Arik Air shareholders flay AMCON on airline’s management

Shareholders of Arik Air have described the intervention of the Assets Management Corporation of Nigeria (AMCON) in the affairs of the carrier in the last six years as gross mismanagement of a business enterprise.

Besides, the Shareholders described as atrocious the activities of AMCON’s Managing Director, Mr Ahmed Kuru and the Receiver Manager of Arik Air, Mr Kamilu Omokide.

They said the action of the duo has brought monumental destruction to their business, triggered loss of value in resources and production capacity for Nigeria.

In a statement issued by its Media Office and signed by Aideloje Godwin , the shareholders said there is need to save Nigeria from the duo , who are using government’s well intended institutions and policies to destroy businesses and economy of Nigeria through serial misinformation, conflation of facts and gross mismanagement.

The statement reads : ” We restate without any contradiction that AMCON forced Arik Air into receivership in a gestapo like operation led by Mr Oluseye Opasanya SAN on February 9, 2017.

Arik was not in default of any loan or lease payments to any of its bankers and lessors. Suffice it to state that all Arik banking and lease facilities were performing and not in any default when AMCON forcefully took over Arik’s facilities. Therefore, they were not eligible bank assets (EBA) to have warranted AMCON’s receivership.

“This receivership was executed via an exparte order of the federal high court and enforced with two lorry loads of policemen with impunity and non-compliance with extant receivership laws. It was executed without any legal notice to Arik Air and the regulatory authorities, no form of inventory taking, records of assets and liabilities. Arik Air executive management members were intimidated and barred from the airline offices.’

The shareholders challenged Mr Ahmed Kuru to publish any such loan/ lease defaults letters with certified particulars of demand notices that caused Arik forced receivership by AMCON.

They said : ” The receivership was a conspiracy where the federal high court was deceived into granting an ex parte order. AMCON did not file any records of loan defaults and demand letters because there were none, yet it appointed receiver managers who mismanaged and destroyed the airline for over six years. The receiver managers inherited 19 aircraft which have today been reduced to abysmal two aircraft in operation.’

On the Nigeria Customs Investigation of Arik in Receivership, they urged Mr. Kamilu Omokide( Receiver Manager) and Capt. Roy Ilegbodu Receivership CEO) to cooperate with the customs investigations.

“We shall avail ourselves to the Customs’ authority if and when invited.”

“We understand the predicament of all persons that may be culpable in these heinous conspiracies, actions, and inactions of AMCON, we cannot relate with their renewed diatribe and media trials of the Arik shareholders to cover up their acts of economic sabotage.

“AMCON and its Receiver Managers under Mr Kuru’s leadership have a penchant for disobeying court orders. They wilfully disobeyed several orders of court including filing of audited accounts of Arik in receivership with the corporate affairs commission.

‘It is unfortunate that Mr. Ahmed Kuru’s over 8-year tenure , more than twice the tenure of a democratically elected President , as the Managing Director of AMCON in a national role that should be developmental has turned-out to be a season of disruption of businesses in Nigeria.

“This resulted in hundreds of thousands of job losses, capital losses, businesses capacity deficits and unprecedented economic setbacks. It also caused loss of confidence in the country and exacerbated the decline in foreign direct investments that the federal government is pursuing to improve.’