The Asset Management Corporation of Nigeria (AMCON) said yesterday that Arik Air would require over N10 billion cash injection before resuming full and uninterrupted operations on its regular domestic and international routes.
The nation’s biggest airline was last Thursday taken over by the Federal Government through AMCON over a N300 billion debt profile.
According to thenew management, only nine aircraft of the 30 in Arik’s fleet are operational. The remaining 21 are either grounded or overseas for C-check.
It also said the airline became broke, unable to procure aviation fuel for the nine operational aircraft because dealers insisted on cash-and-carry basis.