The shareholders of Arik Air have pushed back against the Asset Management Corporation of Nigeria (AMCON) over its assertion that the airline owes a staggering N455 billion. Describing the claim as inflated and misleading, the shareholders are demanding clarity and transparency regarding the debt restructuring process.
In a statement, the shareholders accused AMCON of mismanaging the airline since its takeover in 2017, alleging that the corporation’s actions have significantly eroded Arik Air’s value and operational capacity. They argued that the debt figure being circulated by AMCON does not reflect the airline’s actual liabilities before the government intervention.
“The N455 billion debt claim is a gross exaggeration and a deliberate attempt to tarnish the reputation of Arik Air and its shareholders. We challenge AMCON to provide a detailed breakdown of how this figure was arrived at,” the shareholders stated.

AMCON, however, has maintained that the debt represents accumulated obligations owed to various creditors, including banks, fuel suppliers, and service providers. The corporation insists that its intervention was necessary to prevent the airline’s collapse and safeguard thousands of jobs in the aviation sector.
Industry analysts have weighed in on the dispute, highlighting the need for an independent audit to ascertain the true financial state of Arik Air. Many believe that such an audit would bring transparency to the situation and help resolve the ongoing disagreements between the airline’s shareholders and AMCON.
The conflict has also raised broader concerns about the management of distressed companies taken over by AMCON. Critics argue that a lack of accountability and efficiency in the handling of such firms often exacerbates their challenges, rather than providing a path to recovery.
As the dispute unfolds, stakeholders are calling for constructive dialogue between Arik Air’s shareholders and AMCON to find a sustainable resolution. Observers stress that restoring the airline to full operational strength is vital for Nigeria’s aviation sector and the economy at large.
The outcome of this controversy could set a significant precedent for how similar cases are handled in the future, particularly regarding the role of AMCON in managing distressed assets and the protection of shareholder interests.
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