FG Takes Over Arik Air

The Asset Management Company of Nigeria (AMCON), while making the announcement, said the decision was in a bid to save the country’s aviation industry from total collapse.

AMCON named a veteran aviation expert, Roy Ilegbodu, to take over the management of the airline under the receivership of Oluseye Opasanya, a senior advocate of Nigeria.

“The airline would now be managed by Captain Roy Ukpebo Ilegbodu, a veteran aviation expert under the receivership of Mr. Oluseye Opasanya, SAN,” the AMCON statement said.

AMCON spokesperson, Jude Nwauzor, said Arik air is currently indebted to the company to the tune of N135 billion and has been struggling to service the debt.

“The development will afford Arik Airlines, which is the largest local carrier in the country, to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector,” Nwauzor said.

Similarly, the Minister of State for Aviation, Senator Hadi Sirika, said, “We believe that this appointment is timely and will stabilise the operations of the airline.

“This will enhance the long term economic value of Arik Air and revitalize the airline’s ailing operations as well as sustain safety standards, in view of Arik Air’s pivotal role in the Nigerian aviation sector.

“All necessary steps have been taken to ensure that there would be no undue disruption on Arik’s regular business operations or activities of other stakeholders, on account of the recent changes in the leadership and management of Arik Airline,” the minister said.