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 the
new 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.
The management called for public understanding because flight schedules might
be realigned based on the nine aircraft that were technically sound and ready
for flight operations.
Arik was also said to be owing its
technical partners and in perpetual default in its lease payments and insurance
premium, leading to regular and embarrassing squabbles with different business
partners.
There is also a huge staff salaries
default, the management said, adding that some workers were unpaid for 11
months; vendors that supply different items were also owed.
The Chief Executive Officer, Capt. Roy
Ukpebo Ilegbodu, under the receivership of Oluseye Opasanya, reassured
Nigerians that these issues; though daunting, would be gradually resolved to
enable Arik Air , which controls about 55 per cent of the market, to recover
fully.
According to the CEO, should all the
Aircraft return to flying, Arik would within the shortest possible time, regain
its pride of place as the market leader.
Already, the management said having settled
the insurance cover for the aircraft, which would have expired on February 12,
and met with different trade creditors and the aggrieved staff, Capt. Ilegbodu
called for public understanding to ensure that Arik returned to full
operational capacity within the shortest possible time.
The federal government maintained that the
intervention was in the best interest of the industry, the general public,
workers, creditors and other aviation interest groups.
thenation
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