Arik Air Limited (in receivership) has refuted claims of misappropriation of funds amounting to N120 billion. The Economic and Financial Crimes Commission (EFCC) had reportedly detained the Receiver Manager, Mr Kamilu Omokide, appointed by the Assets Management Corporation of Nigeria (AMCON) for Arik Air, over allegations of misappropriation and diversion of funds.
In response to the allegations, the airline dismissed the reports as false and labeled them as a deliberate campaign of calumny against the Receiver Manager. The airline clarified that the alleged misappropriation of N120 billion was mentioned in a petition filed by Mr Femi Falana.
SY & T Communications Limited, the media consultancy firm representing Arik Air, released a statement on behalf of the airline. The Chief Executive Officer of SY & T Communications, Mr Simon Tumba, stated that the majority shareholder of Arik Air, Sir Arumemi Johnson, is the actual subject of the investigation. Johnson is responsible for guaranteeing the N240 billion debt owed by Arik to AMCON as of May 31, 2023, and is personally liable for it.
The statement emphasized that the allegations of misappropriation in the petition are false and amount to a well-concocted campaign to undermine the ongoing receivership in Arik Air. It further stated that the claims in the petition do not add up to N120 billion and are merely a publicity stunt.
Arik Air also disputed accusations of deceptive portrayal of the actions of the Receiver Manager, particularly regarding the sale of assets. The statement clarified that the receiver manager has no control over the exercise of mortgage rights by a mortgagee and that certain financial operations raise no criminal intent.
Regarding the teardown of a Boeing 737-700 aircraft, the statement clarified that it was a professionally taken decision due to the aircraft being beyond economic repair. The aircraft had been abandoned and cannibalized in Malta since 2013, before the receivership began.
The statement concluded by affirming the receiver manager’s commitment to defending his integrity and offering full cooperation to the EFCC. The receiver manager, along with all staff at Arik Air Limited (in receivership), remains dedicated to the ongoing operations and receivership process.
