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Court Affirms AMCON’s Receivership Over Arik Air

3rd April 2023

The attention of the Receiver/Manager of Arik Air Limited (in Receivership) (Arik) and the Asset Management Corporation of Nigeria (AMCON) has been brought to several online publications concerning a judgment of the Federal High Court, Lagos delivered on Friday, March 31, 2023 (the Judgment).

The general public should please note that the Judgement clearly and without equivocation affirmed that AMCON was competent and empowered to appoint the Receiver/Manager of Arik, that the appointment by AMCON was proper, and that the continued operations of Arik are not affected.  Put simply: the judgment does not affect the operations of Arik or the powers of the Receiver/Manager to superintend the affairs of Arik.

Specifically, the Judgment did not either: (i) rule against the appointment of the Receiver/Manager of Arik or (ii) “grant all the prayers of the Plaintiffs” as stated in certain online publications.  The Court did hold that the Receiver/Manager was obligated to act in the best interests of Arik and other creditors – a point that AMCON, and the Receiver/Manager have never disputed.

In any event, AMCON and the Receiver/Manager are dissatisfied with certain parts of the Judgment relating to AMCON’s dealings in specific transactions concerning limited assets.  We are exercising our constitutional rights to appeal, in respect of these.

The public should bear in mind that the issues under appeal have no bearing on the continued operation of Arik as a company in Receivership – as the Court has already affirmed the Receivership.

We urge media houses and the general public to rely only on certified true copies of court judgments, especially in reportage about court pronouncements.

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