AMCON Plans Arik Air Sale Post Legal Resolutions, Cites ₦455 Billion Debt

 AMCON Plans Arik Air Sale Post Legal Resolutions, Cites ₦455 Billion Debt

The Asset Management Corporation of Nigeria (AMCON) has announced intentions to sell Arik Air upon the resolution of ongoing legal disputes, highlighting the airline's substantial debt of over ₦455 billion.



Debt Breakdown

As of December 31, 2024, Arik Air's indebtedness to AMCON stands at approximately ₦227.64 billion. Additionally, associated companies, including Rockson Engineering and Ojemai Farms, owe ₦163.50 billion and ₦14.03 billion respectively, bringing the total liabilities to over ₦455 billion.

AMCON's Intervention

In February 2017, AMCON placed Arik Air under receivership due to financial instability and operational challenges. This strategic move aimed to prevent the airline's collapse and safeguard stakeholders' interests.





Legal Proceedings and Sale Plans

AMCON is actively pursuing legal avenues to recover the outstanding debts. The corporation has indicated that once these legal matters are resolved, it plans to proceed with the sale of Arik Air to recoup the owed funds.

The prospective sale of Arik Air underscores the financial turbulence within Nigeria's aviation industry. AMCON's decisive actions reflect a broader commitment to financial stability and accountability in the sector.

This development serves as a critical juncture for Arik Air, once a leading carrier in Nigeria, now navigating the complex process of debt resolution and potential ownership transition.

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