The attention of the Shareholders of Arik Air Limited has been drawn to press statements attributed to Alhaji Ahmed Kuru, the Managing Director of the Assets Management Corporation of Nigeria, AMCON.

It is unfortunate that a senior government official, Alhaji Kuru, entrusted with the vital responsibility in the economic affairs of Nigeria will publicly make false and misleading statements in order to justify the monumental damage he led against Arik Air. This is a private airline that has proudly flown Nigeria’s flag around the world, while conducting its business constructively and contributing to the economic growth and development of Nigeria.

While we wish to refrain from media assaults and trials of persons as Alhaji Kuru/AMCON has done repeatedly in the past 6 years, we are beholden with the moral duty to set the records straight, in order to expose the desperate attempt to misinform Nigerians and distort the facts of the monumental destruction of Arik by AMCON and its receiver Manager(s). We wish to state as follows;

The Forceful Takeover of Arik

We state unequivocally that as at 9thFebruary 2017 when AMCON forced Arik Air into the receivership management of Mr. Oluseye Opasanya (SAN),the airline was not in default of any of its financial lease and operating loan obligations to any Bank, including the European Credit Agency(ECA)/HSBC facility. Suffice it to state that  with the 2010 banking reforms, the CBN directed the conversion of  all local bank guarantees of foreign loans from off-balance sheet  to on-balance sheet. Thus, with this CBN directive, AMCON took over the European Credit Agency(ECA)/HSBC finance facility supported by the local guarantee of Union Bank plc. AMCON renegotiated the facility with Union Bank from single digit to double digit interest rate without involving Arik Air management. 

This is a shareholder statement