AMCON takes over Arik Air, appoints Capt. Ilegbodu new MD

Asset Management Company of Nigeria, AMCON Thursday took over the management and ownership of Arik Air and appointed Capt. Roy Ukpebo Ilegbodu as the Managing Director.

The airline is indebted to AMCON to the tune of 135 Billion Naira. Operatives of EFCC on Wednesday invaded the premises of the airline and whisked away the Executive Chairman of the airline, Chief Johnson Arumemi-Ikedi to their Lagos office

A statement from AMCON yesterday said : “From all indications, respite may have come the way of Arik Airlines currently immersed in heavy financial debt burden that is threatening to permanently ground the airline. For some time now, the airline, which carries about 55% of the load in the country, has been going through difficult times that are attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the call for authorities in the country to intervene before Arik goes under like many before it”.

“The move, which clearly underscores government’s decision to instill sanity in the nation’s aviation sector has also prevented a major catastrophe that would among other factors protect, and preserve Arik Airlines as a going concern. The development will afford Arik Airlines, which is the largest local carrier to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector. The airline would now be managed by Capt. Roy Ukpebo Ilegbodu, a veretan aviation expert under the receivership of Mr. Oluseye Opasanya, SAN.”

Explaining the rationale for the latest intervention in Arik Airlines, the Minister of State for Aviation, Senator Hadi Siriki said, “We believe that this appointment is timely and will stabilize the operations of the airline.

This will enhance the long term economic value of Arik Air and revitalize the airline’s ailing operations as well as sustain safety standards, in view of Arik Air’s pivotal role in the Nigerian aviation sector.”

The Minister who further pledged that the Federal Ministry of Aviation would support the new management of the strategic carrier added that all necessary steps have been taken to ensure that there would be no undue disruption on Arik’s regular business operations or activities of other stakeholders, on account of the recent changes in the leadership and management of Arik Airline.