Thursday, 17 March 2016

Arik is a Very Solid Airline Says AMCON Boss


The managing director of Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru has described Arik Air” as a very solid airline with a strong corporate governance.
Mr. Kuru stated this during an investigative hearing by the adhoc committee of the Federal House of Representative over allegations of fraud levelled against the Asset Management Company.
While clarifying the reason why AMCON took ownership of Aero but left Arik Air which is also indebted to them, Ikuru said AMCON took over the running of Aero because it owns 60 per cent stake in the airline and needed to recover its money as Aero showed weak corporate governance.

According to Ikuru “We own 60 per cent equity in Aero. This is in addition to a N12 billion debts and it showed weak corporate governance. It plunged from a fleet of 15 in 2015, to three.
We envisaged that if we did not intervene, there would not be any Aero in future”.
The AMCON boss disclosed that on the other hand, Arik Air has strong corporate governance and is also making efforts towards offsetting her debts.
In his words “Arik is a very solid airline as it were and  has not shown signs of weak corporate governance and I believe in the next two weeks, we will resolve our issues’, Kuru stressed.

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