Arik Air Shareholders Accuse AMCON of Mismanagement and Breaches

Shareholders of Nigeria’s Arik Air (W3, Lagos) have criticized the Asset Management Corporation of Nigeria (AMCON) and its Managing Director, Ahmed Kuru, accusing them of mismanagement, misinformation, and breaches of protocols during the airline’s receivership. The shareholders contend that AMCON’s actions have resulted in substantial job losses, capital depletion, and economic setbacks.

In a statement released on September 20 and later published by Sahara Reporters, the shareholders refuted claims made by Kuru and called for transparency and justice in resolving the ongoing dispute. They disputed the reported NGN240 billion naira (USD312.5 million) debt pile attributed to Arik Air, challenging AMCON to present evidence to support its claims.

The shareholders alleged that since AMCON’s takeover in 2017, Arik Air’s fleet and operational capabilities have significantly diminished, with assets improperly inventoried during the receivership. They raised concerns about the creation and sale of NG Eagle, a company established to take over Arik Air’s assets and debt, citing impropriety and breaches of legal and fiduciary duties.

The shareholders criticized the secrecy surrounding the sale of NG Eagle to Alhaji Abdul Ahmad in February 2023, just before a scheduled court judgment. They contested AMCON’s attribution of Arik Air’s takeover to former Vice President Yemi Osinbajo and expressed their willingness for an open dialogue to address the lingering issues.

AMCON and Arik Air’s receiver manager, Kamilu Omokide, have yet to respond to requests for comment on the shareholders’ accusations. The dispute highlights the complex challenges facing Arik Air and the need for a transparent resolution process to address the grievances of shareholders.