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“There are no desperate situations, there are only desperate people”- Heinz Guderian

The attention of the shareholders of Arik Air Limited has been drawn to a press statement  issued by Mr Simon Tumba of SYT Communications  for and on behalf of  Mr. Kamilu Omokide, the Receiver Manager of Arik Air Limited (in Receivership). 

In as much as it is not in our character to engage in media  disparagement of institutions and persons, we took a considered opinion to clarify certain misstatements and falsehoods in that press release.

It is public knowledge that Sir JIA Arumemi Ikhide at the instance of AMCON was  investigated by the EFCC a day before AMCON forcefully took Arik Air Limited into receivership on 9th February 2017 on spurious allegations . 

He cooperated with the EFCC and was cleared; till today he remains available  to honour invitations of the anti -graft agency without hesitation. He neither complained of being bullied by AMCON nor resorted to name calling. 

It speaks to equity and reasonableness therefore  that the ongoing investigations by the anti-graft agency, EFCC, should be respected by all parties and allowed to run its course without interference.

However, we wish to state that before the receivership by AMCON; Arik Air Limited was valued at the sum of  $3.7B by the Delloite of London,.This valuation is a product of months  of forensic review of all assets and visits to all worldwide stations including the Nigerian base by the valuers in 2014.

While it should be recalled should be recalled that AMCON through an exparte  order in suit No,  FHC/L/CS/175/17obtained on 8th February in 2017 based upon allegations of indebtedness of Naira 141 Billion, the sum which is less than 5% of the valuation of the airline.

In addition, as part of the Arik Air continuous engagement with AMCON over the years, the management of Arik Air led the team of Delloite valuers to present that report to the Minister of Finance, the Central Bank, and the Management of AMCON in 2014.

It should be noted that in 2021, Arik Air shareholders through the airline’s vice chairman, Senator Aniete Okon made a public demand for AMCON to file the statement of affairs of the company in order for the shareholders to ascertain the state of the alleged indebtedness, but  AMCON bluntly refused and resorted to name calling.

Now, it is interesting that after over 80 days  that the federal high court Lagos in suit no FHC/L/CS/1175/2021 ruled on March 31st, 2023, that the Receiver Manager and AMCON  should within 14 days of the judgement file the audited accounts of Arik Air  since receivership ( a period of 6 years) with the Corporate Affairs Commission, the receiver manager and AMCON are yet to obey the court order to file that account. 

In addition, the receiver manager disobeyed the order of court  for unfettered  access for  the shareholders/directors into  the Arik Air offices at the Murtala Mohammed Airport, Lagos.

That, notwithstanding, upon news of sales of some Arik Air assets and inventory in the international aviation circuit, Arik Air Limited lawyers resorted to private investigations which culminated in a recent petition to the EFCC. It should be noted that EFCC visited the Arik Air Headquarters in Lagos  and spent four (4) days  for on-site investigation. 

We therefore plead that all parties restrain themselves from overreaching or meddling with the investigation. Consequently, we believe, it serves equity  and respect that nobody should  disparage the  anti-graft agency nor fan embers of discord between agencies of government and or persons but encourage them  to do their work in the best interest of justice. 

In that regard,   we will not comment on any activities of innovative management financing solutions by the receiver manager and the purported  sale and or tear down of the CRJ 1000, B737NG and other such aircraft and assets of the airline that are subjects of investigation.

In the meantime, we have advised our lawyers to properly evaluate all matters relating third party involvement in the ongoing matter with the intention to appropriately address all issues solely within the remit of the law.

Media Office of The Shareholders of Arik Air Limited .18 June, 2023


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