Arik, affiliates must repay N455bn debt, says AMCON

The Asset Management Corporation of Nigeria (AMCON) says the agency is ready to work in line with its mandate by recovering the accumulated debts of over N455 billion owed by Arik Air Limited (in receivership), and other sister companies belonging to Johnson Arumemi-Ikhide, the promoter of Arik.

Speaking in Lagos at the weekend, Jude Nwauzor, head of Corporate Communications Department at AMCON, said Johnson Arumemi-Ikhide, who is the promoter of Arik Air, Ojemai Investment Limited, and Rockson Engineering Nigeria has been uncooperative towards the agency concerning loan recovery.

Nwauzor said the agency will not be discouraged by the smear campaign and disinformation being peddled by Arumemi-Ikhide and his associates but will remain focused on the recovery of the debts in line with the AMCON mandate by all legal means.

The AMCON spokesperson said the claims made by Arumemi-Ikhide that Arik loan in Union Bank was performing and that the receivership was premature are false narratives and misleading. He noted that the refusal of Arumemi-Ikhide to settle the debt owed is a “disservice to the commonwealth and the Nigerian people.”

“AMCON continues to face resistance from a number of debtors who are unwilling to pay without a fight,” he said.

“One of these debtors is Arik Air Limited (in Receivership), an airline company owned by Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nigeria Limited (a power infrastructure company), and Ojemai Investment Limited.

“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455, 171, 764, 772.80 billion as at December 31, 2024.

“Arik owes AMCON N227,637,469,394.34 billion; Rockson Engineering N163,502, 837, 397.75billion and Ojemai Investment N14, 031, 457, 980.71 billion.

“The fact of the matter is that no matter the smear campaign he is sponsoring against AMCON, these debts must be recovered one way or the other. The leadership of AMCON currently led by Gbenga Alade will not deviate from the mandate of AMCON, which is to recover the huge debt owed to the Corporation by recalcitrant obligors like the promoter of Arik Air Limited (in receivership).

“AMCON is used to the cheap strategy of obligors going to any length to assassinate the characters of both AMCON staff and its management, they malign the name of AMCON, intimidate, and harass our personnel with every arsenal at their disposal.

“Amongst several inaccurate claims, the founder of Arik, Sir Johnson Arumemi- Ikhide, has consistently peddled a false narrative regarding his debt to AMCON, claiming that Arik never defaulted in its payment obligations to Union Bank and feigning ignorance of the debt owed to AMCON. He has also alleged that the receivership was premature and claimed his loan was performing.

“These claims are misleading to say the least. The intelligent public must ask, if the loan was performing, why was it sold and restructured, and he (Sir Johnson) even signed the restructuring proposals? And why did he agree to the restructuring if there was no default? Did he fulfill the agreed terms? The simple answer is no because he would not have been where he is today with AMCON if he kept his own side of the repayment agreements.”

Recall that in February 2017, Arik Air was taken over by the federal government through AMCON due to the company’s huge debt profile, which was over N300 billion at the time. Following the takeover, AMCON immediately dissolved the airline’s management team and appointed a receiver manager. Subsequently, there have been a series of legal battles over the takeover. But even at that, the receivership management at Arik currently led by Captain Roy Ilegbodu as CEO has managed the airline in such an impressive manner, irrespective of the challenges.