Nigeria's state-owned Asset Management Company (AMCON) is determined to recover debts of NGN228 billion naira (USD149 million) from Arik Air (W3, Lagos), while plans to liquidate the airline remain in place as attempts to revive it have failed.
This was the word from AMCON spokesman Jude Nwauzor, who explained to local reporters that the state-owned firm continues to face resistance from several debtors, including Arik Air, which has been under its receivership since February 2017.
Arik Air is owned by Johnson Arumemi-Ikhide, who is also the investor behind Rockson Nigeria Limited (a power infrastructure company), Ojeimai Farms Limited, and Ojemai Investment Limited.
"These companies' debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of NGN455.17 billion [USD298 million] as of December 31, 2024," Nwauzor explained. "Arik Air owed AMCON NGN227.63 billion, while Rockson Engineering owed it NGN163.5 billion [USD107 million] and Ojemai Farms NGN14 billion [USD9 million]."
AMCON-Arik Air trial
Meanwhile, Nigeria's Economic and Financial Crimes Commission (EFCC) has arraigned AMCON's former managing director, Ahmed Kuru, alongside Union Bank Plc and three others, in connection with fraud involving NGN76 billion (USD49.5 million) and USD31.5 million belonging to Arik Air.
The defendants also include the airline's former receiver manager, Kamilu Omokide, its current managing director, Roy Ilegbodu, and a company named Super Bravo Limited. Charges being brought at the Lagos Special Offences Court include theft, abuse of office, and economic sabotage.
According to the EFCC, Union Bank allegedly inflated Arik's loan liabilities to NGN71 billion (USD46.5 million) in 2011. Kuru and others are accused of diverting NGN4.9 billion (USD3.2 million) from the airline to NG Eagle (2N, Lagos) in 2022. A key charge involves the destruction of an Arik Air aircraft worth USD31.5 million, allegedly authorised by Kuru and Omokide.
The defendants pleaded not guilty, and bail was set at NGN20 million (USD13,000) each pending trial in March 2025.
