Arik Air shareholders dispute AMCON’s N240 billion debt claim

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Arik Air shareholders dispute AMCON's N240 billion debt claim
Arik Air shareholders dispute AMCON's N240 billion debt claim

Shareholders of Arik Air have refuted claims made by the Asset Management Corporation of Nigeria (AMCON) that the airline owed N240 billion to lessors and financial institutions before its takeover on February 9, 2017.

In a document signed by the airline’s shareholders, they argued that Arik Air had been servicing its debts promptly before AMCON’s intervention.

They claimed that AMCON renegotiated a finance facility without involving Arik Air management, resulting in increased interest rates.

The shareholders also alleged that AMCON funded a startup airline, NG Eagle, using Arik Air’s sales proceeds, and criticized the deal’s transparency.