Court stops the transfer of Arik Air assets to AMCON -

The Federal High Court sitting in Lagos, has stopped the decision to transfer Arik Air Limited’s assets by the Asset Management Corporation of Nigeria (AMCON), to another company to take over their operations.

The ruling was given by Justice Ambrose Lewis-Allagoa of a Federal High Court.

Kamilu Alaba Omokide, acting as receiver/manager, the group head, AMCON, had handed the management of Arik Air to NG Eagle Limited and Super Barvo Limited.

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The management of Arik Air approached the Court to set aside the decision.

Arik Air led by Johnson Arumemi Ikhideits, the founder and Mary Arumemi Ikhide, co-plaintiff, dragged AMCON, its Group Head, NG Eagle Limited; Super Bravo Limited, and Nigeria Civil Aviation Authority (NCAA) before the Federal High Court over the taking-over of Arik Air Limited’s assets and management.

In the suit, the plaintiffs prayed to the Court for four reliefs which included a declaration that the duty imposed on the 1st Defendant by Section 553 of the Companies and Allied Matters Act 2020 to act in the best interest of Arik Air Limited as a whole includes the duty to act in the best interest of the Plaintiffs as members of Arik Air Limited.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.