The Receiver Manager of Arik Air, Mr Oluseye Opasanya (SAN), said the embattled airline was indebted to its trade and finance creditors to the tune of N375 billion. Opasanya made the disclosure in an affidavit filed in support of the airline’s receivership by the Asset Management Corporation of Nigeria (AMCON), before Justice Muhammed Idris of a Federal High Court in Lagos. A copy of the document filed on April 11 was obtained by newsmen, in Lagos on Wednesday. AMCON had on Feb. 9 taken over Arik Air as a result of its huge debt profile and thereafter appointed Capt. Roy Ilegbodu to manage the airline under the receivership of Opasanya. In the affidavit, Opasanya said the Federal Government underestimated the rot at the airline before the takeover, which according to him was mind-boggling.
Wednesday 12 April 2017
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