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Nigeria Customs Service Investigates Alleged Sale Of Arik Air’s $40 Million Aircraft Fleet Transaction
Nigeria Customs Service Investigates Alleged Sale Of Arik Air’s $40 Million Aircraft Fleet Transaction....KINDLY READ THE FULL STORY HERE▶
The Nigeria Customs Service (NCS) has initiated an investigation into the alleged sale of three aircraft from Arik Air Limited’s fleet under the receivership of the Assets Management Corporation of Nigeria (AMCON). The deal is estimated to be worth around $40 million.
Arik Air’s management acknowledged their cooperation with the NCS in providing details about the aircraft’s alleged sale. They explained that the controversial aircraft, including the Q-400, CRJ-1000, and CRJ-900, were taken over by their foreign owners, who decided to sell them to new operators.
The NCS invited Arik Air’s management to clarify the situation concerning the alleged cannibalization of the three aircraft and their subsequent re-exportation.
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AMCON, in response, stated that it was cooperating with the NCS in its investigation and revealed that the companies owned by Arik Air’s founder, Sir Johnson Arumemi-Ikhide, owed AMCON a total of N400 billion in debts before the takeover. AMCON denied engaging in the illegal sale of aircraft and spare parts belonging to Arik Air after the takeover.
According to AMCON, the three aircraft (Q-400, CRJ-1000, and CRJ-900) were acquired on loan through the Export Development Canada (EDC), which served as the export bank to support the production and export of Canadian goods. EDC agreed to extend loans to an entity called JEM Leasing Limited, which purchased the aircraft for Arik Air.
AMCON clarified that Arik Air had paid lease sums directly to EDC to settle the loan obligations of JEM Leasing Limited to EDC. The company also mentioned that Arik Air received a customs duty waiver from the Nigerian government for the planes.
Due to Arik Air’s financial difficulties, the airline defaulted on lease obligations related to the Q-400 and CRJ-1000 aircraft. After the receivership, the management decided to exit the CRJ line of planes, considering factors like technical availability, lack of capital for overhaul, and the need to simplify the fleet. EDC agreed to write off Arik’s outstanding lease obligations on the CRJ-1000 aircraft, which was considered a favorable deal for Arik.
EDC confirmed that they sold the two CRJ-900 aircraft, and one CRJ-1000 aircraft was dismantled by a buyer.
AMCON explained that JEM Leasing Limited, the alleged owner of the CRJ aircraft, confirmed the sale and dismantling of the plane by the new owner in a letter dated May 5, 2023.
Following his recent primary victory, African Democratic Congress (ADC) presidential candidate Atiku Abubakar has initiated the process of selecting a running mate for the upcoming 2027 general election. Although Atiku secured the party’s nomination amid objections from fellow contenders Rotimi Amaechi and Mohammed Hayatu-Deen, he has publicly urged both men to unite with him to challenge the ruling All Progressives Congress (APC).....KINDLY READ THE FULL STORY HERE▶
Despite these overtures, reports indicate that neither Amaechi nor Hayatu-Deen is currently being considered for the vice-presidential position. Instead, focus has shifted toward the South-East region, a zone viewed by party insiders as a strategic political ally. Emeka Ihedioha, the former governor of Imo State, has emerged as a leading candidate for the role. Ihedioha is noted for his loyalty to the party and his significant efforts in securing regional support for Atiku during the primaries, unlike many others who defected to the Nigeria Democratic Congress (NDC).
Conversely, concerns persist regarding Amaechi’s political influence, with sources suggesting that his lack of firm control over his home state, Rivers, and the broader South-South region makes his selection a strategic risk. Regarding the selection timeline, Atiku’s Special Adviser, Paul Ibe, confirmed that the party is actively consulting to finalize its ticket in accordance with the Independent National Electoral Commission (INEC) schedule. While Ibe dismissed the likelihood of Amaechi being selected, he remained non-committal regarding Ihedioha’s candidacy, stating only that consultations remain ongoing.
If you are looking to exchange currency, here are the rates for the black market (parallel market) as of Saturday, May 30, 2026. Please be aware that these figures are based on reports from Bureau De Change (BDC) sources.....KINDLY READ THE FULL STORY HERE▶
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Parallel Market (Black Market) Rates: In the Lagos parallel market, the selling rate for a dollar is ₦1384, while the buying rate is ₦1376.
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Official CBN Rates: The Central Bank of Nigeria (CBN) does not officially recognize parallel market transactions and advises individuals to conduct all foreign exchange activities through their commercial banks. For reference, the official CBN rates on this date ranged from a high of ₦1375 to a low of ₦1372.
Important Disclaimer Please keep in mind that actual market rates for buying or selling foreign exchange can fluctuate and may differ from the figures provided in this report.
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“Truth Or Consequences: Wike Tears Down Past Administrations, Dares Rivers People To Face The Reality Of Tinubu’s Impact”.
During a luncheon hosted by the Rainbow Coalition in Port Harcourt this Saturday, FCT Minister Nyesom Wike challenged Rivers State residents to honestly compare the benefits the state received under previous administrations with the gains achieved in less than three years under President Bola Tinubu’s leadership. Highlighting the federal appointments and developmental projects secured under the current administration, Wike affirmed that Rivers State remains committed to supporting President Tinubu. He urged citizens to look past ethnic or sectional interests, arguing that political decisions should be based solely on track records of good governance and development.....KINDLY READ THE FULL STORY HERE▶
Addressing political strategy, Wike advised his supporters to prioritize grassroots mobilization over media presence, emphasizing that electoral victories are secured at the ward and polling unit levels. He expressed strong confidence in the Rainbow Coalition’s future performance and extended an invitation to aspiring candidates—for roles ranging from governor to councillor—to join the movement.
Furthermore, the former governor issued a stern warning against those attempting to destabilize the state, asserting that Rivers will not tolerate any efforts to undermine its interests. In a call for unity, Wike invited aggrieved politicians to reconcile and collaborate, stating that he is prepared to forgive past differences for the collective progress of the state. He concluded by reiterating that the identity of a leader is secondary to their ability to deliver results and serve the people effectively.
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