The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering the outstanding debt of over N455 billion owed by Arik Air Limited (in receivership) and its affiliated companies. The airline, alongside Rockson Engineering Nigeria and Ojemai Investment Limited—both linked to its founder, Johnson Arumemi-Ikhide—has been under pressure from AMCON over unpaid loans.
Speaking over the weekend in Lagos, Jude Nwauzor, AMCON’s head of Corporate Communications, stated that Arumemi-Ikhide has not cooperated with efforts to resolve the debts. He noted that despite alleged attempts by Arumemi-Ikhide and his associates to discredit the corporation, AMCON remains determined to recover the funds using all available legal means.
AMCON has rejected claims by Arumemi-Ikhide that Arik Air’s loan with Union Bank was still performing at the time of the receivership. The agency described these claims as misleading, stressing that failure to settle the debts is unfair to both the Nigerian government and its citizens.
“AMCON continues to face resistance from a number of debtors who are unwilling to pay without a fight,” Nwauzor said.
According to AMCON, the debts in question were transferred from various banks after the companies defaulted on their loan obligations. As of December 31, 2024, Arik Air alone owed AMCON N227.6 billion, while Rockson Engineering and Ojemai Investment Limited owed N163.5 billion and N14 billion, respectively.
Since taking over Arik Air in 2017 due to its financial troubles, AMCON has faced legal disputes and allegations from Arumemi-Ikhide. The agency maintains that it has been falsely accused of unjustly seizing the airline, despite clear evidence of loan defaults.
“The fact of the matter is that no matter the smear campaign he is sponsoring against AMCON, these debts must be recovered one way or the other,” AMCON stated.
The agency also accused debtors of trying to undermine its operations by attacking its management and staff. Nwauzor noted that AMCON officials have faced harassment, intimidation, and character assassination as part of efforts to evade repayment.
The federal government, through AMCON, took control of Arik Air in February 2017, citing its overwhelming debt burden of over N300 billion at the time. The move led to the dissolution of the airline’s previous management and the appointment of a receiver-manager.
Despite the ongoing challenges, AMCON stated that the current management team, led by Captain Roy Ilegbodu, has been able to sustain operations and keep the airline running. The corporation insists that its focus remains on debt recovery and ensuring that companies fulfill their financial obligations.
