Assets Management Corporation of Nigeria has said that it met Arik Air as an airline overburdened with debts and lacking reserves for emergencies when it took over the company.
AMCON had in February 2017 took over the operations of Arik Air from its former promoter, Joseph Arumemi-Ikhide, following the alleged N30bn debts owed financial institutions and other clients.
The agency in a statement on Tuesday said that as at the time of takeover, the company was “simply in a fix before,” stressing that it had been able to move it out of its high debt profile, while its operations had also received a boost.
The statement reads, “The significant work done to date has therefore been the result of prudent management of resources and the support of Asset Management Corporation of Nigeria.”
AMCON insisted that since it took over the airline in 2017, Earnings Before Interest, Taxes, Depreciation and Amortisation had been positive, customers' confidence had been restored.
It added, “Salaries are paid as at when due, pensions are being remitted, all current obligations are being met and the company is prepared for AMCON exit.
“The management’s effort is bearing fruits with two more aircraft expected to return from C-checks in the next few weeks - one at the end of the year, and another in January.”
Chief Executive Officer of Arik Air, Capt. Roy Ilegbodu, in the statement hinted that the airline over the weekend received additional two aircrafts to boost its operations.