No fraud in Arik Air , says receiver manager

  No fraud  in Arik Air , says receiver manager 

The Receiver Manager of Arik Air , Mr Omokide Kamilu Alaba has absolved the management team of any fraudulent activities in the carrier describing on - going investigation by the anti - graft agency : Economic and Financial Crimes Commission ( EFCC) as response to a petition initiated by counsel to  the founder of the airline - Sir Arumemi Johnson.

According to the a statement issued by  the media consultant to Arik Air in Receivership , Mr Simon Tumba, the investigation by the  EFCC is based on a petition filed by Mr. Femi Falana, on behalf of  the majority shareholder in Arik, who  owes the Asset Management Corporation of Nigeria ( AMCON)  about ₦240 billion as at May 31, 2023. 

He said the majority share holder in Arik Air - Sir  Arumemi Johnson is by law an obligor in respect of, the  indebtedness,  for which he is  personally liable.

The Arik Air Media Consultant said allegations of the misappropriation of N120 billion in the petition, against the  Receiver  Manager - Mr Omokide Kamilu Alaba is false as it  amounts to no more than well-concocted lies as part of a deliberate campaign of calumny  to abort the ongoing receivership in Arik. 

Hw said : " The Petition intentionally presents a disingenuous and deceptive portrayal of actions which are the typical responsibilities and actions of a Receiver/Manager – falsely implying criminal intent. The reality is very different: it is instead that the Receiver Manager seeks only to recover for the Nigerian people, monies owed to them by this recalcitrant debtor.

"The Receiver Manager has been transparent in his dealings in Arik. The Petition, as has been presented in the media, suggests underhand sales of assets, including a number of CRJ Aircraft. These Aircraft were never owned by Arik. They were simply leased by Arik. The planes were owned by JEM Leasing Limited and JEM Air Limited (both foreign companies) and financed by Export Development Canada (a Crown entity of the Government of Canada) (EDC). These two foreign companies and EDC were the principal actors in the sale of the said Aircraft. The Receiver Manager has no influence in respect of the exercise of mortgage rights by a mortgagee. This has been clearly affirmed by EDC who have unequivocally confirmed, including through diplomatic channels, that it was it and the two foreign companies that sold these assets. The accusations against the Receiver Manager are therefore, cynical and unfounded."

He went on :" Also, the Petition suggests a criminal intent in respect of the JV financing of certain wet lease operations. These JV financings were innovative ways of raising capital due to restrictions on Arik borrowing powers– as it is a company that is technically insolvent and being kept alive only by the magnanimity of AMCON, and Federal aviation agencies.

"Furthermore, the Petition raises concerns about the teardown of a Boeing 737-700 Aircraft registered as 5N-MJI – which had been abandoned and cannibalised in Malta ever since 2013 by Arik under the then leadership of Sir Johnson, and years before the receivership commenced. This was a professionally taken decision on an aircraft that was Beyond Economic Repairs (BER) and stood the chance of being sent to the graveyard by authorities of the relevant airport in Malta. The pre-teardown valuation of the Aircraft by McLarens (a foremost Aircraft valuation company) valued the Aircraft at USD1.5Million. This was however seized by Lufthansa Technik over Arik’s indebtedness incurred pre-receivership.

" The task of recovering monies owed by powerful men who have over time peddled their influence to “game” the system in their favour is tough and sometimes odious. It requires the cooperation of Nigerians and all agencies of government, to achieve. Despite the contrived petitions and unwarranted allegations against the Receiver Manager, he remains resolute and undeterred in ensuring the successful execution of the receivership over Arik.

"The Receiver Manager firmly asserts his unwavering determination to steadfastly defend the delicately constructed integrity he has nurtured, firmly refusing to permit any baseless allegations to besmirch it. He assures that he and all staff of Arik Air Limited (in receiver) will accord EFCC maximum cooperation."