BY ANTHONY OMOH
In a firm rebuttal to recent allegations from the Asset Management Corporation of Nigeria (AMCON), Arik shareholders strongly denied wrongdoing. Godwin Aideloje, the Media Office spokesperson for Arik shareholders, emphasized that the claims regarding the airline’s financial state were entirely false. He stated that AMCON’s portrayal of the airline’s financial distress is both misleading and dishonest, particularly in its handling of Arik Air under AMCON’s receivership. Aideloje emphasized that the airline’s challenges stemmed not from financial mismanagement by the airline itself but from AMCON’s poor management during the receivership process.
Unaccounted Assets and Aircraft Losses
Aideloje provided a stark account of the mismanagement of Arik Air under AMCON’s receivership, highlighting significant losses of both aircraft and equipment. One notable incident involved the seizure of a Boeing 737-800NG in Lithuania in 2023 due to AMCON’s failure to meet the airline’s financial obligations. Another Boeing 737-700NG was abandoned in Malta, where it was later dismantled and sold in the grey market. Two other aircraft were left in a deteriorated state in Johannesburg and Addis Ababa, with missing engines. These developments further exemplify the disastrous handling of Arik Air under AMCON’s receivership, causing irreparable damage to the airline’s assets and operations.
Alleged Conspiracy to Bankrupt Arik Air
In addition to the asset mismanagement, Aideloje accused AMCON of deliberately orchestrating the airline’s financial collapse. He referred to a February 2017 meeting held by the Central Bank of Nigeria (CBN) Governors Committee, where the decision to place Arik Air under receivership was allegedly finalized without due process. Aideloje argued that this was not a genuine rescue operation but rather a concerted effort to bankrupt the airline for ulterior motives. He pointed to AMCON’s March 2017 directive to Arik’s receiving banks, which halted the servicing of the airline’s ongoing obligations, further exacerbating the financial crisis.
Misleading Financial Intervention
While AMCON justified its actions by citing Arik Air’s alleged financial struggles, Aideloje refuted this claim, asserting that the receivership, instead of stabilizing the airline, led to the destruction of valuable assets. Arik Air, which was valued at $3.7 billion by Deloitte, suffered from reduced fleet capacity and a tarnished reputation in Africa’s competitive aviation market. “Arik Air under AMCON’s receivership never defaulted on its financial obligations. Instead, AMCON’s interventions caused the airline’s deterioration,” Aideloje said.
Legal Challenges and the London Court Judgment
Aideloje also pointed to a recent legal challenge involving Arik Air in London, where AMCON’s mismanagement led to a $400,000 court judgment for unpaid wet lease fees. He argued that AMCON’s handling of the airline has embarrassed Nigeria on the international stage and highlighted its failure to fulfill contractual agreements. The ongoing legal disputes only serve to deepen the already fragile position of Arik Air under AMCON’s receivership, further damaging Nigeria’s aviation sector and its global standing.
Allegations Against Ojemaie Farms and Rockson Engineering
In response to AMCON’s allegations regarding Ojemaie Farms and Ojemaie Investments, Aideloje clarified that the issue had already been legally resolved years ago, with a court-affirmed settlement. He also criticized AMCON’s interference in power projects involving Rockson Engineering Nigeria Limited, stating that AMCON’s actions had caused unnecessary delays, leading to significant setbacks in the completion of power projects that were already 80% finished before the receivership intervention.
A Call for Accountability
Aideloje concluded his statement with a call for AMCON to take accountability for its actions. “AMCON’s mismanagement of Arik Air under AMCON’s receivership has caused immeasurable harm to the airline, its employees, and Nigeria as a whole,” he asserted. “AMCON must stop its pattern of misinformation and be held accountable for the destruction it has caused.” The shareholders’ office urged the public to demand transparency in AMCON’s dealings and to hold the corporation responsible for the long-term consequences of its actions.
Aideloje’s final remarks emphasized that this issue transcends Arik Air alone. It is about the need for proper governance and accountability within AMCON to prevent further damage to Nigeria’s corporate and aviation sectors.
“This is not just about Arik Air; it’s about ensuring that AMCON does not continue to harm Nigeria’s corporate landscape while avoiding accountability,” Aideloje concluded.
