AMCON Speaks on Having Over 2,000 Cases in Court As It Recovers N2.1 Trillion Debt

• More than N2.1 trillion in debt has been recovered by the Asset Management Corporation of Nigeria
• The corporation is currently involved in over 2,000 court cases because some of its debtors owe about N5 trillion
• AMCON said it remained committed to recovering the N227.6 billion owed by the founder of Arik Air Limited

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Despite its difficulties since its inception, the Asset Management Corporation of Nigeria reported that it has recovered more than N2.1 trillion in debt.

Additionally, it said that the company presently has more than 2,000 court proceedings because some of its debtors owe close to N5 trillion and the debtors who borrow these funds do not spend them for the intended purpose.

Jude Nwauzor, the agency's head of corporate communications, said this at a press conference in Lagos.

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Arik Air in focus

According to Nwauzor, the purpose of the press conference was to discuss Arik Air Limited's (in receivership) debt to AMCON, as well as that of its owner, Sir Johnson Arumemi-Ikhide.

Amid ongoing legal disputes and claims of mismanagement, AMCON maintained its intention to recoup the N227.6 billion due by Arik Air Limited (in receivership) and its founder, Sir Johnson Arumemi-Ikhide.

Nwauzor stated:

"At AMCON, we see the Media as very strategic to our recovery mandate because most of these obligors run to the media with some skewed narratives in their desperation to make AMCON look bad.

“The point remains that these are debtors who have contributed to killing the Nigerian economy. The media must not allow them to eat their cake and have it.”

He said that AMCON's management is certain that the nation will benefit from a closer partnership between AMCON and the media.

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While thousands of Nigerians and Nigerian businesses have fulfilled their responsibilities, AMCON has encountered resistance from several debtors who are unwilling to make payments without a battle, according to Nwauzor.

He claimed that one of these debtors is Sir Johnson Arumemi-Ikhide, the owner of the airline Arik Air Limited (in receivership), who is also the promoter of Ojemai Farms Limited, Ojemai Investment Limited, and Rockson Nigeria Limited, a power infrastructure company.

“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455,171,764,772.80bn as of December 31, 2024.

“Arik owes AMCON N227,637,469,394.34bn; Rockson Engineering N163,502,837,397.75bn and Ojemai Farms N14,031,457,980.71bn,” he said.

According to Nwauzor, these debts must be recouped regardless of the smear campaign the debtor advocated against AMCON.

“The leadership of AMCON knows that there is no nice way of recovering debt. For that, obligors go to any length to assassinate the characters of both AMCON staff and management. They malign the name of AMCON and intimidate and harass our personnel with every arsenal at their disposal.

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FG moves to convert two airlines to national carrier

Legit.ng reported that the Asset Management Corporation of Nigeria (AMCON) has announced plans to convert Arik Air and Aero Contractors into a single national carrier.

This decision comes as both airlines face substantial financial challenges and mounting debt.

Arik Air, once a flagship carrier in Nigeria, has been grappling with financial woes.

Proofreading by Nkem Ikeke, copy editor at Legit.ng.

Source: Legit.ng