BY AMIDAT SHITTU OPEYEMI.
The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering an alleged N455 billion debt owed by Arik Air Limited (in receivership) and other associated companies owned by Sir Johnson Arumemi-Ikhide. The corporation emphasized that despite resistance from the airline’s promoter, it remains steadfast in its mission to reclaim the debt for the benefit of Nigeria’s economy.
Speaking during a media briefing in Lagos over the weekend, AMCON’s Head of Corporate Communications, Jude Nwauzor, addressed what he described as misleading claims by Arumemi-Ikhide regarding the debt. He refuted allegations that the receivership of Arik Air was premature and that the airline’s loan at Union Bank was performing at the time of the takeover.
Nwauzor stated that the outstanding debts of the Arik Air group, which also includes Rockson Engineering Nigeria Limited and Ojemai Investment Limited, were transferred to AMCON due to non-performance. As of December 31, 2024, Arik Air alone owes N227.6 billion, Rockson Engineering has a debt of N163.5 billion, and Ojemai Investment is indebted to the tune of N14 billion, bringing the total to N455.1 billion.
According to AMCON, efforts to engage with Arumemi-Ikhide for repayment have been met with resistance, and the agency has faced smear campaigns and intimidation tactics. However, the corporation remains resolute in its mandate.
“No matter the false narratives being spread, these debts must be recovered. The leadership of AMCON, under Mr. Gbenga Alade, will not be deterred by attempts to malign the corporation’s image. We are fully committed to our responsibility of ensuring that funds owed to the Nigerian people are repaid,” Nwauzor said.
He further questioned the claims made by Arumemi-Ikhide regarding his debt obligations. “If the loan was performing, why was it sold and restructured? Why did he sign the restructuring proposals and agree to repayment terms if he had not defaulted? The truth is, had he fulfilled his obligations, he would not be in this situation today,” he added.
AMCON took over Arik Air in February 2017 due to the airline’s financial struggles, which had resulted in a debt burden exceeding N300 billion at the time. Following the takeover, the corporation dissolved Arik’s management and appointed a receiver-manager to oversee operations.
Despite ongoing disputes, AMCON has made it clear that it will explore all legal avenues to recover the funds owed by Arik Air and its affiliates, ensuring that public funds are not lost to defaulters.
