The media office of Arik Air Shareholders has issued a statement clarifying inaccuracies in a recent report published by Sahara Reporters. The report, titled “Romanian Airline, Dan Air Approaches Nigerian High Court to Register $400,212 Judgment Debt Against Arik Air,” has been described as misleading and inaccurate. The shareholders clarified that the referenced London court judgment concerns Arik Air (In Receivership), which is under the control of the Asset Management Corporation of Nigeria (AMCON). They emphasized that Arik Air Limited and its shareholders are not parties to the case and should not be implicated in the matter.
The statement signed by Godwin Aideloje, Arik Air Shareholders, explained that the London court judgment, delivered on 17 October 2023 and amended on 13 December 2023, stems from a wet lease agreement. This agreement was signed on 14 November 2021, five years after AMCON assumed control of Arik Air. The deal was executed between JUST US AIR S.R.L., represented by Captain Dan Iuhas, and Arik Air (In Receivership), represented by AMCON’s receiver manager, Mr. Kamilu Omokide, and its CEO, Captain Roy Ilegbodu. Furthermore, the enforcement petition filed by Dan Air at the Federal High Court in Lagos seeks to recover judgment debt from Arik Air (In Receivership) and not from Arik Air Limited, the airline’s original entity.
In addressing the situation, the shareholders highlighted what they referred to as “the glaring mismanagement” of the airline under AMCON’s receivership. They noted that, before AMCON’s takeover on 9 February 2017, Arik Air enjoyed a stellar reputation in the aviation industry. At that time, the airline operated a fleet of 19 aircraft, of which 17 were operational, and it maintained a spare parts inventory valued at over $200 million. Additionally, the shareholders pointed out that Arik Air had no history of lease defaults, aircraft seizures, or unfulfilled financial obligations.
According to the statement, AMCON and its receiver managers have consistently neglected proper maintenance and operational reinvestment while focusing on generating revenue. This negligence, the shareholders claimed, has led to grounded aircraft, cannibalization of spare parts, and the abandonment of operational assets in various locations, including Malta, South Africa, and Lithuania. They also referenced the unprecedented seizure of a $37 million Boeing 737-700NG in 2023, which they attributed to AMCON’s failure to meet lease obligations.
The shareholders also expressed deep concerns over the loss of critical assets and revenue streams that once defined Arik Air’s success. They cited the forfeiture of valuable landing slots at Heathrow Airport in London and JFK Airport in New York as examples of AMCON’s inefficiency. Additionally, the statement criticized the closure of 85 percent of Arik Air’s domestic routes, as well as all regional and intercontinental operations, describing these actions as detrimental to the airline’s growth and reputation.
The shareholders asserted that AMCON’s mismanagement of Arik Air and failure to honor agreements have significantly damaged the airline’s standing. They warned that the London court decision is only one of several legal disputes that highlight AMCON’s shortcomings. The shareholders further predicted that more claims would emerge from international stakeholders due to AMCON’s alleged operational failures.
In conclusion, the shareholders urged the public and aviation stakeholders to acknowledge the facts and hold AMCON accountable for its mismanagement. They reiterated that Arik Air Limited and its shareholders have no involvement in the London court judgment or the enforcement petition filed in Lagos. By clarifying these distinctions, they emphasized that ongoing issues surrounding Arik Air (In Receivership) solely reflect AMCON’s handling of the airline.