By Lawani Mikairu
LAGOS — THE Asset Management Company of Nigeria, AMCON, yesterday, took over management and ownership of Arik Air, and appointed Captain Roy Ukpebo Ilegbodu as Managing Director, following the airline’s indebtedness to the tune of N135 billion

Operatives of EFCC,Wednesday, invaded the premises of the airline and whisked away the Executive Chairman of the airline, Chief Johnson Arumemi-Ikhide, to their Lagos office.

Arik Air

This came as workers of the airline expressed mixed feelings over the take over of the airline, which has now gone into receivership of Mr. Oluseye Opasanya, SAN.

AMCON said in a statement yesterday: “From all indications, respite may have come the way of Arik Airlines currently immersed in heavy financial debt burden that is threatening to permanently ground the airline.

‘’For some time now, the airline, which carries about 55 per cent of the load in the country, has been going through difficult times that are attributable to its bad corporate governance, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the call for authorities in the country to intervene before Arik goes under like many before it.

“The move, which clearly underscores government’s decision to instill sanity in the nation’s aviation sector, has also prevented a major catastrophe that would, among other factors, protect and preserve Arik Airlines as a going concern.

‘’The development will afford Arik Airlines, which is the largest local carrier, to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector.

Explaining the rationale for the latest intervention in Arik Airlines, Minister of State for Aviation, Senator Hadi Siriki, said: “We believe that this appointment is timely and will stabilize the operations of the airline.

‘’This will enhance the long term economic value of Arik Air and revitalize the airline’s ailing operations as well as sustain safety standards, in view of Arik Air’s pivotal role in the Nigerian aviation sector.”

In the same vein, Capt. Ilegbodu has also assured staff of the troubled airline and all other stakeholders that his appointment at Arik would, among other objectives, enhance the value of Arik, improve customer experience, and sustain the safety, reliable and secure operational history of the airline before all those were eroded.

Arik Air to challenge AMCON take-over

Meanwhile, Arik Air ,yesterday, said it will challenge its take-over by the Asset Management Corporation of Nigeria, AMCON.

This was disclosed by the Deputy Managing Director of the airline, Captain Ado Sanusi, at the airline’s headquarters in Lagos.

Sanusi said the airline had agreed to comply with the court order directing AMCON to take over the management of the airline, but that the airline will challenge the decision to the highest court in Nigeria.

“We were served with the court order this morning, Arik Air will comply with the order. The airline has the right to challenge the order and will challenge the court order. We might disagree on certain issues, but we have agreed that Arik Air operations should continue and not be paralysed. We will make our position known to our various stakeholders and partners. We will challenge this order to the highest level,” he said.

Staff express mixed feelings

Meanwhile, staff of the airline, yesterday, expressed mixed feelings over the take over. While one of the workers, who spoke on condition of anonymity, said he saw the development coming, because of the manner the airline was being managed, another expressed fears over loss of jobs.

He said: ‘’The company is making money, so no matter how much the airline is owning, it would have been able to honour its financial obligations to AMCON and any other creditor.

“ I will, however, urge AMCON not to take any panicky measures by retrenching staff or downsizing as the company can meet its recurrent expenditures and make profit.”