Arik Air Denies N120B Misappropriation

Arik Air Denies N120B Misappropriation, Vows to Protect Reputation


The management of Arik Air Limited (in receivership) has strongly denied accusations of misappropriation of funds amounting to N120 billion. The airline dismissed the allegations as baseless and part of a deliberate campaign to tarnish the reputation of the Receiver Manager, Mr. Kamilu Omokide, appointed by the Assets Management Corporation of Nigeria (AMCON).

Response to the EFCC investigation

In response to the ongoing investigation by the Economic and Financial Crimes Commission (EFCC), Arik Air clarified that the investigation was instigated by Sir Arumemi Johnson, the majority shareholder of Arik, who is personally liable for the N240 billion debt owed to AMCON. The airline emphasized that the alleged misappropriation of N120 billion, mentioned in a petition filed by Mr. Femi Falana, is unfounded and exaggerated. Arik Air described the claims as false and a publicity stunt.

Disputed allegations and commitment to cooperation

Arik Air disputed the accusations of deceptive portrayal and underhand sales of assets made against the Receiver Manager. The airline clarified that decisions regarding asset management and the exercise of mortgage rights are within the purview of the mortgagee and do not involve criminal intent. Additionally, Arik Air defended the decision to dismantle a Boeing 737-700 aircraft registered as 5N-MJI, highlighting that it was beyond economic repair. The Receiver Manager reaffirmed his commitment to defending his integrity and assured full cooperation with the EFCC investigation.

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