Arik Air Shareholders Refute AMCON Allegations

The shareholders of Arik Air, Nigeria’s indigenous airline currently under the receivership of the Asset Management Corporation of Nigeria (AMCON), have dismissed claims that the company’s founder, Johnson Arumemi-Ikhide, owes a total of N455 billion.

In a statement signed by shareholders’ representative, Godwin Aideloje, the group labeled AMCON’s debt claims as “fallacy” and criticized its approach.

AMCON’s Debt Breakdown

AMCON, through its Head of Corporate Communication, Jude Nwauzor, reported that Arumemi-Ikhide owed a total of N455.17 billion as of December 31, 2024. This amount reportedly includes:

• Arik Air: N227.6 billion
• Rockson Engineering: N163.5 billion
• Ojemai Farms: N14 billion

According to AMCON, its intervention in Arik Air in February 2017 saved the airline from liquidation. The corporation maintains its commitment to recovering debts owed by Arik Air and other affiliated businesses.

Shareholders’ Reaction

The shareholders refrained from detailed comments, citing ongoing legal proceedings.

“This is a matter before the court. Unlike AMCON, which seems to disregard the courts, we will not resort to subjudicial remarks,” they stated.

The statement further condemned AMCON’s alleged misrepresentation of facts, describing the debt claim as part of a “dubious storytelling” campaign.

Legal Context

The shareholders referred to a Federal High Court ruling from March 31, 2023, which directed AMCON and its Receiver Manager to submit audited financial reports and statements of affairs to the Corporate Affairs Commission for verification.

They argued that AMCON’s claims contradict the financial realities recorded in the court case FHC/L/CS/175/17, which granted AMCON control over Arik Air’s operations, assets, and liabilities.

This ongoing dispute highlights the tension between AMCON’s debt recovery efforts and Arik Air’s stakeholders, with the courts expected to provide clarity on the matter.