EDC Canada cautions EFCC on interference with aircraft mortgage rights ......'Development discouraging potential investments into Nigeria'

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 EDC Canada cautions EFCC on interference with aircraft  mortgage rights 

......'Development discouraging potential investments into  Nigeria'


 


The Export Development Canada (EDC), an international lending organisation ,  has warned the Economic Financial and Crime Commission (EFCC) to lay off its Mortgage Rights, on a  CRJ 1000  airplane in  the fleet of  Arik Air ,which the anti- graft agency is obstructing the owner from repossessing following a petition filed by the airline founder-  Sir Johnson Arumemi.
EDC, Arik Air , a leasing company - Jem Leasing and the EFCC in the last one week have been embroiled in a tussle over rights to tear down a CRJ - 1000 aircraft acquired by the carrier as the first/ launch  customer in Africa.
Following the tussle, investigations reveal that some  aviation observers are urgently calling on the Federal Government  to protect the interests of international lenders, including the  Export Development Canada (EDC), and other potential lenders .
The observers investigations reveal are calling on the Federal Government  to  closely monitor the ongoing investigations by EFCC into the affairs of the Receiver Manager of Arik, as it relates to the enforcement of mortgage rights by EDC, in respect of a CRJ 1000 Aircraft owned by JEM Leasing.
 The handling of the matter, experts say  will significantly impact their decisions  of international financing organisations and aircraft lessors on whether to invest in Nigeria's fragile economy, in the  future.
Recent events surrounding the unjustified interference by the EFCC further to a petition by Sir Johnson Arumemi Ikhide, in respect of the sale of an aircraft by JEM Leasing Limited in cooperation with financing provided by EDC, have raised concerns about the interference faced by lenders and the potential repercussions for Nigeria's economic fortunes.
 Experts say it is  imperative for the Nigerian government to prioritize the preservation of investor confidence and provide a stable and supportive environment for international lenders.
Information making the round on how the Receiver Manager of Arik has superintended over the stripping of the CRJ 1000 Aircraft, without the knowledge of the owner of the said Aircraft - JEM Leasing Limited, experts say has not laid credence to empirical evidence.
An expert familiar with the trend, who pleaded not to be named said : "   It is crucial to establish the truth and hold accountable those responsible for disseminating false information.
"EDC, as a Crown Corporation wholly owned by the Government of Canada, plays a pivotal role in driving economic growth and development through investments in various projects worldwide. This episode superintended by the EFCC threatens not only future investments by EDC in Nigeria but also sends a discouraging message to other potential lenders considering investments in Nigeria." 


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