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Arik Air Shareholders Denounce AMCON’s Alleged Mismanagement And False Claims

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Arik Air Shareholders Denounce AMCON’s Alleged Mismanagement And False Claims....KINDLY READ THE FULL STORY HERE▶

Shareholders of Arik Air Limited have expressed their discontent with statements attributed to Alhaji Ahmed Kuru, the Managing Director of the Assets Management Corporation of Nigeria (AMCON). They accuse him of making false and misleading statements regarding Arik Air’s situation, leading to its takeover by AMCON.

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The shareholders emphasize their moral duty to set the record straight and challenge what they see as a desperate attempt to misinform Nigerians about the damage inflicted upon Arik Air. They make several key points:

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1. **Forceful Takeover of Arik**: They assert that when AMCON took over Arik Air on February 9, 2017, the airline was not in default of any financial lease or operating loan obligations to any bank, including the European Credit Agency (ECA)/HSBC facility. AMCON arbitrarily renegotiated the facility with Union Bank without involving Arik Air management.

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2. **Blaming the Former Vice President**: They dispute Alhaji Kuru’s claim that former Vice President, Prof. Yemi Osinbajo’s intervention led to Arik’s takeover, suggesting that it was an unnecessary interference in a private company’s affairs.

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3. **Arik Fleet & Route Network**: They contest Kuru’s assertion that Arik owned only seven aircraft, clarifying that Arik had 17 serviceable aircraft and 2 undergoing minor maintenance when AMCON took over. Today, Arik Air under AMCON’s management operates only 2 aircraft, with many assets either sold or abandoned.

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4. **Engine Swap Claims**: They deny Kuru’s claims of engine swaps on Arik aircraft, stating that Arik Air’s fleet consists of new-generation aircraft with OEM engines/warranties.

5. **Alleged Indebtedness to AMCON**: They challenge AMCON’s claim of N240 billion in indebtedness, pointing out that AMCON never filed this sum in any court.

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6. **NG Eagle Matter**: They raise concerns about the setup of NG Eagle, its transfer of Arik Air assets, and its sale to Alhaji Abdul Ahmad, an acquaintance of Alhaji Kuru. The Federal High Court has ruled this setup as illegal, null, and void.

7. **AMCON’s Forceful Takeover of Performing Loans**: The shareholders contend that AMCON took over performing loans and demand proof, records of indebtedness, and demand letters from the banks claimed to be owed by Arik Air.

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The shareholders appeal for justice and aim to counter what they view as AMCON’s deception and misinformation to the Nigerian government and people.

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“Adeyanju Tells Nigerian Govt: Terrorists Deserve Death, Not Forgiveness”.

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Activist lawyer Deji Adeyanju has insisted that terrorists and their collaborators deserve the death penalty, not forgiveness.....KINDLY READ THE FULL STORY HERE▶

Adeyanju made the statement while urging the Federal Government to adopt a stricter approach in tackling terrorism. On his X page, he argued that anyone involved in terrorism—or those supporting them—should face capital punishment rather than leniency.

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He criticized what he described as the government’s tendency to show mercy toward terrorists, warning that such leniency could undermine national efforts to combat insecurity.

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Adeyanju called on authorities to end policies that appear to pardon or reintegrate terrorists, insisting that a firm and uncompromising stance is essential to deter violent extremism and protect citizens.

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“Terrorists and their sympathizers deserve death, not forgiveness. The Nigerian government must stop forgiving and romancing terrorism,” he wrote.

The comments come as Minister of Defence Christopher Musa assured Nigerians that terrorists and bandits are sustaining heavy losses in ongoing military operations. Speaking after a security briefing with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, Musa said the Armed Forces had updated the President on the latest security situation and clarified what he described as “misleading interpretations” circulating in the media.

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“Lagos Residents Hit the Streets Over Constant Power Outages”.

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Residents of Lagos took to the streets on Friday to voice their frustration over persistent electricity outages, describing the state’s power supply as “epileptic” and unsustainable for both daily life and business operations.....KINDLY READ THE FULL STORY HERE▶

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A video shared widely on social media showed dozens of protesters, mostly youths, marching through the Fadeyi area, holding placards and chanting for consistent electricity.

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The demonstrators criticized what they called the collapse of the nation’s power sector, insisting that erratic electricity is disrupting livelihoods and making life increasingly difficult across Lagos.

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Placards carried by the protesters included messages such as:

  • “No More Estimated Billing”

  • “No More Epileptic Power Supply”

  • “No Light, No Life, No Nation”

  • “You’re Destroying Businesses; Give Us Regular Light”

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One protester shouted, “We are not asking for too much. Give us light!” as the march continued.

Local business owners highlighted the heavy toll of inconsistent electricity on their operations, noting that reliance on fuel-powered generators has driven up costs. A shop owner said, “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”

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The protest reflects growing public dissatisfaction with power supply in Lagos, with residents calling on authorities and electricity providers to ensure a stable and reliable service.

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“Ikeja Court Seizes Responsible Leaders Hotel Over Alleged Forex Fraud”.

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The Federal High Court in Lagos has ordered the temporary seizure of a multi-billion naira hotel linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry, and Agriculture, following allegations that the property was purchased with funds obtained through a fraudulent forex and investment scheme.....KINDLY READ THE FULL STORY HERE▶

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According to a statement by the Economic and Financial Crimes Commission (EFCC), Justice A.O. Owoeye, sitting at the Federal High Court in Ikoyi, Lagos, on Wednesday, March 12, 2026, ruled that the Responsible Leaders Hotel, located at 1 Ostra Close, Jobi Fele Way, Alausa, Ikeja, be temporarily handed over to the government. The property is valued at approximately ₦1.3 billion.

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The order followed an urgent application by the EFCC, presented by its lawyer, C.C. Okezie, who provided evidence suggesting the hotel was acquired through illicit means. The application was supported by an affidavit sworn by Obed Tanko, an EFCC investigator.

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According to the EFCC, Olutoke allegedly convinced numerous Nigerians to invest billions of naira in a capital-guaranteed forex trading and investment scheme, promising secure funds and high returns.

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“The suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme,” the commission said.

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Investigations revealed that neither Olutoke nor his company had the required legal permits to operate an investment business. Instead of trading the funds as promised, the EFCC claims the money was used to acquire expensive properties, including the Ikeja hotel.

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During the hearing, Okezie argued that the hotel should be seized as it was reasonably suspected to have been purchased with proceeds from unlawful activities. After reviewing the evidence, Justice Owoeye agreed, ruling that the asset should be temporarily taken over while the case proceeds.

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The judge also ordered the EFCC to publish the decision in a national newspaper, allowing anyone with a legal claim to the hotel to come forward and explain why the property should not ultimately be forfeited to the Federal Government of Nigeria.

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