AMCON: Arik Air Will Be Part of National Carrier, Aero to be Sold


The plans to use Arik as part of the asset for Nigeria’s national carrier has been announced by the Asset Management Corporation of Nigeria (AMCON).

It will be recalled that AMCON took over Arik Air two years ago. Before the takeover, Arik Air was indebted to the tune of over N300 billion. The takeover was initiated due to the airline’s failure to pay its debts to government agencies, aviation fuel suppliers, aircraft maintenance organisations, food vendors and insurance firms.

In order to enhance payment of the owed debts, AMCON injected the sum of N 1.7 trillion after the takeover. The intervention was to revive the airline, save jobs and protect investors and stakeholders which was confirmed by the Managing Director of Arik Air, Captain Roy Illegbodu as successful.  

The plans to include Arik Air as asset for the national carrier was disclosed by the Mr. Ahmed Kuru, the Managing Director of AMCON. In his words “We want Arik to be taken as part of the assets for the national carrier, because that is the most sensible thing to do now, which is our plan.”

Sources disclose that plans to include Arik Air as part of the national carrier could be because the airline has huge hangar space, considerable fleet, administrative blocks and good personnel.

It will be recalled that Arik Air had years ago purchased some of the prime facilities and equipment of the former Nigeria Airways when it was liquidated.

In an interview with journalist earlier in the year, Sen. Hadi Sirika had disclosed that President Buhari approved the sum of N47.43 billion for the hitherto suspended Nigerian national carrier project in the 2019 budget that was passed by the National Assembly.

It will also be recalled that Aero Contractors was also acquired by AMCON in 2016. Speaking on the update, Mr. Ahmed Kuru said

“So for Aero Contractors, AMCON will be finding independent investors for that because they do not have enough aircrafts, so it is just the business we are selling.”

He said that the corporation has started discussions with investors with the aim of divesting their investments from Aero Contractor.

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