Shareholders of Arik Air have said the intervention of the Assets Management Corporation of Nigeria (AMCON) in the affairs of the carrier in the last six years is a gross mismanagement of a business enterprise.
They described as atrocious the activities of AMCON’s Managing Director Ahmed Kuru and the Receiver Manager of Arik Air, Kamilu Omokide.
The shareholders said the action of the agency’s boss and the airline’s receiver manager allegedly destroyed their business, triggered loss of value in resources and production capacity for Nigeria.
In a statement by its Media Office and signed by Aideloje Godwin, the shareholders of the beleaguered airline said: “We restate without any contradiction that AMCON forced Arik Air into receivership in a Gestapo-like operation, led by 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 ex parte 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 Kuru to publish any such loan/lease default letters with certified particulars of demand notices that caused Arik’s 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 Service (NIS) investigation of Arik in receivership, the shareholders urged the receiver manager and Capt. Roy Ilegbodu (Receivership CEO) to cooperate with the Customs investigators.
“We shall avail ourselves to the Customs’ authority, if and when invited,” the shareholders said.