The Asset Management Corporation of Nigeria (AMCON) has pledged to recover a staggering N227 billion debt from Arik Air, citing ongoing resistance from the airline.
AMCON’s Head of Corporate Communications, Jude Nwauzor, announced during a Lagos briefing that efforts to revive the troubled airline had failed, prompting plans for liquidation under Sections 6 and 48 of the AMCON Act.
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Nwauzor highlighted that Arik Air, alongside other companies linked to its promoter, Sir Johnson Arumemi-Ikhide, owed AMCON a total of N455.17 billion, transferred from banks due to non-performance.
With only nine serviceable aircraft when AMCON intervened, the agency remains resolute in recovering the debts to protect financial stability.