AMCON Moves to Recover Arik Air Debt, Plans Liquidation

Nigeria’s Asset Management Corporation (AMCON) is pressing forward with efforts to recover NGN228 billion (USD149 million) in debt from Arik Air while maintaining plans to liquidate the airline. The carrier, under AMCON’s receivership since 2017, has resisted debt repayment efforts, according to AMCON spokesman Jude Nwauzor.

Arik Air, owned by Johnson Arumemi-Ikhide, is among several companies with non-performing loans acquired by AMCON. As of December 31, 2024, Arik Air owed NGN227.63 billion, Rockson Engineering NGN163.5 billion (USD107 million), and Ojemai Farms NGN14 billion (USD9 million).

Meanwhile, Nigeria’s Economic and Financial Crimes Commission (EFCC) has arraigned former AMCON managing director Ahmed Kuru, Union Bank Plc, and three others over fraud allegations involving NGN76 billion (USD49.5 million) and USD31.5 million belonging to Arik Air.

The defendants, including former receiver manager Kamilu Omokide, Arik Air’s current managing director Roy Ilegbodu, and Super Bravo Limited, face charges of theft, economic sabotage, and abuse of office. The EFCC alleges Union Bank inflated Arik’s loan liabilities to NGN71 billion (USD46.5 million) in 2011 and that Kuru and others diverted NGN4.9 billion (USD3.2 million) to NG Eagle in 2022.

A key charge involves the destruction of an Arik Air aircraft worth USD31.5 million, allegedly ordered by Kuru and Omokide. The defendants pleaded not guilty, with bail set at NGN20 million (USD13,000) each. The trial is set for March 2025.

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