Takeover Negotiations: Arik Air Sues Ethiopian Airline ,Nigerian Government

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Arik Air has asked the Federal High Court sitting in Lagos, Nigeria to restrain Ethiopian airline and the Nigerian Government from further negotiations on its takeover.

 Shareholders of Arik Air Limited on  September 6, 2017 filed a N20 billion suit against the Federal Government and Ethiopian Airlines over recent claims in the media that they were negotiating the takeover of the airline.

 The suit was instituted against Ethiopian Airlines, the Federal Ministry of Transportation and the Attorney General of the Federation.A copy of the suit was obtained by the News Agency of Nigeria (NAN) . 

 In a 20 paragraph affidavit deposed to by Mr. Chris Ndulue, a Director with Arik Air, the plaintiff noted its takeover on February 8, 2017 by the Asset Management Company of Nigeria (AMCON) is being challenged by its management via two suits already pending before the Federal High Court, Lagos.According to Arik, the suits numbers are FHC/L/CS/827/17 and FHC/L/CS/826/17.

 Arik Air added that the negotiations by the defendants will interfere with the outcome of the suits.
“The plaintiff avers that the agreement of the second defendant with the first defendant will be wide ranging and intricately affect every aspect of the plaintiff herein, including but not limited to the day to day running technical as well as financial management which will affect the plaintiff as being the largest domestic and regional airline in Nigeria.
 “The plaintiff further avers that the action taken by the first and second defendants will have a negative effect on the country’s image as the plaintiff being the largest airline will be pawned over to another country for management,” it said. 
The plaintiff also averred that the negotiations had caused undue hardship and irreparable damage to the Arik Air brand and ongoing investment discussions as well as unbearable distress to the airline’s shareholders and directors. It, therefore, asked the court to declare the negotiations null and void because the Ministry of Transportation had no power to transfer the management of the airline to Ethiopian Airlines while the suits over the takeover are pending. 
The plaintiff also asked the court for an order directing the Attorney General of the Federation to ensure the investigation of Ethiopian Airlines by the appropriate authorities for inducing and interfering in the administration of justice in the pending suits.
It further asked the court for N20 billion being punitive damages against the first defendant for inducing or partaking in the interference of the rights of the plaintiff and the administration of justice. 

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