The Asset Management Corporation of Nigeria (AMCON) has clarified that last Friday’s ruling of the Federal High Court sitting in Lagos did not rule against its appointment of the Receiver/Manager for Arik Air Limited. AMCON also said that the court, presided over by Justice Ambrose Lewis-Allagoa did not “grant all the prayers of the plaintiffs” as stated in some publications.
In a statement on Sunday, AMCON said that the court did hold held 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”.
Some news outlets reported on Friday that Justice Lewis-Allagoa set aside the decision to transfer Arik Air Limited’s assets by AMCON to another company to run the airline’s operations.
Acting as Receiver/Manager, AMCON Group Head, Kamilu Alaba Omokide had handed the management of Arik Air to NG Eagle Limited and Super Barvo Limited. But, not satisfied with the decision, the management of Arik Air approached the court to set aside the decision.
It was reported that Justice Lewis-Allagoa held that the decision to appoint Receiver/Manager for Arik Air Limited was wrongful and improper.
But AMCON’s statement on Sunday stated 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”.
The statement, jointly signed by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor; and Chief Executive at SY&T Communications Limited, Mr Simon Tumba further reads: “In any event, AMCON and the Receiver/Manager are dissatisfied with certain parts of the Judgment relating to AMCON’s dealings in specific transactions concerning limited assets. We are exercising our constitutional rights to appeal, in respect of these.
“The public should bear in mind 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.
“We urge media houses and the general public to rely only on certified true copies of court judgments, especially in reportage about court pronouncements”.
