You already know that Nigeria’s bad bank, the Assent Management Corporation of Nigeria, AMCON had been the one managing the air carrier, Arik Air after it took the airline’s assets and operations in October 2017.

But two years down the lane, reports have emerged that the airline was not performing well and that AMCON was delaying in selling the company.

Now the management of the airline has come out to deny these reports.

In a statement issued in Abuja on Thursday, signed by Oluseye Opasanya, SAN, Receiver Manager, Arik Air, he said that the report titled: “Two years After, AMCON Yet to Get Buyer for Arik”, was based on false claims; and that in fact the airline has been brought to life.

The manager in the statement stressed that the core mandate of AMCON was to intervene and ensure the revitalization of companies, adding that Arik had made significant progress in the last two years with AMCON.

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Throwing light on the condition in which the airline was in before the intervention, he said that Arik Air was headed for doom with poor management, non-payment of staff salaries and many abandoned facilities, even as regulatory agencies were owed a lot of money.

“The fleet was down to only eight serviceable aircraft, many of its assets were abandoned in different parts of the world and the maintenance hangar littered with unserviceable aircraft and related equipment. Even some of the serviceable aircraft were due for various checks.

“Fleet insurance was due, and the airline basically struggled to pay the premium. Vendors were being owed colossal amount of trade debts to the extent that no oil marketer was willing to advance trade credit to the airline.

“The former management found it extremely difficult to pay for fuel and as a result flight cancellation was rife, on-time performance (OTP), which is a measure of an airline’s ability to meet scheduled flight time plummeted leading to significant customer attrition and loss of confidence,” he said.

The manager argued that in the two years that AMCON had taken over Arik and appointed a Receiver Manager, the company had returned to solvency and was now making profits.

He said that at the time AMCON intervened, the Airline was down to only eight operational flights, stressing that the company had now increased its operational flights to 13.

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