AMCON says still considering liquidation of Arik Air, vows to recover N227bn debt

Editor 1

Head, Corporate Communications Department, AMCON, Mr Jude Nwauzor, speaking at a strategic media stakeholders of AMCON on Thursday in Lagos.

LAGOS - The Asset Management Corporation of Nigeria (AMCON) says it is determined to recover N227 billion debt from Arik Air.

The Head, Corporate Communications of AMCON, Mr Jude Nwauzor, made this known during an interactive session with aviation correspondents on Friday in Lagos.

According to him, AMCON’s plan to liquidate Arik Air is still on as efforts to revive the airline have so far proved abortive.

He said that the actions of AMCON, a debt recovery agency, is backed by Sections 6 and 48 of the AMCON Act.

Nwauzor said that the meeting was to clarify some misrepresentations on the issue.

“AMCON continues to face resistance from a number of debtors who are unwilling to pay without a fight.

“One of these debtors is Arik Air Ltd. (in Receivership), an airline company owned by Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nig. Ltd. (a power infrastructure company), Ojeimai Farms Ltd. and Ojemai Investment Ltd.

“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455.17 billion as at Dec. 31, 2024.

“The decision to classify the loan as non-performing was made by Union Bank of Nigeria, in accordance with the Prudential Guidelines of Central Bank of Nigeria,” he said.

He said that, in a letter dated Oct. 22, 2010, the bank informed Arik that its loans, which amounted to N70 billion at that time, were non-performing and posed a threat to the bank’s stability.

“This loan exposure was a significant factor in Union Bank’s financial challenges.”

Nwauzor added that Arik Air owed AMCON N227.63 billion, while Rockson Engineering owed it N163.50 billion and Ojemai Farms, N14 billion.

He emphasised that AMCON was determined to recover the debts.

Nwauzor disclosed that only nine Arik Air aircraft were serviceable at the time AMCON stepped in.

Comments

CBN sets 15kobo per transaction limit for contactless payments

ABUJA - The Central Bank of Nigeria (CBN) has just released a circular announcing the new transaction limits for contactless payments in the country, effective June 27. The circular was signed by Musa Jimoh, the bank's Director of Payment Systems Management Department, made available via the verified Tweeter handle of the bank. According to the CBN’s Guidelines on Contactless Payments in Nigeria, contactless payments through accounts or wallets in Nigeria will have a transaction limit of N15,000 and a daily cumulative limit of N50,000. This means that customers can make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering their PIN or biometric verification. The move is aimed at enhancing the security and convenience of contactless payments, which use technologies such as Near Field Communication (NFC) and Quick Response (QR) codes to enable customers to pay without physical contact with the merchant or the payment terminal. **Advertise...

Unruly passenger of Ibom Air faces flight disruption charges -- NCAA confirms

Editor 1 LAGOS -- The Nigeria Civil Aviation Authority (NCAA), has confirmed that the unruly passenger in the Ibom Air saga, Ms Chiamaka Ubani, was on January 10, docked at Uyo Magistrates' Court by the Nigerian Police for flight disruption charges. This was confirmed by the authority's Director, Public Affairs and Consumer Protection, Mr Micheal Achimugo in a post on his official X handle. Achimugo said that the defendant is facing a two-count charge bordering on intentionally and maliciously causing obstruction and public nuisance. According to him, she intentionally and maliciously prevented the door of the aircraft from closing and causing obstruction of flight Q1528 from flying, thereby committed an offence punishable under section 436 of the criminal code, Cap. 39, Vol. 2, laws of Akwa Ibom State." While on count 2, Ubani constituted herself into a public nuisance by obstructing flight Q1528 from flying at the scheduled time, an act which caused inconvenience or da...

Finchglow Holdings Chairman praised as he receives Honorary Doctorate

Editor 1 LAGOS - Finchglow Holdings has celebrated its Chairman, Mr. Kolawole Adesina, who was recently awarded an honorary doctorate degree of science (D.Sc) at the 55th Convocation ceremony of the University of Lagos. Mrs. Temilade Adu, Public Relations Manager, Finchglow Holdings made the disclosure in a statement on Sunday. This prestigious recognition highlights Dr. Adesina’s significant contributions to leadership and nation-building, as well as his dedication to advancing the energy and infrastructure sectors in Nigeria and beyond. Adesina, who serves as the Group Managing Director of Sahara Power Group, an energy and infrastructure organisation with operations in 42 countries, was celebrated alongside other distinguished individuals for their exceptional impact on Nigeria’s development. Commenting on the recognition, the Group Managing Director of Finchglow Holdings, Mr. Bankole Bernard said: "This honor is a reflection of Dr. Adesina’s relentless drive for transfor...

AlatNews

Search This Blog