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.