AMCON Takes Over Arik Air.

The Asset Management Corporation of Nigeria, AMCON, has allegedly taken over Arik Air, Nigeria’s largest commercial airline.
A newspaper quoted sources as saying that AMCON officials stormed Arik’s head office at the Murtala Muhammed Airport, Ikeja, Lagos, southwest Nigeria, on Saturday to effect the takeover.
The Managing Director, AMCON, Mr. Chike Obi, confirmed the development to the newspaper in a telephone interview on Saturday night.
“Yes, we have taken over the company,”
AMCON boss was quoted as saying when asked if he had taken over Arik Air.
But Arik’s Media Officer, Mr. Banji Ola, denied the takeover.
When contacted Ola said, “AMCON has not taken over Arik Air.”
The report said that the takeover was as a result of Arik’s inability to pay back several billions of naira it owes banks.
The airline is also said to owe other creditors billions of naira.
AMCON had in April last year given the airline a N4.5billion lifeline.
Arik Air began operating commercial flights six years ago and was said to be steamrolled by billions of debts and poor patronage.

source Pm news.