Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON) says no investor will put money in Arik Air at this stage in its economic life.Speaking on investors interest in Arik, Kuru said the problems in Arik are too many and must be first stabilised and solved before any investor can come in."We are aware about some of [...]
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Rochas Okorocha, Imo state governor, says indigenes of Imo state should trust him in 2019 as he points in the direction of Eberechukwu Uneze, an executive director with Asset Management Corporation of Nigeria (AMCON).Okorocha argued that he hardly miscalculates when it comes to politics in Nigeria, adding that it was his smart calculation and vision that made it possible for Imo [...]
Roy Ilegbodu, the new Chief Executive Officer of Arik Air, says the new management of the airline refunds as much as N75 million per week in cancelled air tickets from the past administration. Speaking in Lagos on Tuesday, the CEO said despite the huge debt handed over by old management, Arik,under his leadership, has retaken its place as the number one [...]
The management of Arik Air under the leadership of Johnson Arumemi-Ikhide, its founder, owed about N387 billion both locally and internationally, before the federal government took over.According to a fresh deposition before the Federal High Court sitting in Ikoyi, Lagos, it was revealed that the airline was deducting contributory pension from its workers earnings but was not remitting the same [...]
The new management of Arik Air has told labour unions that protests are illegal, considering the situation at hand, which is aimed at reviving the challenged airline.In a statement by Arik, the airline said "it has come to the attention of the Arik Management, (under Receivership), that the Lagos State branch of National Union of Air Transport Employees (NUATE), Air [...]
The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria's commercial banks.AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, the other two being [...]
Asset Management Corporation of Nigeria (AMCON) has secured a federal high court injunction to take take over Mustasons Guest House, Ajose Adeogun Street, Victoria Island, LagosBabs Kuewumi, justice of the federal high court Lagos division, via the court order, also restrained Mustapha Wushishi, the promoter of Mustasons Guest House Limited from the assets and properties of the guest house and another property situated [...]
The Nigerian Civil Aviation Authority (NCAA) says from 150 airlines in its register when it started operating in 2000, only eight or nine airlines are operating in the country as of now.Sam Adurogboye, NCAA's general manager, public relations, said this during an interactive session with reporters in Lagos, on Sunday.He said the agency was not responsible for the problems being [...]
The Asset Management Corporation of Nigeria (AMCON) says banks which hitherto turned their backs on Arik were now supporting the new management.In a statement signed by Jude Nwauzor, its spokesman, the corporation said public confidence is gradually returning to the airline which is Nigeria’s largest domestic carrier.On February 9, AMCON took over Arik owing to its debt profile said to [...]
The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services (OAS) Helicopters in Lagos.This comes five days after the agency took over Arik Airlines, which is currently immersed in heavy financial debt burden.On Tuesday, AMCON sealed the head office of the company in Maryland, Lagos.A court order on the company’s office reads: 'POSSESSION TAKEN TODAY 14/2/17 BY [...]
The new management of Arik Air has appointed KPMG, one of the big four audit firms in the world, to undertake a forensic and diagnostic audit to ascertain the true status of its finances.The audit will among other objectives cover "the position of assets and liabilities, and their utilisation; recording and utilisation of loans, propriety of third party transactions; fraud [...]
The Asset Management Corporation of Nigeria (AMCON) on Sunday said it had discovered deep rooted rot at Arik Airlines.The organisation said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations.The asset company made the disclosure in a statement signed by Jude Nwauzor, its Spokesman.AMCON took over the [...]
The Asset Management Corporation of Nigeria (AMCON) says Arik Airline’s debt is more than N300bn and that a large part of it is taxpayers’ funds.The corporation announced its takeover of the management of the airline, which is Nigeria’s largest carrier, in a statement on Thursday.According to AMCON, the airline will now be managed by Roy Ilegbodu, under the receivership of [...]
Ahmed Kuru, managing director/CEO of Asset Management Corporation of Nigeria (AMCON), says recession shoul not deter serious-minded investors from coming into Nigeria.According to Kuru, "the slight challenge the Nigerian economy is faced with at the moment also makes it the right time for strategic investors with long-term interest in Nigeria to come in".He said recession, which the country slipped into [...]
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has commenced a three-day warning strike across the nation, raising concerns on the likelihood of fuel scarcity.Achese Igwe, president of the union, announced this after a national executive committee (NEC) meeting of NUPENG.The strike, which will affect the flow of petrol to filling stations, has shut down seven crude flow [...]
Ahmed Kuru, managing director and chief executive officer (CEO) of the Assets Management Company of Nigeria (AMCON), says the company has over N1.7 trillion worth of assets locked up in litigation.Speaking at a one-day conference at the Ceremonial Hall of the Appeal Court in Abuja, Kuru said the refusal and arrogance of top AMCON obligors had become a source of concern, consequently compelling [...]
