AMCON SETS TO RECOVER N455BN DEBT FROM ARIK AIR LIMITED by Adakoriko Adaviriku Adumaza

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March 16, 2025

The Asset Management Corporation of Nigeria (AMCON) is determined to recover the staggering debt of over N455 billion owed by Arik Air Limited and its sister companies, owned by Sir Johnson Arumemi-Ikhide. Despite Arumemi-Ikhide's uncooperative stance and attempts to discredit AMCON through smear campaigns, the agency remains resolute in its pursuit of debt recovery through all legal means.

According to Jude Nwauzor, Head of Corporate Communications at AMCON, Arik Air owes N227.6 billion, while Rockson Engineering and Ojemai Investment owe N163.5 billion and N14 billion, respectively. These debts were transferred to AMCON due to non-payment, and the agency is committed to recovering them.

AMCON has dismissed Arumemi-Ikhide's claims that Arik's loan was performing and that the receivership was premature, labeling them as false and misleading. The agency argues that if the loan was performing, why was it sold and restructured, and why did Arumemi-Ikhide agree to the restructuring if there was no default.

The debt recovery process has been ongoing since 2017, when AMCON took over Arik Air due to its huge debt profile. Despite the challenges, the receivership management has managed the airline impressively. AMCON assures the public that it will continue to pursue debt recovery, no matter the obstacles.

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