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AMCON denies Arik takeover talks with Ethiopian Airlines

AMCON denies Arik takeover talks with Ethiopian Airlines

The Asset Management Corporation of Nigeria (AMCON) has denied it has opened talks with Ethiopian Airlines over the take over of the management of distressed Arik Air Limited.

AMCON in a statement late Monday refuted media reports credited to CNN last week that it had received a formal offer by Ethiopian Airlines to take charge of Arik Air.

“Our attention has been drawn to a barrage of media reports, which claimed that there are discussions going on with Ethiopian Airlines for the carrier to render management services to Arik,”said AMCON’s spokesman, Jude Nwauzor in the statement.

“Contrary to these reports, the Asset Management Corporation of Nigeria (AMCON) is not aware of any current discussion or negotiation with the management of Ethiopian Airlines regarding Arik Air Limited (Arik),” the statement added.
It could be recalled that Arik Air was placed in receivership last February, following the airline’s inability to repay debts in excess of N300 billion to AMCON and other creditors in Nigeria and around the world.

“It is on record that the Receivership Team has within the period stabilised the operations of the airline, marked by stability of schedules; improved On-Time-Performance (OTP) and revamped customer service among others,” said Nwauzor .

“Today, the Airline has regained its dominance as the most reliable carrier in the country with growing passenger patronage and confidence.

The general public and all stakeholders will be kept duly informed on issues relating to the airline’s divestment plan,” Nwauzor added.

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