AMCON to appeal court judgement on Arik, says airline still under receivership

Dissatisfied with certain parts of the Judgment relating to the court judgement on Arik Air, the Asset Management Corporation of Nigeria (AMCON) has revealed that it would appeal the ruling.

This is just as the asset managers stated that the Judgment did not either rule against the appointment of the receiver/manager of Arik or grant all the prayers of the Plaintiffs.

AMCON in a reactionary statement maintained that the issues under appeal have no bearing on the continued operation of Arik as a company in receivership – as the court has already affirmed the receivership.

The statement issued by AMCON read, “The attention of the receiver/manager of Arik Air Limited (in Receivership) (Arik) and the AMCON has been brought to several online publications concerning a judgement of the Federal High Court, Lagos delivered on Friday, March 31, 2023 (the Judgment).

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“The general public should please note that the Judgement clearly and without equivocation affirmed that AMCON was competent and empowered to appoint the Receiver/Manager of Arik, that the appointment by AMCON was proper, and that the continued operations of Arik are not affected. Put simply: the judgement does not affect the operations of Arik or the powers of the Receiver/Manager to superintend the affairs of Arik.

“Specifically, the Judgment did not either rule against the appointment of the receiver/manager of Arik or grant all the prayers of the Plaintiffs as stated in certain online publications.

“The Court did hold that the receiver/manager was obligated to act in the best interests of Arik and other creditors – a point that AMCON, and the receiver/manager have never disputed.”

AMCON stated that in any event, where AMCON and the receiver/manager are dissatisfied with certain parts of the Judgment relating to AMCON’s dealings in specific transactions concerning limited assets, it will be exercising its constitutional rights to appeal.

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.