AMCON Discovers Another $78M Debt Owed IATA By Arik


… Airline’s Financial Transaction In 2015 Not Traceable

Asset Management Corporation Of Nigeria (AMCON) has discovered another huge but fresh debt totaling $78 million owed the International Air Transport Association (IATA) by Arik Air.

The huge debt it was gathered is the monies the embattled airline did not pay to the international airline body for the services it rendered to the carrier before AMCON intervened.

However, it was not clear the number of months or years the debt accumulated.

Speaking to Aviation Correspondent on comment that AMCON has slashed the airline’s fares by 30 per cent, AMCON Media Consultant on Arik Air, Mr Simon Tumba, stated that the report was merely stating the obvious.

He reminded Aviation Correspondents that when the corporation took over the entity, the Receiver Manager had made it known that the airline would reduce the number flights it operates due to the few airplanes left in the fleet of the airline, which had decreased from 30 to about 10.

Tumba further posited in view of this glaring challenge operations had to be reduced in line with the number of aircraft that operationally available.

Apart from the above, gathered from an authentic source close to the airline that not less than eight aircraft are presently parked on the apron, a situation that further makes it difficult for the  airline to operate  some of its routes .

The new management, the AMCON Media Consultant added is working round the clock to ensure the return of five of the airline’s airplanes.

He stated that hopefully, when these airplanes arrives, the fleet of the airline would have been boosted , adding that at that point the Receiver Manager would look at the lucrative destinations to operate to.

He also alleged that the old management did not remit pensions to Pension Administrator.

Tumba revealed that under the old management there were no records of its operation in 2015, a situation he lamented had made it difficult for the new management of the debts ridden airline to trace the entity’s financial transactions.

On the insinuation that AMCON’s mission is to liquidate the carrier, he stated that the new management was towards repositioning the airline, adding that Arik Air could be turned around because it has the potential to be a profitable venture.

According to him, “Arik is very critical to air transport in Nigeria. AMCON wants to manage the airline and return it to profitability. One man used to decide everything. There was no board. Everything rotated from one man.”

He disclosed that the old management of the airline has sued the corporation for taken over the organisation.

Tumba’s disclosure is a confirmation of the threat by the former Deputy Managing Director and Head of Flight Operations, Capt Ado Sanusi, who is now the Managing Director of another sick airline that Arik Air will challenge the takeover in court


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