AMCON begins re-positioning of Arik Air


Asset Management Corporation of Nigeria (AMCON) which took over the management of Arik Air on February 9 says it has begun to re-position the airline to profitability.

The corporation said in a statement issued in Lagos that the airline had paid the insurance premium, which was on the verge of expiring had it (AMCON) not taken over the management of the carrier.

It also said the carrier had begun the payment of outstanding salaries.

“Arik is also in discussion with different creditors and stakeholders to recall a good number of aircraft into the fleet as soon as possible, which will increase the number of daily flights.

“Aside from that, a good number of affected passengers have been refunded while efforts are on to reach out to those yet to get their refund as a result of suspension of flights to some routes.

“As a result of these positive developments, Arik Air customers especially from the corporate circle are gradually coming back with assurances of stable and professional management with improving performance record within a short period, which is buoyed by the fact that Arik has unparalleled safety record that speaks for itself in the history of aviation in the country.

“The new management of the airline…has held series of fruitful engagements with major suppliers of aviation fuel and agreements reached for regular supplies of the product to Arik, which has guaranteed regular flights,” said AMCON.

It further said although the airline now managed by Capt. Roy Ukpebo Ilegbodu, under the receivership of Mr. Oluseye Opasanya, was confronted with a barrage of challenges created by the sacked Arik management, “they have been able to eventually surmount the problems to stabilize operations with the few aircraft in the fleet.”

“Unlike what obtained before the takeover, average on-time-performance of Arik Air to different destinations has improved; Nigerian banks that hitherto turned their back on Arik now cooperate and support the new management; engagement with international and local creditors have also been successful just as discussions with critical service providers and industry stakeholders have yielded the much desired positive results,” said the corporation.







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