Arik Owed N387bn Before AMCON Takeover

Johnson Arumemi-Ikhide, founder of Arik Air has confirmed the troubled airline owed about N387 billion both locally and internationally, before the federal government took over.

According to a fresh deposition before the Federal High Court sitting in Ikoyi, Lagos, it was revealed that the airline was deducting contributory pension from its workers earnings but was not remitting the same to the pension authorities.

A demand letter from the National Pension Commission showed that the airline had an outstanding pension remittance of N4.587 billion.

Recall on February 9, 2017, Asset Management Company of Nigeria (AMCON) finally took over the troubled Nigerian carrier.

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According to the statement released by AMCON confirming the takeover of the airline, Arik Air owed AMCON more than N135 billion in debt. The airline also owed N10 billion to other service providers.

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