AMCON Justifies Sale of Arik Air Aircraft as Shareholders Kick

The Asset Management Corporation of Nigeria (AMCON) has defended its decision to sell Arik Air's aircraft, asserting that the planes are secured in favor of Access Bank. Last week, it was reported that Arik Air, which is currently in receivership, dismantled a Boeing B737-700 and sold it. Simon Tumba, a PR consultant for Arik Air in receivership, confirmed the sale to THISDAY.

He stated that the aircraft was subject to security provided by Access Bank, the bank supplying the relevant security documentation to Arik Air and AMCON, which both verified it as genuine. The bank has since completed the sale, Tumba added. The PR consultant also provided certificates of registration for the aircraft, including its serial number, date of manufacture, registration mark, and certificate number from the Nigeria Civil Aviation Authority.

Arik Air's shareholders have disputed this, insisting that the bank's claim is unfounded. They argue that the Arik Air founder and shareholders had already paid off a loan from US Exim Bank, which was guaranteed by Access Bank, and that the loan was fully serviced before AMCON took over the airline in February 2017. The shareholders have demanded clarification on the alleged indebtedness to Access Bank, as well as documents supporting the claim.

They also observed the destruction/dismantling of an Arik 737-700 aircraft and demanded information on the aircraft's security status, purpose of dismantling, and its connection to Access Bank's alleged security.