The Assets Management Corporation of Nigeria (AMCON) the judgment delivered by a Federal High Court in Lagos on Friday over its continued receivership and purported attempt to transfer Arik Air Limited Assets to NG Eagle Airlines will be appealed.
The judgment by the Federal High Court, Lagos had affirmed that the attempt to transfer Arik Air Limited Assets to NG Eagle Airlines (third defendant); an airline that the Assets Management Corporation of Nigeria tried to transmute Arik to, and Super Bravo Limited is not in the best interest of Arik Air as a whole.
The court document explained that Kamilu Alaba Omokhide (First defendant), Receiver Manager of Arik Air failed to act in accordance with section 553 of the Companies and Allied Matters Act 2020.
AMCON spokesperson, Jude Nwauzor in an electronic statement told journalists that the judgment 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.” The document noted.
It explained further that 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.
