Arik Air Shareholders Accuse AMCON of Mismanagement Leading to Flight Suspensions....KINDLY READ THE FULL STORY HERE▶

Shareholders of Arik Air have raised serious allegations against the Asset Management Corporation of Nigeria (AMCON), claiming that mismanagement has led to the airline’s suspension of flights to the United States. The shareholders argue that the discontinuation of routes to New York (JFK) and London (LHR) is a direct result of Nigeria losing its Federal Aviation Administration (FAA) Category 1 certification, a situation they attribute to AMCON’s alleged mishandling of the airline.

In a statement obtained by SaharaReporters, the shareholders detailed how AMCON’s forced takeover of Arik Air resulted in the appointment of incompetent supervisors, which they believe significantly contributed to the suspension of international flights and the loss of valuable landing slots at JFK and LHR.

The shareholders further claim that over 17 brand-new aircraft were cannibalized and destroyed under AMCON’s oversight. They emphasized that AMCON’s intervention led to the initial suspension of Lagos/New York (JFK) flights, which were previously operated by Hi Fly of Portugal to comply with Part 129 requirements.

After Nigeria regained its Category 1 status, Arik Air managed to obtain its own Part 129 certification. The airline resumed its New York route with its own Nigerian-registered aircraft and crew, successfully operating it for over six years before AMCON’s takeover.

The shareholders highlighted Arik Air’s substantial investment in obtaining the FAA Cat 1 certification, which included over $12 million in engaging a world-class consultant, SH&E from the USA. This investment supported the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN), and the Ministry of Aviation in developing the necessary manuals and procedures.

The statement acknowledged the tireless efforts of key figures such as Mrs. Fidelia Njeze, former Minister of Aviation, and Dr. Harold Demuren, former Director General of NCAA, who played crucial roles in ensuring the successful delivery of the Cat 1 audit and certification process.

The shareholders lamented the recent reports regarding Nigeria’s delisting from the FAA Cat 1 certification list due to the inactivity of Nigerian operators on American routes. They stressed that this inactivity is a direct consequence of AMCON’s forceful takeover of Arik Air, which occurred on February 9, 2017.

They further explained that the discontinuation of the Lagos/New York flights—initially operated by Hi Fly of Portugal—occurred only after AMCON took control. Under AMCON’s management, Arik Air’s operations have reportedly diminished by over 95%, negatively impacting both the traveling public and Nigeria’s economy.

The shareholders argue that AMCON’s actions have led to significant losses not just for Arik Air, but for Nigeria as a whole, as the loss of Category 1 status has hindered other promising airlines. They urge the government to hold AMCON and its appointed Receiver Managers accountable for their alleged mismanagement and economic sabotage.

With the future of Arik Air hanging in the balance, the shareholders stress the need for transparency and accountability in the aviation sector. They believe that the legacy management of Arik Air deserves recognition for their commitment to aviation development in Nigeria, which has been undermined by AMCON’s interference.