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Arik Air Owes N375bn To Creditors– AMCON Tells Court Featured News 

Arik Air Owes N375bn To Creditors– AMCON Tells Court

It has been revealed that one of Nigeria’s major airline, Arik Air is indebted to the tune of N375 billion to its trade and finance creditors .

 

This was disclosed by the Receiver Manager of Arik Air, Mr Oluseye Opasanya (SAN), in an affidavit filed in support of the airline’s receivership by the Asset Management Corporation of Nigeria (AMCON), before Justice Muhammed Idris of a Federal High Court in Lagos.

 

A copy of the document filed on April 11 was obtained by the News Agency of Nigeria (NAN), in Lagos yesterday. AMCON had on February 9 taken over Arik Air as a result of its huge debt profile and thereafter appointed Capt. Roy Ilegbodu to manage the airline under the receivership of Opasanya. In the affidavit, Opasanya said the Federal Government underestimated the rot at the airline before the takeover, which according to him was mind-boggling.

 

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He complained that the airline has not paid the salaries of its staff since October 2016 and July 2016 respectively.

 

Opasanya explained that while N300 billion was owed on one hand to numerous local and international creditors, 31 million was owed to the Lufthansa Technik Group and $6.5 million to aviation authorities in the West Coast of Africa.

 

Other debts listed are Insurance Policy (N418. 89 million), National Pension Commission (N4. 59 billion) and Zenith and Access Banks (N28.347 billion). He said it also included Amadeus Marketing Nigeria (N632. 49 million), Marriot and Best Western Hotels (N3. 8 million), undocumented bank loan (N2 billion) and the Federal Airports Authority of Nigeria (N11. 21 billion).

 

He also added Export Development Canada ($53.43 million), Sky Enterprises LLC ($30 million), FAAN ($942.14 million ) World Fuel Services Inc ($26.55 million) and loan from Prince Arthur Ezenwa ($2.5 million), United States Internal Revenue Service and the United States Customs $987,170 and $311,888 respectively.

 

 

 

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