AMCON Justifies Sale of Arik Air Aircraft as Shareholders Kick

Chinedu Eze

As the controversy over the sale of Arik Air aircraft rages, the Asset Management Corporation of Nigeria (AMCON), has justified the sale insisting that the aircraft is subject to security in favour of Access Bank.

Last week, reports disclosed that Arik Air under receivership with AMCON dismantled a Boeing B737-700 and sold it.

The PR Consultant to Arik Air in Receivership, Simon Tumba, who confirmed the sale, told THISDAY, “The aircraft was subject to security in favour of Access Bank. The bank provided the relevant security documentation to Arik Air and subsequently to AMCON, and the documentation was verified as genuine. Accordingly, Arik Air and AMCON did not object to Access Bank’s exercise of its security rights, including the sale of the aircraft. We understand that the bank has now completed the sale.”

Tumba also made available to THISDAY the certificate of registration of the aircraft with serial number 36073 and 2007 as date of manufacture with registration mark, 5N-MJD and with the Nigeria Civil Aviation Authority (NCAA) certificate number 1243. It was entered into the register of the federal government on November 30, 2007.

He also sent document of a second aircraft under Access Bank security, another Boeing B737 with registration mark, 5N-MJC, aircraft serial number 33932 and certificate number 1248, manufactured in the same year.

The inscription on the aircraft indicated, “This aircraft is owned by Arik Air Limited and is subject to a charge in favour of Intercontinental Bank Plc. Nigeria (later Access Bank). However, the Arik Air founder and shareholders have insisted that the Access Bank guaranteed a loan the airline accessed from US Exim bank and it had finished servicing the loan before AMCON took over the airline in February 2017.

In a statement signed by Godwin Aideloje from the media office of Arik Air shareholders, it stated that a clarification was made on the alleged indebtedness to Access Bank by the receiver manager (Mr. Oluseye Opasanya SAN) in his letters of 22 October 2024 to the shareholders, where he requested for clarification on the alleged Access Bank claim, the shareholders “mindful that he did not obtain a verified inventory, a statutory statements of affairs at the commencement of the receivership, offered to assist to set the records straight and assist him to make informed decision in a reply of 31 December by demanding the supporting documents of that claim which he did not supply with his letter.”

However, upon observation of what appears to be destruction/dismantling of an Arik 737-700 NG aircraft, the shareholders immediately wrote to the Receiver Manager on 17 August 2026 about this observed destruction of value. It’s shocking that he neither supplied the information that the shareholders requested that could help in the preservation of the assets of the company, while he had already/reportedly issued a no objection authority to the destruction of a new generation aircraft that should earn revenue for the airline, the statement said.

The shareholders said, the 737-700 reportedly being dismantled is one of the two units (known as Air Tran set) in the Arik fleet, it was acquired through a structured finance arrangement, involving US Exim, PEFCO and intercontinental bank (who at the time offered a bridge finance) before the PEFCo/US Exim bank funding approval materialised wherein intercontinental bank (now Access Bank) role remained only as guarantor.

“Any claim of Intercontinental Banks had a mortgage which was not serviced is unfounded. As a matter of fact, the aircraft had been fully paid for and due discharge from mortgage,” the shareholders insisted.

In a letter emanating from Shareholders of Arik Air Limited dated August 17, 2026 and addressed to Mr. Oluseye Opasanya (SAN), Receiver Manager, Arik Air Limited (In Receivership) and titled: Re: Access Bank indebtedness And Aircraft Asset, stated, “We refer to your letter of 22 October 2024 and our response of 31 December 2024. This letter is without prejudice to the shareholders’ pending proceedings at the Federal High Court in a matter where you are a party and to all their rights and remedies.

“Your letter of 22 October 2024 asserted an alleged Access Bank Indebtedness and security over Arik aircraft/engines. We expressly requested in our letter of 30l1 December 2024 the underlying documentation, which was not supplied with your letter and has not, to our knowledge, subsequently been satisfactorily produced. In addition, we informed you that the subject matter is also a subject of criminal investigation by law enforcement agency of government,

“We have now observed what appears to be an ongoing dismantling of an aircraft at the domestic station of Murtala Muhammed Airport.

In these circumstances, we require you to state: the identity, registration and ownership of the aircraft; its security status; the authority and purpose for its dismantling; and whether the aircraft or any component is connected with the alleged Access Bank security.

“This clarification is required as to the basis for the dismantling, particularly in light of the outstanding request for substantiation of the alleged Access Bank Indebtedness and security. We expect the matter to be addressed in accordance with the fiduciary responsibilities attached to your office.”

The letter also noted that the action of the dismantling raises serious questions concerning proper purpose, preservation of company assets, accountability, transparency and the utmost good faith required of a receiver-manager.

“Your professional standing as a Senior Advocate of Nigeria makes the need for scrupulous adherence to those obligations particularly clear,” said the letter, signed by the airline founder, Sir Johnson Arumemi-Ikhide.

Many in the aviation industry said that the Arik Air case with all its international implications remained a case Nigeria should not be proud of because it casts Nigeria as a precarious environment to do very serious business.

The Executive Secretary of Aviation Round Table (ART), Olu Fidel Ohunayo, told THISDAY, “It is irritating to see what Arik has turned into, after so many years under the ownership and management of AMCON. Yes, when AMCON stepped in Arik had a problem, a major problem at that time, which was one, the inability to fuel aircraft and pay insurance, it was a problem. And the industry welcomed AMCON with open hands. But now, we can only say, AMCON please leave, and let Arik breathe. And that is the position we can come to now.

“I am not so happy with the decimation of Arik and its assets. I thought the idea of its being taken over was to revamp Arik. That was why they stepped in, to revamp Arik and to protect their creditors. And in fact, Arik was an airline with such magnitude that should not rot away. Something was wrong along the line. There was poor communication between AMCON and the owners. The reconciliation between the owners and the creditor banks, everything just went wrong and the government just folded their hands and let everything get to this rot. It is so sad what we do to ourselves in order to get back at people or push personal agenda rather than national interest. While the shareholders had their problem, the government outcome further decimated and destroyed Arik. It is just sad.”