ikhide has interests.
These debts were transferred from various banks to AMCON due to the companies’ failure to meet repayment obligations.
