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Forget suit, settle your indebtedness, takeover your company—AMCON to Arik shareholders

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In a sharp reaction to the suit filed by Arik Air shareholders over what they described as veiled plan to wrestle away their investment and sale to Ethiopian Airlines, the current manager, Asset Management Corporation of Nigeria (AMCON), has advised them to save their energy from court processes and raise fund to take over their company as soon as possible.

AMCON in an open reply on the suit said “the fact that the Arik is hugely indebted to various creditors to the tune of over N300bn, and has been taken over by the corporation has eroded the share value of the airline; hence the shareholders have nothing to hold on to again”.

AMCON spokesperson, Jude Nwauzor, reaffirmed that AMCON from day one, has no interest and was not in any current discussion with the management of Ethiopian Airlines or any other for the takeover of Arik.

Besides, KPMG, the audit firm appointed to carry out a forensic audit of the airline’s books has not completed its assignment; hence a decision cannot be taken yet on the future of the carrier.

Efforts to get the views of shareholders on the latest explanation of AMCON failed at press time.