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Just In: FG takes over Arik airline

The Federal Government on Thursday announced that it is intervening in the debt ridden and beleaguered Arik airline, the largest airline in the country.

By this intervention, the government through the Assets Management Corporation of Nigeria (AMCON) will give a lifeline to the financially distressed company so it could continue to be an ongoing concern.

“The development will afford Arik Airlines, which is the largest local carrier in the country, to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector,” AMCON spokesperson, Jude Nwauzor, said in a statement.

AMCON also said the government by intervening in Arik, sought to underscore its commitment to instill sanity in the country’s aviation sector to prevent a major catastrophe in the country.

Under the new arrangement, the airline would be managed by Roy Ilegbodu, a veteran aviation expert, under the receivership of Oluseye Opasanya, a senior advocate of Nigeria.

More to follow…

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