The Asset Management Corporation of Nigeria (AMCON) has said that since it has appealed last week’s judgement of a Federal High Court, presided over by Justice Ambrose Lewis-Allagoa, which ruled that the receivership of Arik Air does not preclude restricting the airline’s directors and shareholders access to the premises, it would not make further comments as that would be sub judice.
On Tuesday, the Founder/Chairman of Arik Air Limited, Dr Joseph Arumemi-Ikhide was denied access to the company’s head office at the Murtala Muhammed Airport, Lagos. He was reportedly stopped at the entrance by the security guards on duty.
In a statement on Tuesday, AMCON said: “…This matter is currently the subject of an ongoing dispute in the courts. Although a judgment has been delivered at the High Court, it has been appealed, and an application for stay of execution has been filed and served. As the legal proceedings are still ongoing, we shall not provide further comments at this time, as the matter is sub judice”.
On 9th February 2017, AMCON took over the management of Arik Air and appointed Kamilu Omokhide as Receiver-Manager for the airline.
In 2021, Arumemi-Ikhide, and his wife, Mary Arumemi-Ikhide filed an originating summons dated 14th December 2021, and prayed the court that the duty imposed Omokhide by section 553 of the CAMA 202O to act in the best interest of Arik Air Limited as a whole, including the duty to act in the best interest of the plaintiffs as members of Arik Air Limited.
Arumemi-Ikhide also sought an order directing the defendants, “to allow the Directors and Shareholders of Arik Air Ltd unfettered access to their offices, premises of the Plaintiff, facilities and staff required for the discharge of their functions”.
Last week, AMCON, through its Receiver-Manager, appealed the ruling of a Federal High Court in Lagos, which stopped the transfer of Arik Air assets to another entity, NG Eagle Airlines and Super Bravo Limited.
The court ruled that the decision was not in the best interest of Arik Air even as the Receiver/Manager was mandated to render account of its stewardship in Arik.Although Justice Lewis-Allagoa affirmed the power of AMCON to appoint the receiver-manager, he submitted that the transfer of Arik Air’s assets was done in bad faith.
The Arumemi-Ikhides averred that the transfer of Arik Air Limited assets to NG Eagle and Super Bravo Limited “was done in bad faith and a violation of the Omokhide’s “fiduciary duty to Arik Air Limited as imposed by section 553 of the CAMA 2020”.
NG Eagle is a creation of AMCON and some aircraft of Arik Air have already been converted to the new airline. But the Nigeria Civil Aviation Authoritydid not release the Air Operator’s Certificate of the new airline.
