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