The Asset Management Corporation of Nigeria (AMCON) has renewed its battle to recover a staggering N455 billion debt allegedly owed by Arik Air, one of Nigeria’s formerly leading domestic carriers.
In a fresh statement issued on Monday, AMCON declared its firm commitment to recoup the debt, which it described as a burden on Nigeria’s financial system and a setback to asset recovery efforts. The corporation expressed concern over the prolonged resistance by Arik’s promoters and vowed to pursue every legal route to ensure full recovery.
The Managing Director/CEO of AMCON, Mr. Ahmed Kuru, stated that the agency has made repeated attempts to settle the issue amicably, but the airline’s management has failed to cooperate. “We are not backing down. The monies belong to the Nigerian people, and we owe it a duty to recover every kobo,” he said.
Kuru lamented that despite AMCON’s intervention and takeover of Arik Air in 2017 to prevent total collapse, the airline’s obligations remain unresolved. He emphasized that such huge debts frustrate economic development, limit access to credit for productive sectors, and weaken investor confidence in Nigeria’s aviation and financial systems.
Recall that AMCON had previously restructured Arik Air’s operations under receivership, with a view to stabilizing the company and enabling it to meet its financial obligations. However, insiders say several litigations and delays have dragged the resolution process.
Aviation analysts believe that AMCON’s latest move could lead to renewed legal fireworks, especially as Arik Air’s original promoters may push back against further enforcement actions.
The development has stirred conversations about the need for stricter corporate governance in Nigeria’s aviation sector and better credit risk management by banks and lenders.
