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| Jude Nwauzor |
The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering the staggering debt of N455 billion allegedly owed by Arik Air Limited (in receivership) and other affiliated companies linked to its promoter, Sir Johnson Arumemi-Ikhide.
During a press briefing in Lagos on Friday, Jude Nwauzor, Head of Corporate Communications at AMCON, stated that the agency remains determined to fulfil its debt recovery mandate despite ongoing resistance and an alleged smear campaign orchestrated by Arumemi-Ikhide and his associates.
Nwauzor described the Arik founder’s refusal to settle the debt as a “disservice to the commonwealth and the Nigerian people.”
He dismissed Arumemi-Ikhide’s claims that the receivership was premature and that the loans acquired by AMCON were still performing, calling them misleading and false narratives.
AMCON: Arik’s Debts Must Be Recovered
According to AMCON, the total debt owed by Arik Air and its affiliated companies, Rockson Engineering Nigeria and Ojemai Investment Limited, stood at N455,171,764,772.80 as of December 31, 2024.
A breakdown of the debts is as follows:
Arik Air Limited: N227.6 billion
Rockson Engineering, Nigeria: N163.5 billion
Ojemai Investment Limited: N14 billion
Nwauzor asserted that AMCON is no stranger to resistance from high-profile debtors who attempt to evade repayment, noting that Arik Air’s promoter is deploying familiar tactics to delay the inevitable.
“The fact of the matter is that no matter the smear campaign he is sponsoring against AMCON, these debts must be recovered one way or the other,” Nwauzor said.
He emphasized that AMCON’s current leadership, led by Mr Gbenga Alade, remains resolute in its mission to recover outstanding debts, regardless of any “character assassination, intimidation, or harassment” employed by delinquent debtors.
Arumemi-Ikhide’s Claims Dismissed
AMCON also refuted Arumemi-Ikhide’s repeated assertions that his company never defaulted on loan payments to Union Bank, the original creditor, before the debts were transferred to AMCON.
The agency challenged him to explain why the loan was restructured if it was truly performing.
“If the loan was performing, why was it sold and restructured? Why did he (Sir Johnson) even sign the restructuring proposals? And why did he agree to the restructuring if there was no default? Did he fulfil the agreed terms? The simple answer is no because he would not have been where he is today with AMCON if he had kept his side of the repayment agreements,” Nwauzor argued.
He further accused Arumemi-Ikhide of attempting to distort the facts in a bid to sway public perception.
Arik Air’s Takeover and Legal Battles
In February 2017, AMCON took over Arik Air due to its growing debt burden, which at the time had exceeded N300 billion.
Following the takeover, the government dissolved the airline’s previous management and appointed a receiver manager, sparking multiple legal battles between AMCON and Arumemi-Ikhide over control of the airline.
Despite these challenges, AMCON maintained that the receivership management, led by Captain Roy Ilegbodu, has continued to operate Arik Air efficiently under difficult conditions.
Final Warning from AMCON
As AMCON ramps up its debt recovery efforts, the agency has reiterated that it will pursue all legal means to retrieve the outstanding funds, no matter the resistance from Arik Air’s promoter.
“We will not be distracted or discouraged. AMCON has a clear mandate, and we will see it through to the end,” Nwauzor concluded.
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