Anger, As AMCON Floats New Airline After Taking Over Arik Air Assets

Asset Management Corporation of Nigeria (AMCON) is set to float a new airline, NG Eagle, deploying some of the assets of distressed Arik Air.

The NG Eagle will later be sold to private investors if the Federal government fails to acquire it.

NG Eagle

On Wednesday, two aircraft previously owned and operated by Arik, m rebranded in the colours of NG Eagle were parked at the Murtala Muhammed Airport in Lagos, ahead of take-off. According to information obtained by The Guardian, the procedure for the Air Operating Certificate (AOC) is at the final stage of approval at the Nigerian Civil Aviation Authority (NCAA), and will be issued to the new carrier.

Despite the uncertainty over the future of Arik Air, AMCON has made it clear that Arik Air will continue to operate side-by-side NG Eagle.

Recall that AMCON, an agency of the Federal Government responsible for the recovery of debts, took over Arik Air in February 2017. The rationale was to save the airline from imminent collapse, citing gross mismanagement by the owners and debt in excess of N300 billion-plus.

The Federal Government injected billions into its operations to stabilise the airline. Besides paying salaries and meeting basic obligations, about nine out of 30 aircraft owned by Arik returned to operation, sustaining both local and regional operations.

Source: The Guardian

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