NG Eagle's AOC extended by 6 months on deadline day, AMCON sells process

The Nigeria Civil Aviation Authority (NCAA), has extended the Air Operating Certificate (AOC) of NG Eagle, an airline set up by Asset Management Corporation of Nigeria (AMCON) by six months, following its expiration.

The AOC which was seen by BusinessDay showed that the certificate which was signed by Musa Shuaibu Nuhu, Director General, NCAA was issued on 21st September, 2021 has its expiry date as 20th of September, 2023.

A source close to the NCAA who would not want to be mentioned said the NCAA has however extended the AOC of the prospective airlines by six months.

AMCON few days ago said it has sold the process of renewing the AOC process to an investor.

Speaking during an interactive session with the media in Lagos, Ahmed Kuru, the managing director, AMCON said in a bid to recover the over N300 billion debt accrued by Arik Air under Joseph Arumemi-Ikhide, its founder, AMCON had to set up an independent airline, NG Eagle and move the assets into the new airline.

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He said it took AMCON almost two years to follow the process of getting an AOC but got frustrated by allegations that the airline was set up to run a national carrier and this stalled kick-off of the airline despite getting the AOC.

“We branded three aircrafts that sat on the tarmac for two years. AMCON had no business with the national carrier. We were not encouraged. So, we found a way to sell the process of renewing the AOC process to someone who would continue flying it. If they do not meet the process of the AOC renewal, then it’s up to them,” he added.

Kuru however hinted that AMCON is ready to negotiate ownership with the leadership of Arik.

“The Arik issue looks like a situation where there is no way out. There is always a way out. It is just a question of give and take. What is important is for us to sit down with the owner of Arik, if he is ready and agree on what makes sense to him and to us and then we go back to the Central Bank and the Ministry of Finance and share the resolution.

“The two parties must have an understanding that they want to have a resolution but sometimes, we let go where we want the business to survive where you have more than 1,000 people working. Sometimes, when you look at the feasibility of keeping the business going, it also makes you give more concessions. But the other party must come with a mindset that they are ready for a resolution,” the AMCON MD said.

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.