AMCON to appeal court judgement regarding Arik says airline still under Receivership

Apparently dissatisfied with certain parts of the Judgment relating to the court judgement on Arik Air, the Asset Management Corporation of Nigeria (AMCON) has revealed that it would appeal the ruling.

This is just as the asset managers contended that the Judgment did not either: (i) rule against the appointment of the Receiver/Manager of Arik or (ii) “grant all the prayers of the Plaintiffs.

AMCON in a reactionary statement maintained that the public should bear in mind that the issues under appeal have no bearing on the continued operation of Arik as a company in Receivership – as the Court has already affirmed the Receivership.

The statement issued by AMCON read,”The attention of the Receiver/Manager of Arik Air Limited (in Receivership) (Arik) and the Asset Management Corporation of Nigeria (AMCON) has been brought to several online publications concerning a judgement of the Federal High Court, Lagos delivered on Friday, March 31, 2023 (the Judgment).

“The general public should please note that the Judgement clearly and without equivocation affirmed that AMCON was competent and empowered to appoint the Receiver/Manager of Arik, that the appointment by AMCON was proper, and that the continued operations of Arik are not affected. Put simply: the judgement does not affect the operations of Arik or the powers of the Receiver/Manager to superintend the affairs of Arik.

“Specifically, the Judgment did not either: (i) rule against the appointment of the Receiver/Manager of Arik or (ii) “grant all the prayers of the Plaintiffs” as stated in certain online publications. The Court did hold that the Receiver/Manager was obligated to act in the best interests of Arik and other creditors – a point that AMCON, and the Receiver/Manager have never disputed.

“In any event, AMCON and the Receiver/Manager are dissatisfied with certain parts of the Judgment relating to AMCON’s dealings in specific transactions concerning limited assets. We are exercising our constitutional rights to appeal, in respect of these.