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AMCON Takes Over Management Of Arik Airline

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The Asset Management Company of Nigeria (AMCON) has taken over the management of distressed airline, Arik Air, with a
new management team led by Capt. Roy Ukpebo Ilegbodu, a veteran aviation expert under the receivership of Mr. Oluseye Opasanya, SAN tothe Asset Management Company of Nigeria (AMCON) has taken over distressed airline, Arik Air.

This is just as AMCON has appointed a new management team led by Capt. Roy Ukpebo Ilegbodu, a veteran aviation expert under the receivership of Mr. Oluseye Opasanya, SAN to pilot the affairs of the airline to stability.

Arik , for over a year, has been riddled in all sorts of controversies and challenges attributable to its bad management, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the call for authorities in the country to intervene before Arik goes under like many before it.

According to AMCON, the move, which clearly underscores government’s decision to instill sanity in the nation’s aviation sector has also prevented a major catastrophe that would among other factors protect, and preserve Arik Airlines as a going concern.

The statement in part read,” The development will afford Arik Airlines, which is the largest local carrier to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector.”

Explaining the basis for the latest intervention in Arik Airlines, the Minister of State for Aviation, Senator Hadi Siriki said, “We believe that this appointment is timely and will stabilize the operations of the airline. This will enhance the long-term economic value of Arik Air and revitalize the airline’s ailing operations as well as sustain safety standards, in view of Arik Air’s pivotal role in the Nigerian aviation sector.”

The Minister who further pledged that the Federal Ministry of Aviation would support the new management of the strategic carrier added that all necessary steps have been taken to ensure that there would be no undue disruption on Arik’s regular business operations or activities of other stakeholders, on account of the recent changes in the leadership and management of Arik Airline.

Arik , for over a year, has been riddled in all sorts of controversies and challenges attributable to its bad management, erratic operational challenges, inability to pay staff salaries and heavy debt burden among other issues, which led to the call for authorities in the country to intervene before Arik goes under like many before it.

The move, clearly underscores government’s decision to instill sanity in the nation’s aviation sector and also to prevent a major catastrophe that would among other factors protect, and preserve Arik Airlines as a going concern.

The statement in part read,” The development will afford Arik Airlines, which is the largest local carrier to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector.”

Explaining the basis for the latest intervention in Arik Airlines, the Minister of State for Aviation, Senator Hadi Siriki said, “We believe that this appointment is timely and will stabilize the operations of the airline. This will enhance the long-term economic value of Arik Air and revitalize the airline’s ailing operations as well as sustain safety standards, in view of Arik Air’s pivotal role in the Nigerian aviation sector.”

The Minister further pledged that the Federal Ministry of Aviation would support the new management of the strategic carrier added that all necessary steps have been taken to ensure that there would be no undue disruption on Arik’s regular business operations or activities of other stakeholders, on account of the recent changes in the leadership and management of Arik Airline.

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