AMCON Refuses to Pay N10.5bn Unsecured Arik Debts to Aviation Agencies

The Asset Management Corporation of Nigeria has refused to pay to the aviation agencies N9.6 billion and $2.3 million , being five per cent ticket and cargo sales charge owed by Arik Air, when AMCON took over the airline on February 9, 2017.

THISDAY learnt AMCON claimed during the meeting that it was presently the owner of Arik Air, having bought over debts owed by the airline, which it put at over N300 billion. It also insisted that it would only pay post receivership debts. To avoid international litigation and possible seizure of the aircraft under the new airline, Alaba disclosed that the airline would only operate domestic services; so it would not add regional or international routes to its operations.

He said government considered the fact that if the airline was liquidated at that time, it would drastically reduce fleet capacity for scheduled flight operations in Nigeria, so government decided to inject funds into the airline in order to sustain it. Justifying the establishment of a new airline from the ashes of Arik Air, a former Director General, who was at the meeting on behalf of Arik Air, told the House Committee on Aviation that there was nothing wrong in establishing a new airline from Arik Air.

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